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05 May 16. Esterline Reports Fiscal 2016 Second Quarter Financial Results.
• Sales of $490.3m in the fiscal second quarter; strong book-to-bill of 1.2
• Earnings from continuing operations of $17.0m; adjusted earnings from continuing operations of $27.3m
• GAAP earnings per diluted share from continuing operations of $0.57; adjusted earnings per diluted share of $0.92
Esterline Corporation (NYSE: ESL) (www.esterline.com), a leading specialty manufacturer serving the global aerospace and defense markets, today reported results for the second fiscal quarter ended April 1, 2016. During the quarter, the company reported consolidated revenue of $490.3m, an increase of 4.7% compared with the year-ago period of $468.2m. Higher revenue in the fiscal 2016 period was primarily attributable to higher sales volumes and demand across all business segments. All comparisons to prior-year periods are against a recast fiscal 2015 for the 12 months ended October 2, 2015, to align with the company’s new fiscal calendar.
Earnings from continuing operations in the second quarter of fiscal 2016 were $17.0m, or $0.57 per diluted share, compared with prior-year earnings from continuing operations of $24.9m, or $0.79 per diluted share. Adjusted earnings from continuing operations for the second fiscal quarter of 2016 were $27.3m, or $0.92 per diluted share. In the comparable period of the prior year, adjusted earnings from continuing operations were $29.4m, or $0.92 per diluted share. For the second fiscal quarter of 2016, adjusted results exclude $0.21 per diluted share related to previously announced integration and incremental compliance activities and $0.14 per diluted share related to long-term contract adjustments. GAAP and adjusted earnings from continuing operations in the second fiscal quarter of 2016 include a $0.17 per diluted share negative impact from foreign exchange mark-to-market accounting.
05 May 16. Engility Reports First Quarter 2016 Results.
• First quarter 2016 revenue of $523m and adjusted diluted EPS of $0.24
• First quarter 2016 cash flow from operations of $30m
• Company reiterates fiscal year 2016 guidance
Engility Holdings, Inc. (EGL) today announced financial results for the first quarter ended April 1, 2016.
First Quarter 2016 Results
Total revenue for the first quarter of 2016 was $523m. GAAP operating income was $26m and GAAP operating margin was 5.1%. GAAP net loss attributable to Engility was $3m, or $0.09 per diluted share. Cash flow from operating activities was $30m.
Adjusted operating income was $40m and adjusted operating margin was 7.6%. Adjusted net income attributable to Engility was $9 m, or $0.24 per diluted share. Adjusted EBITDA was $44m and adjusted EBITDA margin was 8.5%.
Engility’s adjusted results for net income, operating margin and EBITDA exclude $4m of acquisition and integration costs. Adjusted operating margin and adjusted net income also exclude $9m of amortization of intangible asset expenses associated with the TASC and DRC acquisitions. Information about the Company’s use of non-GAAP financial information is provided below under “Non-GAAP Measures.”
“Engility posted solid results this quarter and we are on track to meet our guidance for fiscal year 2016,” said Lynn Dugle, Chief Executive Officer of Engility. “With the integration of TASC effectively complete, we are concentrating our efforts on organic growth, attracting and retaining the best talent and paying down our debt. I am confident that we are putting the right foundation in place to position the company for long-term success.”
Key Performance Indicators for the First Quarter of 2016
• Book-to-bill ratio was 0.8x o