ESCO profit misses on lower sales to utilities

Thu Aug 9, 2012 4:56pm EDT

* Third-quarter EPS $0.51 vs est $0.64

* Third-quarter revenue $169.5 mln vs est $187.2 mln

* Sees 2012 EPS flat vs 2011

Aug 9 (Reuters) - Engineered products maker ESCO Technologies Inc's third-quarter profit missed estimates on lower sales at its utility business.

ESCO, which makes engineered products that have utility, aerospace and commercial applications, expects 2012 per-share earnings to be relatively flat compared to 2011.

ESCO's net income rose to $13.8 million, or 51 cents per share, in the third quarter from $13.1 million, or 49 cents per share, a year earlier.

The company's total sales fell 4 percent to $169.5 million. Sales in its utility segment, which accounts for about 57 percent of its total revenue, fell 12 percent.

Analysts on average had expected earnings of 64 cents per share on revenue of $187.2 million, according to Thomson Reuters I/B/E/S.

Shares of the company, which has a market capitalization of $966.5 million, closed at $36.23 on Thursday on the New York Stock Exchange.


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