ESCO Technologies Earnings: Here’s Why Shares are Down Now
ESCO Technologies Inc. (NYSE:ESE) delivered a profit and missed Wall Street’s expectations, AND came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company. Shares are down 0.38%.
ESCO Technologies Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased 35.29% to $0.33 in the quarter versus EPS of $0.51 in the year-earlier quarter.
Revenue: Decreased 30.42% to $117.9 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: ESCO Technologies Inc. reported adjusted EPS income of $0.33 per share. By that measure, the company missed the mean analyst estimate of $0.55. It missed the average revenue estimate of $188.63 million.
Quoting Management: Vic Richey, ESCO Chairman and Chief Executive Officer, commented, “I am very pleased with the level of interest we`ve seen throughout the initial phase of this process. The number of interested parties is encouraging and includes quality strategic players and leading private equity firms.
“While the Aclara process is ongoing, we continue to execute on our plan to position ESCO for long-term earnings growth and value creation, both organically and through acquisitions within our core business segments. The pending divestiture reflects our commitment to enhance shareholder value, as we believe now is the prudent time to explore our alternatives with respect to Aclara. This process will help ensure ESCO achieves its full earnings potential while creating additional shareholder value.”
Key Stats (on next page)…