• ESCO Reports Second Quarter Fiscal 2025 Results

    المصدر: Nasdaq GlobeNewswire / 07 مايو 2025 13:15:00   America/Los_Angeles

    St. Louis, May 07, 2025 (GLOBE NEWSWIRE) -- ESCO Technologies Inc. (NYSE: ESE) (ESCO, or the Company) today reported its operating results for the second quarter ended March 31, 2025 (Q2 2025).

    Operating Highlights

    • Q2 2025 Sales increased $16.4 million (7 percent) to $265.5 million compared to $249.1 million in Q2 2024.
    • Q2 2025 Entered Orders were $290.8 million for a book-to-bill ratio of 1.10x, resulting in record backlog of $932 million.
    • Q2 2025 GAAP EPS increased 33 percent to $1.20 per share compared to $0.90 per share in Q2 2024.
    • Q2 2025 Adjusted EPS increased 24 percent to $1.35 per share compared to $1.09 per share in Q2 2024.
    • Net cash provided by operating activities was $58 million YTD, an increase of $39 million compared to the prior year period.

    Bryan Sayler, Chief Executive Officer and President, commented, “Q2 was another strong quarter as we delivered 7 percent top line growth, 250 basis points of Adjusted EBITDA margin expansion, and a 24 percent increase in Adjusted EPS compared to the prior year. All three segments delivered solid revenue growth, highlighted by strength across our Navy, commercial aerospace, utility, and Test end-markets.   It was very positive to see orders increase 22 percent over the prior year, with particular strength in both USG and Test.

    “As previously announced, we closed the SM&P acquisition on April 25th. Going forward, SM&P will be known as ESCO Maritime Solutions (Maritime). We are happy to welcome the Maritime employees to the ESCO team. Maritime’s signature and power management solutions meaningfully expand our naval product offerings in both the US and UK. We are optimistic about the future of ESCO and are pleased to have Maritime join us as an integral part of that journey.”       

    Segment Performance

    Aerospace & Defense (A&D)

    • Sales increased $8.7 million (8 percent) to $123.4 million in Q2 2025 from $114.7 million in Q2 2024. The Q2 increase was driven by strength in Navy and aerospace sales.
    • EBIT increased $6.9 million in Q2 2025 to $30.3 million from $23.4 million in Q2 2024. Adjusted EBIT increased $6.7 million in Q2 2025 to $30.3 million (24.6 percent margin) from $23.6 million (20.6 percent margin) in Q2 2024. Margin improvement was driven by price increases and mix, partially offset by inflationary pressures.
    • Entered Orders increased $6 million (5 percent) to $122 million in Q2 2025 compared to $116 million in Q2 2024.   Q2 2025 included a $6M order for PTI’s cartridge actuated devices/propellant actuated devices (CAD/PAD) products. The segment book-to-bill was 0.99x in the quarter, resulting in ending backlog of $605 million.  

    Utility Solutions Group (USG)

    • Sales increased $3.5 million (4 percent) to $90.8 million in Q2 2025 from $87.3 million in Q2 2024. Doble’s sales increased by $3.5 million (5 percent) driven by a strong quarter for offline and protection testing products and services, partially offset by lower cybersecurity/compliance (DUCe) solutions. NRG sales were flat to the prior year due to moderation in renewable energy projects.
    • EBIT increased $3.2 million in Q2 2025 to $20.8 million from $17.6 million in Q2 2024. Adjusted EBIT increased $3.3 million in Q2 2025 to $20.9 million (23.0 percent margin) from $17.6 million (20.1 percent margin) in Q2 2024.   Margin was favorably impacted by leverage on higher volume, price increases and mix, partially offset by inflationary pressures.  
    • Entered Orders increased $13 million (17 percent) to $92 million in Q2 2025. Doble orders increased by $11 million (17 percent) on strong offline test equipment and services orders. NRG orders increased by $2 million (15 percent) driven by solar orders in North America and EMEA.   The segment book-to-bill was 1.02x in the quarter, resulting in ending backlog of $124 million.

