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ESCO Technologies Inc. (ESE) filed Quarterly Report for the period ended 2011-12-31.
Esco Technologies Inc. has a market cap of $870.4 million; its shares were traded at around $32.63 with a P/E ratio of 16.8 and P/S ratio of 1.3. The dividend yield of Esco Technologies Inc. stocks is 1%. Esco Technologies Inc. had an annual average earning growth of 8.9% over the past 10 years. GuruFocus rated Esco Technologies Inc. the business predictability rank of 4.5-star.
This is the annual revenues and earnings per share of ESE over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of ESE.
Highlight of Business Operations:
In the first quarter of 2012, sales, net earnings and diluted earnings per share were $152.9 million, $5.2 million and $0.19 per share, respectively, compared to $159.9 million, $10.8 million and $0.40 per share in the first quarter of 2011. These results reflect the timing of new projects and the wind-down of certain projects in the Utility Solutions Group and are consistent with previously communicated expectations for 2012. The Company s financial position remains strong.Net sales decreased $7.0 million, or 4.4%, to $152.9 million in the first quarter of 2012 from $159.9 million in the first quarter of 2011. The decrease in net sales in the first quarter of 2012 as compared to the prior year first quarter was due to a $21.9 million decrease in the USG segment; partially offset by a $7.5 million increase in net sales in the Filtration segment and a $7.4 million increase in net sales in the Test segment.
Net sales decreased $21.9 million, or 23.6%, to $70.3 million for the first quarter of 2012 from $92.2 million for the first quarter of 2011. The sales decrease in the first quarter of 2012 as compared to the prior year first quarter was mainly due to: a $23.2 million decrease in net sales from Aclara mainly driven by lower Advanced Metering Infrastructure (AMI) product deliveries for the New York City water project ($8.8 million), the PG&E gas project ($5.1 million) and the Mexican Federal Commission of Electricity (CFE) electric project ($10.5 million) as these projects near completion.
For the first quarter of 2012, net sales of $43.2 million were $7.5 million, or 21.0%, higher than the $35.7 million of net sales recorded in the first quarter of 2011. The sales increase during the first quarter of 2012 as compared to the prior year first quarter was mainly due to: a $2.2 million increase in net sales from TEQ due to higher shipments of its ear thermometer probe cover project; a $2.0 million increase in net sales at VACCO due to higher shipments of its space products; a $1.9 million increase in net sales at Crissair mainly due to price increases on its products; and a $1.4 million increase in net sales at PTI due to higher shipments of aerospace elements and couplings.
The Company s overall financial position and liquidity remains strong. Working capital (current assets less current liabilities) decreased to $53.2 million at December 31, 2011 from $122.5 million at September 30, 2011, primarily as a result of the classification of all outstanding debt as current, as discussed below. Accounts receivable decreased by $17.0 million in the first quarter of 2012, primarily due to a $9.0 million decrease in the USG segment and a $5.9 million decrease in the Filtration segment, both driven by timing of sales and increased cash collections. Inventories increased $10.3 million in the first quarter of 2012 due to a $4.7 million increase in the Test segment, a $3.1 million increase in the Filtration segment and a $2.5 million increase in the USG segment, all to support near term demand. Short-term borrowings and current maturities of long-term debt increased $79.6 million in the first three months of 2012 due to the classification of all outstanding debt as current as of December 31, 2011 as the credit facility expires in November 2012. The Company intends to refinance its credit facility during 2012. Accounts payable decreased by $9.4 million in the first quarter of 2012 mainly related to a $4.6 million decrease in the USG segment due to the timing of payments to suppliers.
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