Edison: Esterline Technologies' Q1 on Track

In a research report published today by Edison, Esterline Technologies' ESL Q1 results showed a vigorous start to the year as the Sourai acquisition added $83m to the already $471m in sales. In the report, Edison commented, “Esterline's Q1 results were in line with what was flagged at its full year results, with the primary revenue driver being the acquisition of Souriau. Underlying organic growth of 2% was held back by anticipated softness in Avionics & Controls, however this was offset by strong performances in Advanced Materials (up 18%) and Sensors & Systems (up 15%). With a better forecast tax rate as a result of a one-off acquisition tax benefit, EPS guidance was raised by $0.10 to $5.10-5.40 per share.” Esterline Technologies closed Friday at $68.87.