ESCO Technologies Inc. (ESE, Financial) filed Quarterly Report for the period ended 2010-12-31.
Esco Technologies Inc. has a market cap of $930.1 million; its shares were traded at around $40.53 with a P/E ratio of 20.9 and P/S ratio of 1.5. The dividend yield of Esco Technologies Inc. stocks is 0.9%. Esco Technologies Inc. had an annual average earning growth of 10.3% over the past 10 years. GuruFocus rated Esco Technologies Inc. the business predictability rank of 4.5-star.Mutual Fund and Other Gurus that owns ESE: Columbia Wanger of Columbia Wanger Asset Management, Pioneer Investments.
For the first quarter of 2011, net sales of $32.0 million were $5.0 million, or 18.5%, higher than the $27.0 million of net sales recorded in the first quarter of 2010. The sales increase for the three-month period ended December 31, 2010 as compared to the prior year quarter was mainly due to: a $4.3 million increase in net sales from the segment s U.S. operations primarily driven by higher shipments of shielded enclosures for the U.S. government; a $1.4 million increase in net sales from the segment s Asian operations due to a large chamber project in Japan; partially offset by a $0.7 million decrease in net sales from the segment s European operations.
For the first quarter of 2011, net sales of $35.7 million were $11.2 million, or 45.7%, higher than the $24.5 million of net sales recorded in the first quarter of 2010. The sales increase during the quarter ended December 31, 2010 as compared to the prior year quarter was mainly due to: $5.7 million of net sales from Crissair (Crissair was acquired effective July 31, 2010); a $1.4 million increase in net sales from PTI driven by higher shipments of aerospace assemblies and elements; and a $1.2 million increase in net sales at VACCO due to higher shipments of Virginia Class submarine products.
Backlog was $386.5 million at December 31, 2010 compared with $360.6 million at September 30, 2010. The Company received new orders totaling $185.8 million in the first quarter of 2011 compared to $138.4 million in the prior year first quarter. New orders of $102.0 million were received in the first quarter of 2011 related to USG products, $48.4 million related to Test products, and $35.4 million related to Filtration products. New orders of $74.3 million were received in the first quarter of 2010 related to USG products, $37.1 million related to Test products, and $27.0 million related to Filtration products.
Working capital (current assets less current liabilities) decreased to $107.8 million at December 31, 2010 from $109.4 million at September 30, 2010. Accounts receivable decreased by $9.4 million in the first quarter of 2011, of which $7.2 million related to the USG segment and $2.3 million related to the Filtration segment, both driven by timing of sales and increased cash collections. Inventories increased $5.3 million in the first three months of 2011 due to a $2.7 million increase in the Test segment and a $2.3 million increase in the USG segment to support near term demand. Accounts payable decreased by $19.7 million in the first quarter of 2011 mainly related to an $11.1 million decrease in the USG segment and a $4.6 million decrease in the Test segment, both due to the timing of payments to suppliers. Advance payments on long-term contracts increased $14.1 million, of which $11 million related to advance payments received under VACCO s Virginia Class contract.
At December 31, 2010, the Company had approximately $171.5 million available to borrow under the credit facility, and a $50.0 million increase option, in addition to $29.8 million cash on hand. At December 31, 2010, the Company had $144.0 million of outstanding borrowings under the credit facility and outstanding letters of credit of $14.4 million. The Company classified $50.0 million as the current portion of long-term debt as of December 31, 2010, as the Company intends to repay this amount within the next twelve months; however, the Company has no contractual obligation to repay such amount during the next twelve months. Cash flow from operations and borrowings under the Company s bank credit facility are expected to meet the Company s capital requirements and operational needs for the foreseeable future. The Company s ability to access the additional $50 million increase option of the credit facility is subject to acceptance by participating or other outside banks.
