BELLEVUE, Wash. (AP) ¿ Defense contractor Esterline Technologies Corp. on Thursday reported better than expected results for its fiscal fourth quarter, but issued a cautious earnings outlook for the new fiscal year. CEO Brad Lawrence said the quarterly results were helped by "a strong finish" from the company's Canadian avionics operation, including a new military trainer cockpit and C-130 avionics retrofits. In the quarter ended Oct. 30, Esterline earned $34.5 million, or $1.15 per share, compared with $43.9 million, or $1.46 per share, a year earlier. Excluding a tax gain, it earned $1.07 per share in the latest period. Revenue slipped to $394.7 million from $404.4 million a year earlier. While the results declined year-over-year, they still topped estimates of analysts surveyed by Thomson Reuters, who on average forecast profit of $1 per share and sales of $374.1 million. For the full year, the company earned $119.8 million, or $4 per share, on sales of $1.43 billion, compared with $120.5 million, or $4.03 per share, on sales of $1.48 billion, the year before. Esterline said that revenue in the fiscal year that started last month is expected to grow 3 percent to 5 percent, implying sales of $1.47 billion to $1.50 billion, in range of analysts' $1.48 billion estimate. However, earnings are expected to range between $3.20 and $3.45 per share ¿ well below analysts' average forecast of $3.55 per share. The shares fell $1.47, or 3.5 percent, to close at $41 before the results were announced.
TheStreet’s Fundamentals of Investing Course will teach you the keys to making the right decisions in any market.
TheStreet’s Personal Finance Essentials Course will teach you money management basics and investing strategies to help you avoid major financial pitfalls.
TheStreet Courses offers dedicated classes designed to improve your investing skills, stock market knowledge and money management capabilities.
More from Technology
MoneyGram Soars on $50M Investment From Blockchain Startup Ripple
Shares of MoneyGram soar after blockchain startup Ripple, the company behind the XRP cryptocurrency, says it plans to invest up to $50 million in the company.
Libra: What You Need to Know About Facebook's New Cryptocurrency
Facebook's first blockchain-backed payment initiative is here. Here's what investors and crypto enthusiasts need to know.
Fed Watch Begins: Jim Cramer Talks Jerome Powell and Facebook's Cryptocurrency
Jim Cramer tackles what he is expecting from the Federal Reserve, Facebook's official launch of Libra and what he's keeping an eye on in the markets.
Draghi's Silver Tongue, Heeding Lockheed Martin and Awaiting Adobe: Market Recon
The ECB president speaks of more stimulus, more head-butting with Iran should help defense stocks, and how to play Adobe in advance of earnings.