Esterline Slips To Loss

(RTTNews) - Esterline Technologies Corp (ESL), a maker of engineered products for aerospace and defense customers, Thursday reported fourth-quarter net loss of $3.5 million or $0.11 per share, compared with a profit of $65.9 million or $2.06 per share last year.

During the quarter, the company incurred loss from discontinued operations of $55 million, and integration and certain incremental compliance costs of $8.2 million.

Excluding items, adjusted earnings for the quarter were $1.82 per share, compared with $2.09 per share a year ago.

On average, eight analysts polled by Thomson Reuters estimated earnings of $1.85 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues for the quarter were up 6.7% at $548 million, compared with $513.7 million in the prior year. Analysts estimated revenues of $556.5 million for the quarter.

As previously announced, the company has changed its year-end to better align with its peer group and to smooth the somewhat artificial seasonality of the prior fiscal year-end timing.

For the fiscal year 2015, an 11-month period ending on October 2, 2015, the company expects adjusted earnings of $5.35 to $5.75 per share on revenues of $1.85 billion to $1.95 billion.

Analysts expect earnings of $6.73 per share on revenues of $2.22 billion for 2015.