Notice: Undefined variable: fileR in
/me/beta.myiris.com/htdocs/newsCentre/bin/addLinksNew.php on line
17
Notice: Undefined variable: fileR in
/me/beta.myiris.com/htdocs/newsCentre/bin/addLinksNew.php on line
142
ESCO Technologies Inc. (ESE) has reported 29.58 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $11.16 million, or $0.43 a share in the quarter, compared with $8.61 million, or $0.33 a share for the same period last year. Revenue during the quarter grew 16.01 percent to $161.18 million from $138.93 million in the previous year period. Gross margin for the quarter contracted 195 basis points over the previous year period to 34.62 percent. Total expenses were 89.39 percent of quarterly revenues, up from 88.92 percent for the same period last year. That has resulted in a contraction of 47 basis points in operating margin to 10.61 percent.
Vic Richey, chairman and chief executive officer, commented, "I'm pleased with our operating performance on several financial metrics as we were again able to exceed our earnings commitments provided in February. Summarizing our Q2 performance, we hit our sales targets, exceeded the top end of our EPS goals, generated far more cash flow than previously anticipated, and booked orders across the company that exceeded our expectations."
For fiscal year 2017, the company expects diluted earnings per share to be in the range of $2.16 to $2.26.
Working capital remains almost stableWorking capital of ESCO Technologies Inc. remained almost stable for the quarter at $181.20 million, when compared with the previous year period. Current ratio was at 2.16 as on Mar. 31, 2017, down from 2.31 on Mar. 31, 2016. Cash conversion cycle (CCC) has decreased to 81 days for the quarter from 148 days for the last year period. Days sales outstanding went down to 62 days for the quarter compared with 74 days for the same period last year.
Days inventory outstanding has decreased to 50 days for the quarter compared with 107 days for the previous year period. At the same time, days payable outstanding went down to 31 days for the quarter from 33 for the same period last year.
Debt increases substantially
ESCO Technologies Inc. has witnessed an increase in total debt over the last one year. It stood at $170 million as on Mar. 31, 2017, up 71.91 percent or $71.11 million from $98.89 million on Mar. 31, 2016. Total debt was 15.75 percent of total assets as on Mar. 31, 2017, compared with 10.65 percent on Mar. 31, 2016. Debt to equity ratio was at 0.27 as on Mar. 31, 2017, up from 0.17 as on Mar. 31, 2016. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
