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November 25, 2015 2:19 PM ET


Company Overview of ESCO Technologies Inc.

Company Overview

ESCO Technologies Inc., together with its subsidiaries, produces and supplies engineered products and systems for utility, industrial, aerospace, and commercial markets worldwide. It operates through three segments: Filtration/Fluid Flow, RF Shielding and Test, and Utility Solutions Group. The Filtration/Fluid Flow segment supplies filtration and fluid control products, including filter elements, manifolds, assemblies, modules, indicators, filters, regulators, custom and standard valves, actuators, and other components; and produces engineered thermoformed products and packaging materials for medical, pharmaceutical, retail, food, and electronic applications. The RF Shielding and Test segmen...

9900A Clayton Road

St. Louis, MO 63124

United States

Founded in 1990



Key Executives for ESCO Technologies Inc.

Chairman, Chief Executive Officer, President and Chairman of Executive Committee
Age: 57
Total Annual Compensation: $790.0K
Chief Financial Officer, Executive Vice President and Director
Age: 55
Total Annual Compensation: $526.0K
Senior Vice President, General Counsel and Secretary
Age: 56
Total Annual Compensation: $312.0K
Compensation as of Fiscal Year 2014.

ESCO Technologies Inc. Key Developments

ESCO Technologies Inc. Declares Quarterly Cash Dividend, Payable on January 19, 2016; Reports Unaudited Consolidated Earnings Results for the Year Ended September 30, 2015; Provides Earnings Guidance for the First Quarter, Full Year of 2016 and for the Year of 2017

ESCO Technologies Inc. announced next quarterly cash dividend of $0.08 per share will be paid on January 19, 2016 to stockholders of record on January 4, 2016. The company reported unaudited consolidated earnings results for the year ended September 30, 2015. For the year, net sales were $537,291,000, compared to $531,120,000 a year ago. Earnings before income taxes were $61,521,000, compared to $62,207,000 a year ago. Net earnings from continuing operations were $41,736,000 or $1.59 per diluted share, compared to $42,613,000 or $1.60 per diluted share a year ago. Net earnings were $42,512,000 or $1.62 per diluted share, compared to $410,000 or $0.02 per diluted share a year ago. Consolidated EBIT was $62,306,000 against $63,774,000 a year ago. Net cash provided by operating activities was $65,753,000. Capital expenditures were $12,444,000. Additions to capitalized software were $6,901,000. 2015 EPS from continuing operations was negatively impacted by the previously disclosed non-cash charges related to the Test business. Net debt at September 30, 2015 was $11 million ($39 million of cash and $50 million of borrowings), and includes $21 million spent on the ENOSERV acquisition and $27 million spent on stock repurchases and dividends. The company’s goals and expectations through 2017 reflect compound annual sales growth of 10%, with compound annual EPS growth of 15%, with approximately 80% of the growth being organic and approximately 20% coming from acquisitions. Management expects 2016 EPS – As Adjusted to be in the range of $1.90 to $2.00 per share, which excludes the 2016 restructuring charges (approximately $9 million pretax) described above. The 2016 annual effective tax rate is expected to be approximately 35%. On a quarterly basis, Management expects 2016 revenues and EPS – As Adjusted to reflect a profile similar to 2015, including EPS – As Adjusted being more second half weighted. The majority of the 2016 restructuring charges will be incurred during the first half of the year, negatively impacting GAAP EPS on a quarterly basis. First quarter of 2016 EPS – As Adjusted is expected to be in the range of $0.34 to $0.39 per share, excluding the first quarter impact of the 2016 restructuring charges.

ESCO Seeks Acquisitions

ESCO Technologies Inc. (NYSE:ESE) is looking for acquisition opportunities. Vic Richey, Chairman and Chief Executive Officer, commented, "We continue to review numerous acquisition opportunities and are confident we will be successful in adding to our existing portfolio in the near-term. Acquisitions remain a key element to supplement our growth, and while recent purchase multiples in certain segments appear extraordinary, we will remain disciplined in our approach to ensure we can generate an attractive return on these investments.

Esco Technologies Closes Facilities in its Shielding and Test Division and Cutting U.S. Employees as Part of New Restructuring Plan

Esco Technologies announced that it is closing facilities in its shielding and test division and cutting U.S. employees as part of a new restructuring plan. The company plans to close its Test business operating facilities in Taufkirchen, Germany, and Stevenage, England, and consolidate the operations into other existing facilities. Esco also plans to cut the number of employees in its Test division in the U.S. and eliminate some underperforming product lines. In its USG segment, ESCO plans to close its operating office in Doble-Brazil and consolidate Doble's South American sales and support activities into a lower cost operating structure. The cost to implement these actions, to be taken in 2016, is expected to be about $9 million. The moves are expected to save the company more than $6 million in 2016 and about $8 million annually in 2017 and beyond.

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