    RF Test & Measurement (Test)

    • Sales increased $4.3 million (9 percent) to $51.4 million in Q2 2025 from $47.1 million in Q2 2024. Sales growth was primarily driven by higher Test and Measurement, industrial shielding, and medical services in the US, along with a strong quarter for MPE filters projects.
    • EBIT increased $0.9 million in Q2 2025 to $6.4 million from $5.5 million in Q2 2024. Adjusted EBIT increased $0.7 million in Q2 2025 to $6.4 million (12.4 percent margin) from $5.7 million (12.2 percent margin) in Q2 2024. Margin was favorably impacted by leverage on higher volume, price increases, and cost reduction efforts, partially offset by unfavorable mix and inflationary pressures.  
    • Entered Orders increased $33 million (75 percent) to $77 million in Q2 2025. The increase was primarily driven by a strong quarter for US Test & Measurement, filters, and medical and industrial shielding orders. In addition, orders in China increased $9M in the quarter, primarily related to Test & Measurement projects. The segment book-to-bill was 1.50x in the quarter, resulting in ending backlog of $203 million.

    Business Outlook – 2025

    Guidance for Q3 2025 and FY 2025 is being shown both with and without the impact of Maritime to provide insight into our expectations for Maritime’s impact on the remainder of Q3 2025 (approximately 2 months) and FY 2025 (approximately 5 months).   The transaction costs and purchase accounting amortization associated with the Maritime acquisition have not yet been finalized and are not included in our current business outlook.  

    Consistent with our initial FY 2025 guidance, organic sales are expected to grow 6 to 8 percent in FY 2025. Maritime is expected to contribute sales in the range of $90 to $100 million in FY 2025.

      Guidance Range ($ Millions)
    Sales Guidance excluding Maritime $1,090 $1,110
    Maritime Impact $90 $100
    Sales Guidance including Maritime $1,180 $1,210


    In our Q1 2025 earnings release (dated 2/6/2025), FY 2025 Adjusted EPS guidance was increased to $5.55-$5.75. Due to continued market strength and improvement in operational performance, we are raising our full-year guidance by another $0.10 to $5.65 to $5.85 (18 to 23 percent growth over the prior year). Maritime is expected to contribute Adjusted EPS in the range of $0.20 - $0.30 in FY 2025.     

      Guidance Range
    Previous FY 2025 Adjusted EPS Guidance $5.55 $5.75
    Guidance Increase $0.10 $0.10
    Updated FY'25 Adjusted EPS Guidance excluding Maritime $5.65 $5.85
    Maritime Impact $0.20 $0.30
    Updated FY'25 Adjusted EPS Guidance including Maritime $5.85 $6.15


    Management’s expectation is for Q3 Adjusted EPS without Maritime to be in the range of $1.50 to $1.60 (15 to 22 percent growth over the prior year quarter). Maritime is expected to add Adjusted EPS in the range of $0.08 to $0.12 in Q3 2025.

      Guidance Range
    Q3 2025 Adjusted EPS Guidance excluding Maritime $1.50 $1.60
    Maritime Impact $0.08 $0.12
    Q3 2025 Adjusted EPS Guidance including Maritime $1.58 $1.72


    Dividend Payment
    The next quarterly cash dividend of $0.08 per share will be paid on July 17, 2025 to stockholders of record on July 2, 2025.

    Conference Call
    The Company will host a conference call today, May 7, at 4:00 p.m. Central Time, to discuss the Company’s Q2 2025 results. A live audio webcast and an accompanying slide presentation will be available in the Investor Center of ESCO’s website. Participants may also access the webcast using this registration link. For those unable to participate, a webcast replay will be available after the call in the Investor Center of ESCO’s website.

    Forward-Looking Statements
    Statements in this press release regarding Management’s intentions, expectations and guidance for fiscal 2025, including restructuring and cost reduction actions, sales, orders, revenues, margin, earnings, Adjusted EPS, acquisition related amortization, and any other statements which are not strictly historical, are “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. securities laws.