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Esco Technologies Inc. has a market cap of $930.1 million; its shares were traded at around $40.53 with a P/E ratio of 20.9 and P/S ratio of 1.5. The dividend yield of Esco Technologies Inc. stocks is 0.9%. Esco Technologies Inc. had an annual average earning growth of 10.3% over the past 10 years. GuruFocus rated Esco Technologies Inc. the business predictability rank of 4.5-star.Mutual Fund and Other Gurus that owns ESE: Columbia Wanger of Columbia Wanger Asset Management, Pioneer Investments.
Highlight of Business Operations:
Net sales increased $31.0 million, or 50.7%, to $92.2 million for the first quarter of 2011 from $61.2 million for the first quarter of 2010. The sales increase during the quarter ended December 31, 2010 as compared to the prior year quarter was mainly due to: a $24.1 million increase in net sales from Aclara PLS primarily due to higher shipments to Mexico s electric utility Federal Commission of Electricity (CFE) and the Puerto Rico Electric Power Authority (PREPA); a $3.2 million increase in net sales from Aclara RF due to higher AMI product deliveries for the New York City water project; and a $2.9 million increase in net sales from Doble due to higher product shipments.For the first quarter of 2011, net sales of $32.0 million were $5.0 million, or 18.5%, higher than the $27.0 million of net sales recorded in the first quarter of 2010. The sales increase for the three-month period ended December 31, 2010 as compared to the prior year quarter was mainly due to: a $4.3 million increase in net sales from the segment s U.S. operations primarily driven by higher shipments of shielded enclosures for the U.S. government; a $1.4 million increase in net sales from the segment s Asian operations due to a large chamber project in Japan; partially offset by a $0.7 million decrease in net sales from the segment s European operations.
For the first quarter of 2011, net sales of $35.7 million were $11.2 million, or 45.7%, higher than the $24.5 million of net sales recorded in the first quarter of 2010. The sales increase during the quarter ended December 31, 2010 as compared to the prior year quarter was mainly due to: $5.7 million of net sales from Crissair (Crissair was acquired effective July 31, 2010); a $1.4 million increase in net sales from PTI driven by higher shipments of aerospace assemblies and elements; and a $1.2 million increase in net sales at VACCO due to higher shipments of Virginia Class submarine products.
Backlog was $386.5 million at December 31, 2010 compared with $360.6 million at September 30, 2010. The Company received new orders totaling $185.8 million in the first quarter of 2011 compared to $138.4 million in the prior year first quarter. New orders of $102.0 million were received in the first quarter of 2011 related to USG products, $48.4 million related to Test products, and $35.4 million related to Filtration products. New orders of $74.3 million were received in the first quarter of 2010 related to USG products, $37.1 million related to Test products, and $27.0 million related to Filtration products.
Working capital (current assets less current liabilities) decreased to $107.8 million at December 31, 2010 from $109.4 million at September 30, 2010. Accounts receivable decreased by $9.4 million in the first quarter of 2011, of which $7.2 million related to the USG segment and $2.3 million related to the Filtration segment, both driven by timing of sales and increased cash collections. Inventories increased $5.3 million in the first three months of 2011 due to a $2.7 million increase in the Test segment and a $2.3 million increase in the USG segment to support near term demand. Accounts payable decreased by $19.7 million in the first quarter of 2011 mainly related to an $11.1 million decrease in the USG segment and a $4.6 million decrease in the Test segment, both due to the timing of payments to suppliers. Advance payments on long-term contracts increased $14.1 million, of which $11 million related to advance payments received under VACCO s Virginia Class contract.
At December 31, 2010, the Company had approximately $171.5 million available to borrow under the credit facility, and a $50.0 million increase option, in addition to $29.8 million cash on hand. At December 31, 2010, the Company had $144.0 million of outstanding borrowings under the credit facility and outstanding letters of credit of $14.4 million. The Company classified $50.0 million as the current portion of long-term debt as of December 31, 2010, as the Company intends to repay this amount within the next twelve months; however, the Company has no contractual obligation to repay such amount during the next twelve months. Cash flow from operations and borrowings under the Company s bank credit facility are expected to meet the Company s capital requirements and operational needs for the foreseeable future. The Company s ability to access the additional $50 million increase option of the credit facility is subject to acceptance by participating or other outside banks.
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