Esterline Corporation (ESL) has reported 149.13 percent jump in profit for the quarter ended Sep. 30, 2016. The company has earned $52.27 million, or $1.76 a share in the quarter, compared with $20.98 million, or $0.70 a share for the same period last year. Revenue during the quarter went down marginally by 0.27 percent to $543.75 million from $545.25 million in the previous year period. Gross margin for the quarter expanded 155 basis points over the previous year period to 35.64 percent. Total expenses were 86.91 percent of quarterly revenues, down from 88.34 percent for the same period last year. This has led to an improvement of 143 basis points in operating margin to 13.09 percent.
Operating income for the quarter was $71.16 million, compared with $63.56 million in the previous year period.
Curtis Reusser, Esterline’s Chief Executive Officer, said, “We finished fiscal 2016 on a high note driven by strong volume and improved margins. We are pleased with the operational milestones reached during the year, including completion of the two remaining accelerated integration projects and substantial progress on our E3 initiatives. I am excited to enter a new fiscal year with a clear focus on execution, supported by solid order rates and backlog.”
Debt remains almost stable
Total debt of Esterline Corporation remained almost stable for the quarter at $870.57 million, when compared with the last year period. Interest coverage ratio improved to 8.98 for the quarter from 7.30 for the same period last year. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