    Investors are cautioned that such statements are only predictions and speak only as of the date of this presentation, and the Company undertakes no duty to update them except as may be required by applicable laws or regulations. The Company’s actual results in the future may differ materially from those projected in the forward-looking statements due to risks and uncertainties that exist in the Company’s operations and business environment including but not limited to those described in Item 1A, “Risk Factors”, of the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2024 and the following: the timing and outcome, if any, of the Company’s strategic alternatives review of the VACCO business; the impacts of climate change and related regulation of greenhouse gases; the impacts of labor disputes, civil disorder, wars, elections, political changes, tariffs and trade disputes, terrorist activities, cyberattacks or natural disasters on the Company’s operations and those of the Company’s customers and suppliers; disruptions in manufacturing or delivery arrangements due to shortages or unavailability of materials or components or supply chain disruptions; inability to access work sites; the timing and content of future contract awards or customer orders; the timely appropriation, allocation and availability of Government funds; the termination for convenience of Government and other customer contracts or orders; weakening of economic conditions in served markets; the success of the Company’s competitors; changes in customer demands or customer insolvencies; competition; intellectual property rights; technical difficulties or data breaches; the availability of acquisitions; delivery delays or defaults by customers; performance issues with key customers, suppliers and subcontractors; material changes in the costs and availability of certain raw materials; material changes in the cost of credit; changes in laws and regulations including but not limited to changes in accounting standards and taxation; changes in interest, inflation and employment rates; costs relating to environmental matters arising from current or former facilities; uncertainty regarding the ultimate resolution of current disputes, claims, litigation or arbitration; and the integration and performance of acquired businesses.

    Non-GAAP Financial Measures
    The financial measures EBIT, Adjusted EBIT, EBITDA, Adjusted EBITDA, and Adjusted EPS are presented in this press release. The Company defines “EBIT” as earnings before interest and taxes, “EBITDA” as earnings before interest, taxes, depreciation and amortization, “Adjusted EBIT” and “Adjusted EBITDA” as excluding the net impact of the items described in the attached Reconciliation of Non-GAAP Financial Measures, and “Adjusted EPS” as GAAP earnings per share excluding the net impact of the items described and reconciled in the attached Reconciliation of Non-GAAP Financial Measures.

    EBIT, Adjusted EBIT, EBITDA, Adjusted EBITDA, and Adjusted EPS are not recognized in accordance with U.S. generally accepted accounting principles (GAAP). However, Management believes EBIT, Adjusted EBIT, EBITDA, and Adjusted EBITDA are useful in assessing the operational profitability of the Company’s business segments because they exclude interest, taxes, depreciation, and amortization, which are generally accounted for across the entire Company on a consolidated basis. EBIT is also one of the measures used by Management in determining resource allocations within the Company as well as incentive compensation. The presentation of EBIT, Adjusted EBIT, EBITDA, Adjusted EBITDA, and Adjusted EPS provides important supplemental information to investors by facilitating comparisons with other companies, many of which use similar non-GAAP financial measures to supplement their GAAP results. The use of non-GAAP financial measures is not intended to replace any measures of performance determined in accordance with GAAP.

    About ESCO
    ESCO Technologies is a global provider of highly engineered products and solutions serving diverse end-markets. It manufactures filtration and fluid control products, advanced composites, as well as signature and power management solutions for aviation, Navy, space, and industrial customers. ESCO is an industry leader in designing and manufacturing RF test and measurement products and systems; and provides diagnostic instruments, software and services to industrial power users and the electric utility and renewable energy industries. Headquartered in St. Louis, Missouri, ESCO and its subsidiaries have offices and manufacturing facilities worldwide. For more information on ESCO and its subsidiaries, visit ESCO’s website at www.escotechnologies.com.

    ESCO TECHNOLOGIES INC. AND SUBSIDIARIES 
    Condensed Consolidated Statements of Operations (Unaudited) 
    (Dollars in thousands, except per share amounts) 
       
         Three Months
    Ended
    March 31,
    2025    		 Three Months
    Ended
    March 31,
    2024    		 
             
    Net Sales  $265,519 249,129 
    Cost and Expenses:     
     Cost of sales 156,298 152,347 
     Selling, general and administrative expenses 58,163 55,097 
     Amortization of intangible assets 7,989 8,572 
     Interest expense 2,195 3,226 
     Other expenses (income), net 375 666 
      Total costs and expenses 225,020 219,908 
             
    Earnings before income taxes 40,499 29,221 
    Income tax expense 9,466 6,002 
             
      Net earnings$31,033 23,219 
             
       Earnings Per Share (EPS)     
             
       Diluted - GAAP$1.20 0.90 
             
       Diluted - As Adjusted Basis$1.35(1)1.09(2)
             
       Diluted average common shares O/S: 25,877 25,847 
             
    (1)Q2 2025 Adjusted EPS excludes $0.15 per share of after-tax charges consisting primarily of acquisition related amortization.
             
