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Dec 31, 2022
ESCO Technologies Q1 2023 Earnings Report
ESCO Technologies reported strong first quarter fiscal 2023 results with double digit revenue growth and improved operating margins.
Key Takeaways
ESCO Technologies reported a strong start to fiscal year 2023, with a 16% increase in sales to $206 million and a book-to-bill ratio of 1.11x. The company's record ending backlog of $718 million provides confidence in delivering the 2023 guidance. The company narrowed its full year guidance to $3.50 to $3.60.
Q1 GAAP EPS was $0.57 and adjusted EPS was $0.60.
Q1 Sales increased 16% to $206 million.
Orders in Q1 reached $229 million, resulting in a book-to-bill ratio of 1.11x.
The company repurchased approximately 58,000 shares for $5.1 million during Q1 2023.
ESCO Technologies
ESCO Technologies
Forward Guidance
Management's expectations for 2023 remain consistent with the details outlined in our November 17, 2022, release. Our 2023 guidance represents mid-single digit revenue growth driving Adjusted EBIT and Adjusted EBITDA margin expansion, despite continuing inflationary pressures and higher interest rates.