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Dec 31, 2023
ESCO Technologies Q1 2024 Earnings Report
ESCO Technologies reported strong Q1 2024 results with increased sales and record backlog.
Key Takeaways
ESCO Technologies reported a strong start to fiscal year 2024, with a 6% increase in sales to $218 million and a book-to-bill ratio of 1.35x, resulting in a record backlog of almost $850 million. GAAP EPS was $0.59 and adjusted EPS was $0.62. The company is raising the lower end of its full year guidance.
Sales increased 6% to $218 million.
Orders totaled $294 million, resulting in a book-to-bill ratio of 1.35x.
GAAP EPS was $0.59 and Adjusted EPS was $0.62.
Record backlog of almost $850 million.
ESCO Technologies
ESCO Technologies
ESCO Technologies Revenue by Segment
Revenue by Segment
Aerospace & Defense Revenue
CapyFin.comUtility Solutions Group Revenue
CapyFin.comRF Test & Measurement Revenue
CapyFin.com Forward Guidance
Management expects Q2 Adjusted EPS in the range of $0.85 to $0.90 and raises the lower end of full year guidance to $4.15 to $4.30 based on sales in line with initial guidance range of $1.02 to $1.04 billion.
Positive Outlook
- Q2 Adjusted EPS is expected to be in the range of $0.85 to $0.90.
- Full year Adjusted EPS guidance is raised to a range of $4.15 to $4.30 (12 to 16 percent growth).
- Full year sales are expected to be in the range of $1.02 to $1.04 billion (7 to 9 percent annual growth).
- Expected A&D growth raised to 11 to 13 percent (from 8 to 10 percent).
- Plan to streamline the cost structure of the Test business, which will further enhance its margin profile going forward.
Challenges Ahead
- Expected Test growth lowered to 1 to 3 percent (from 8 to 10 percent).
- Statements are only predictions and speak only as of the date of this release.
- Company undertakes no duty to update them except as may be required by applicable laws or regulations.
- Risks and uncertainties that exist in the Company’s operations and business environment.
- Impacts of climate change and related regulation of greenhouse gases.
Revenue & Expenses
Visualization of income flow from segment revenue to net income