    (2)Q2 2024 Adjusted EPS excludes $0.19 per share of after-tax charges consisting of: $0.02 of MPE acquisition backlog charges, $0.02 of restructuring charges (primarily severance) within the Test and A&D segments, and $0.15 of acquisition related amortization.

       
       

    ESCO TECHNOLOGIES INC. AND SUBSIDIARIES 
    Condensed Consolidated Statements of Operations (Unaudited) 
    (Dollars in thousands, except per share amounts) 
       
         Six Months
    Ended
    March 31, 2025    		 Six Months
    Ended
    March 31, 2024    		 
             
    Net Sales $512,545  467,443 
    Cost and Expenses:     
     Cost of sales 304,940  286,498 
     Selling, general and administrative expenses 116,947  109,065 
     Amortization of intangible assets 15,982  16,440 
     Interest expense 4,452  5,893 
     Other expenses (income), net (216) 872 
      Total costs and expenses 442,105  418,768 
             
    Earnings before income taxes 70,440  48,675 
    Income tax expense 15,934  10,287 
             
      Net earnings$54,506  38,388 
             
       Earnings Per Share (EPS)     
             
       Diluted - GAAP$2.11  1.49 
             
       Diluted - As Adjusted Basis$2.42 (1)1.85(2)
             
       Diluted average common shares O/S: 25,854  25,846 
             
    (1)YTD Q2 2025 Adjusted EPS excludes $0.31 per share of after-tax charges consisting primarily of $0.01 of restructuring charges within the Test segment and $0.30 of acquisition related amortization.
             
    (2)YTD Q2 2024 Adjusted EPS excludes $0.36 per share of after-tax charges consisting of: $0.05 of MPE acquisition backlog and inventory step-up charges and acquisition costs, $0.02 of restructuring charges (primarily severance) within the Test and A&D segments, and $0.29 of acquisition related amortization.



        
        

    ESCO TECHNOLOGIES INC. AND SUBSIDIARIES
    Condensed Business Segment Information (Unaudited)
    (Dollars in thousands)
       
        GAAP As Adjusted 
        Q2 2025 Q2 2024 Q2 2025 Q2 2024 
    Net Sales          
     Aerospace & Defense$123,369  114,701  123,369  114,701  
     USG 90,767  87,309  90,767  87,309  
     Test 51,383  47,119  51,383  47,119  
      Totals$265,519  249,129  265,519  249,129  
                
    EBIT           
     Aerospace & Defense$30,296  23,377  30,298  23,640  
     USG 20,779  17,575  20,862  17,575  
     Test 6,369  5,542  6,369  5,745  
     Corporate (14,750) (14,047) (9,648) (8,260) 
      Consolidated EBIT 42,694  32,447  47,881  38,700  
      Less: Interest expense (2,195) (3,226) (2,195) (3,226) 
      Less: Income tax expense (9,466) (6,002) (10,659) (7,440) 
      Net earnings$31,033  23,219  35,027  28,034  
                   
    Note 1: Adjusted net earnings of $35.0 million in Q2 2025 exclude $4.0 million (or $0.15 per share) of after-tax charges consisting primarily of acquisition related amortization.
                
    Note 2: Adjusted net earnings of $28.0 million in Q2 2024 exclude $4.8 million (or $0.19 per share) of after-tax charges consisting of: $0.02 of MPE acquisition backlog charges, $0.02 of restructuring charges (primarily severance) within the Test and A&D segments, and $0.15 of acquisition related amortization.
                
    EBITDA Reconciliation to Net earnings:     Q2 2025 - Q2 2024 - 
        Q2 2025 Q2 2024 As Adjusted As Adjusted 
    Consolidated EBITDA$56,668  46,550  56,895  47,174  
    Less: Depr & Amort (13,974) (14,103) (9,014) (8,474) 
    Consolidated EBIT 42,694  32,447  47,881  38,700  
    Less: Interest expense (2,195) (3,226) (2,195) (3,226) 
    Less: Income tax expense (9,466) (6,002) (10,659) (7,440) 
    Net earnings$31,033  23,219  35,027  28,034  
                

       
       

    ESCO TECHNOLOGIES INC. AND SUBSIDIARIES
    Condensed Business Segment Information (Unaudited)
    (Dollars in thousands)
       
