UPDATE 1-ESCO profit misses estimates on lower sales to utilities
* Q2 adj EPS $0.41 vs est $0.42
* Q2 sales rose 4 percent to $174 million
May 9 (Reuters) - Engineered products maker ESCO Technologies Inc's profit missed estimates on lower sales at its utility business.
January-March net income fell to $10.2 million, or 38 cents per share, from $13.2 million, or 49 cents per share, a year ago.
Excluding a one-time tax charge, it earned 41 cents per share.
The company's revenue rose 4 percent to $174 million. Sales at its utility sales segment fell 12 percent.
Analysts on average had expected earnings of 42 cents per share on revenue of $173.8 million, according to Thomson Reuters I/B/E/S.
ESCO, incorporated in 1990, makes engineered products and systems that have industrial, aerospace and commercial applications.
Shares of the St. Louis, Missouri-based company closed at $33.19 on Wednesday on the New York Stock Exchange. They have lost 11 percent of their value in the last month.
- Tweet this
- Share this
- Digg this