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ESTERLINE OUTLOOK: PROFITABLE FY '93, BUT LOSS EXPECTED IN FIRST QUARTER '94; AEROSPACE AND DEFENSE EXPECTATIONS REVISED

 BELLEVUE, Wash., Oct. 20 /PRNewswire/ -- Esterline Technologies (NYSE: ESL) today announced a fiscal 1993 year-end (Oct. 31) outlook of modest profitability. For fiscal 1994, the company said a loss is anticipated in the first quarter, with profitability indicated for the year.
 Recent revisions in expectations at the company's aerospace and defense operations, and continuing weakness in some of Esterline's instrumentation companies, are cited as the primary reasons for the loss quarter outlook.
 Chief executive officer Wendell P. Hurlbut said that "...newly reduced sales forecasts at some of the aerospace and defense group companies -- coupled with an already reduced order rate at the group's combustible shell casing operation -- will create lower-than-anticipated first quarter results for this segment of our business."
 For the company's other two business lines, Hurlbut said "...our Automation Group currently is performing well above year-ago levels and we expect this to carry forward in fiscal '94's first quarter. Instrumentation Group performance continues weak and no significant improvement is seen in first quarter '94."
 For the past three years, Esterline's fiscal first quarter performance -- which covers the holiday periods during Nov. 1 to Jan. 31 each year -- has been the weakest of the four quarters. Net earnings per share for the first quarter of fiscal 1991, 1992, and 1993 were $.12, $.03, and $.05,respectively.
 Esterline is a leading manufacturer of automated equipment for the production of printed circuit boards and metal fabrication, instrumentation for quality control, power measurement and process control, and engineered products for the commercial aircraft, aerospace and defense industries.
 -0- 10/20/93
 /CONTACT: Brian Keogh of Esterline, 206-453-9400/
 (ESL)


CO: Esterline Technologies ST: Washington IN: CPR SU: ERP

RB -- SE004 -- 4345 10/20/93 07:55 EDT
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Publication:PR Newswire
Date:Oct 20, 1993
Words:283
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