        GAAP As Adjusted 
        YTD Q2 2025 YTD Q2 2024 YTD Q2 2025 YTD Q2 2024 
    Net Sales          
     Aerospace & Defense$237,670  209,434  237,670  209,434  
     USG 177,427  170,293  177,427  170,293  
     Test 97,448  87,716  97,448  87,716  
      Totals$512,545  467,443  512,545  467,443  
                
    EBIT            
     Aerospace & Defense$51,892  40,040  51,920  40,303  
     USG 41,269  35,200  41,352  35,320  
     Test 10,791  7,321  11,256  7,797  
     Corporate (29,060) (27,993) (18,959) (16,860) 
      Consolidated EBIT 74,892  54,568  85,569  66,560  
      Less: Interest expense (4,452) (5,893) (4,452) (5,893) 
      Less: Income tax (15,934) (10,287) (18,390) (13,045) 
      Net earnings$54,506  38,388  62,727  47,622  
                   
    Note 1: Adjusted net earnings of $62.7 million in YTD 2025 exclude $8.2 million (or $0.31 per share) of after-tax charges consisting of: $0.01 of restructuring charges within the Test segment and acquisition related costs at Corporate, and $0.30 of acquisition related amortization.
                
    Note 2: Adjusted net earnings of $47.6 million in YTD 2024 exclude $9.2 million (or $0.36 per share) of after-tax charges consisting of: $0.05 of MPE acquisition backlog and inventory step-up charges and acquisition costs, $0.02 of restructuring costs (primarily severance) within the Test and A&D segments, and $0.29 of acquisition related amortization.
                
    EBITDA Reconciliation to Net earnings:     YTD YTD 
        YTD YTD Q2 2025 - Q2 2024 - 
        Q2 2025 Q2 2024 As Adjusted As Adjusted 
    Consolidated EBITDA$102,673  82,123  103,393  83,582  
    Less: Depr & Amort (27,781) (27,555) (17,824) (17,022) 
    Consolidated EBIT 74,892  54,568  85,569  66,560  
    Less: Interest expense (4,452) (5,893) (4,452) (5,893) 
    Less: Income tax expense (15,934) (10,287) (18,390) (13,045) 
    Net earnings$54,506  38,388  62,727  47,622  
                

        
       

      

    ESCO TECHNOLOGIES INC. AND SUBSIDIARIES
    Condensed Consolidated Balance Sheets (Unaudited)
    (Dollars in thousands)
       
        March 31,
    2025    		 September 30,
    2024
           
    Assets     
     Cash and cash equivalents$57,397 65,963
     Accounts receivable, net 218,123 240,680
     Contract assets 125,281 130,534
     Inventories 231,200 209,164
     Other current assets 28,752 22,308
      Total current assets 660,753 668,649
     Property, plant and equipment, net 172,081 170,596
     Intangible assets, net 394,594 407,602
     Goodwill 536,222 539,899
     Operating lease assets 38,322 37,744
     Other assets 13,690 14,130
       $1,815,662 1,838,620
           
    Liabilities and Shareholders' Equity    
     Current maturities of long-term debt$20,000 20,000
     Accounts payable 81,244 98,371
     Contract liabilities 128,114 124,845
     Other current liabilities 92,661 106,638
      Total current liabilities 322,019 349,854
     Deferred tax liabilities 72,580 75,333
     Non-current operating lease liabilities 35,948 34,810
     Other liabilities 39,787 39,273
     Long-term debt 68,000 102,000
     Shareholders' equity 1,277,328 1,237,350
       $1,815,662 1,838,620

        
       

    ESCO TECHNOLOGIES INC. AND SUBSIDIARIES
    Consolidated Statements of Cash Flows (Unaudited)
    (Dollars in thousands)
         
      Six Months
    Ended
    March 31, 2025    		 Six Months
    Ended
    March 31, 2024
    Cash flows from operating activities:    
    Net earnings$54,506  38,388 
    Adjustments to reconcile net earnings to net cash    
    provided by operating activities:    
    Depreciation and amortization 27,781  27,555 
    Stock compensation expense 5,323  4,144 
    Changes in assets and liabilities (27,207) (47,869)
    Effect of deferred taxes (2,128) (2,981)
    Net cash provided by operating activities 58,275  19,237 
         
    Cash flows from investing activities:    
    Acquisition of business, net of cash acquired 

    		 (56,179)
    Capital expenditures (15,350) (16,301)
    Additions to capitalized software (5,465) (5,912)
    Net cash used by investing activities (20,815) (78,392)
         
