Revenue during the quarter grew 3.85 percent to $509.18 million from $490.31 million in the previous year period. Gross margin for the quarter expanded 270 basis points over the previous year period to 34.55 percent. Total expenses were 88.76 percent of quarterly revenues, down from 94.32 percent for the same period last year. This has led to an improvement of 556 basis points in operating margin to 11.24 percent.

Operating income for the quarter was $57.22 million, compared with $27.84 million in the previous year period.

Curtis Reusser, Esterline's Chief Executive Officer, said, "Our solid second quarter results extend the momentum we have been building over the past several quarters. While we still have a second-half performance ramp required to reach our full-year expectations, we were pleased to see a 30% year-over-year increase in adjusted earnings per share in the second quarter. We also submitted our final report to the U.S. government related to meeting the requirements under our Consent Agreement, and our cash flows continue to be very strong. We view these accomplishments as a testament to the underlying strength and increasing earnings power of our organization."

For financial year 2017, Esterline Technologies Corp projects revenue to be in the range of $2,000 million to $2,050 million. The company forecasts diluted earnings per share to be in the range of $4.30 to $4.70. It forecasts diluted earnings per share to be in the range of $4.50 to $4.90 on adjusted basis.

Cash conversion cycle (CCC) has decreased to 99 days for the quarter from 160 days for the last year period. Days sales outstanding were almost stable at 68 days for the quarter, when compared with the last year period.

Days inventory outstanding has decreased to 64 days for the quarter compared with 124 days for the previous year period. At the same time, days payable outstanding was almost stable at 33 days for the quarter, when compared with the previous year period.