    Cash flows from financing activities:    
    Proceeds from long-term debt 66,000  154,000 
    Principal payments on long-term debt and short-term borrowings (100,000) (65,000)
    Dividends paid (4,130) (4,125)
    Purchases of common stock into treasury 

    		 (7,189)
    Other (6,146) (1,432)
    Net cash (used) provided by financing activities (44,276) 76,254 
         
    Effect of exchange rate changes on cash and cash equivalents (1,750) 471 
         
    Net (decrease) increase in cash and cash equivalents (8,566) 17,570 
    Cash and cash equivalents, beginning of period 65,963  41,866 
    Cash and cash equivalents, end of period$57,397  59,436 

        
       

    ESCO TECHNOLOGIES INC. AND SUBSIDIARIES
    Other Selected Financial Data (Unaudited)
    (Dollars in thousands)
       
    Backlog And Entered Orders - Q2 2025 A&D USG Test Total
     Beginning Backlog - 1/1/25$606,687  122,857  177,404  906,948 
     Entered Orders 121,706  92,184  76,950  290,840 
     Sales  (123,369) (90,767) (51,383) (265,519)
     Ending Backlog - 3/31/25$605,024  124,274  202,971  932,269 
               
    Backlog And Entered Orders - YTD Q2 2025 A&D USG Test Total
     Beginning Backlog - 10/1/24$600,382  119,943  158,644  878,969 
     Entered Orders 242,312  181,758  141,775  565,845 
     Sales  (237,670) (177,427) (97,448) (512,545)
     Ending Backlog - 3/31/25$605,024  124,274  202,971  932,269 

       
       

    ESCO TECHNOLOGIES INC. AND SUBSIDIARIES 
    Reconciliation of Non-GAAP Financial Measures (Unaudited) 
         
    EPS – Adjusted Basis Reconciliation – Q2 2025   
     EPS – GAAP Basis – Q2 2025$1.20 
     Adjustments (defined below) 0.15 
     EPS – As Adjusted Basis – Q2 2025$1.35 
         
     Adjustments exclude $0.15 per share consisting primarily of acquisition   
     related amortization.   
     The $0.15 of EPS adjustments per share consists of $5.2 million of pre-tax   
     charges offset by $1.2 million of tax benefit for net impact of $4 million.   
         
    EPS – Adjusted Basis Reconciliation – Q2 2024   
     EPS – GAAP Basis – Q2 2024$0.90 
     Adjustments (defined below) 0.19 
     EPS – As Adjusted Basis – Q2 2024$1.09 
         
     Adjustments exclude $0.19 per share consisting primarily of $0.02 of MPE   
     acquisition backlog charges, $0.02 of restructuring charges within the Test   
     and A&D segments, and $0.15 of acquisition related amortization.   
     The $0.19 of EPS adjustments per share consists of $6.2 million of pre-tax charges   
     offset by $1.4 million of tax benefit for net impact of $4.8 million.   
         
    EPS – Adjusted Basis Reconciliation – YTD Q2 2025   
     EPS – GAAP Basis – YTD Q2 2025$2.11 
     Adjustments (defined below) 0.31 
     EPS – As Adjusted Basis – YTD Q2 2025$2.42 
         
     Adjustments exclude $0.31 per share consisting primarily of $0.01 of restructuring   
     charges within the Test segment and $0.30 of acquisition related amortization.   
     The $0.31 of EPS adjustments per share consists of $10.7 million of pre-tax charges   
     offset by $2.5 million of tax benefit for net impact of $8.2 million.   
         
    EPS – Adjusted Basis Reconciliation – YTD Q2 2024   
     EPS – GAAP Basis – YTD Q2 2024$1.49 
     Adjustments (defined below) 0.36 
     EPS – As Adjusted Basis – YTD Q2 2024$1.85 
         
     Adjustments exclude $0.36 per share consisting primarily of $0.05 of MPE acquisition   
     backlog charges, inventory step-up charges and acquisition costs, $0.02 of   
     restructuring charges, and $0.29 of acquisition related amortization.   
     The $0.36 of EPS adjustments per share consists of $12 million of pre-tax charges   
     offset by $2.8 million of tax benefit for net impact of $9.2 million.   

       

    SOURCE ESCO Technologies Inc.
    Kate Lowrey, Vice President of Investor Relations, (314) 213-7277


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