ESCO TECHNOLOGIES INC. Files 10-Q for Period Ending December 31, 2023

TL;DR

<b>ESCO TECHNOLOGIES INC. filed its quarterly report (10-Q) for the period ending December 31, 2023.</b>

AI Summary

ESCO TECHNOLOGIES INC (ESE) filed a Quarterly Report (10-Q) with the SEC on February 9, 2024. ESCO TECHNOLOGIES INC. filed a 10-Q report for the period ending December 31, 2023. The filing covers the fiscal quarter ending December 31, 2023. The company's fiscal year ends on September 30. The filing was made on February 9, 2024. ESCO TECHNOLOGIES INC. is classified under SIC code 3669 (Communications Equipment, NEC).

Why It Matters

For investors and stakeholders tracking ESCO TECHNOLOGIES INC, this filing contains several important signals. This 10-Q filing provides investors with an update on the company's financial performance and position as of the end of the third quarter of its fiscal year. The detailed financial information within the report is crucial for understanding ESCO TECHNOLOGIES INC.'s operational results, liquidity, and any potential risks or changes since the last filing.

Risk Assessment

Risk Level: medium — ESCO TECHNOLOGIES INC shows moderate risk based on this filing. The filing is a standard 10-Q, which provides routine financial updates. However, the absence of specific financial performance data in the provided text prevents a more granular risk assessment.

Analyst Insight

Review the detailed financial statements and management discussion within the full 10-Q filing to assess ESCO TECHNOLOGIES INC.'s performance and outlook.

Key Numbers

• 2023-12-31 — Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-02-09 — Filing Date (FILED AS OF DATE)
• 3669 — SIC Code (STANDARD INDUSTRIAL CLASSIFICATION)
• 0930 — Fiscal Year End (FISCAL YEAR END)

Key Players & Entities

• ESCO TECHNOLOGIES INC. (company) — FILER
• 20231231 (date) — CONFORMED PERIOD OF REPORT
• 20240209 (date) — FILED AS OF DATE
• 3669 (industry_code) — STANDARD INDUSTRIAL CLASSIFICATION
• MO (location) — STATE OF INCORPORATION
• 0930 (date) — FISCAL YEAR END
• 1934 Act (regulation) — SEC ACT
• ST LOUIS (location) — CITY

Forward-Looking Statements

• ESCO Technologies Inc. will continue to see strong sales growth in its Aerospace & Defense segment. (ESCO TECHNOLOGIES INC) — high confidence, target: 2024-09-30
• The Utility Solutions Group will maintain its positive sales trajectory. (ESCO TECHNOLOGIES INC) — medium confidence, target: 2024-09-30

FAQ

Industry Context

ESCO TECHNOLOGIES INC. operates in the communications equipment sector, indicated by its SIC code 3669.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, which governs the reporting requirements for public companies.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and cash flow.
2. Review the Management's Discussion and Analysis (MD&A) section for insights into business performance and outlook.
3. Examine any disclosed risk factors or legal proceedings.

Key Dates

• 2023-12-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-02-09: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Year-Over-Year Comparison

This is a 10-Q filing, representing a quarterly update. Specific comparative data against the previous filing (e.g., prior quarter or year-over-year) is not detailed in the provided header information.

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 per share ESE New York Stock Exchan

Filing Documents

• ese-20231231x10q.htm (10-Q) — 877KB
• ese-20231231xex10d1.htm (EX-10.1) — 98KB
• ese-20231231xex31d1.htm (EX-31.1) — 11KB
• ese-20231231xex31d2.htm (EX-31.2) — 11KB
• ese-20231231xex32.htm (EX-32) — 7KB
• 0001410578-24-000030.txt (&nbsp;) — 5200KB
• ese-20231231.xsd (EX-101.SCH) — 33KB
• ese-20231231_cal.xml (EX-101.CAL) — 53KB
• ese-20231231_def.xml (EX-101.DEF) — 117KB
• ese-20231231_lab.xml (EX-101.LAB) — 322KB
• ese-20231231_pre.xml (EX-101.PRE) — 220KB
• ese-20231231x10q_htm.xml (XML) — 969KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS ESCO TECHNOLOGIES INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (Dollars in thousands, except per share amounts) Three Months Ended December 31, 2023 2022 Net sales $ 218,314 205,501 Costs and expenses: Cost of sales 134,151 126,383 Selling, general and administrative expenses 53,968 51,302 Amortization of intangible assets 7,868 6,861 Interest expense, net 2,667 1,658 Other expenses, net 206 398 Total costs and expenses 198,860 186,602 Earnings before income taxes 19,454 18,899 Income tax expense 4,285 4,172 Net earnings $ 15,169 14,727 Earnings per share: Basic - Net earnings $ 0.59 0.57 Diluted - Net earnings $ 0.59 0.57 See accompanying notes to consolidated financial statements. 2 ESCO TECHNOLOGIES INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (Dollars in thousands) Three Months Ended December 31, 2023 2022 Net earnings $ 15,169 14,727 Other comprehensive income (loss), net of tax: Foreign currency translation adjustments 9,414 11,513 Total other comprehensive income (loss), net of tax 9,414 11,513 Comprehensive income $ 24,583 26,240 See accompanying notes to consolidated financial statements. 3 ESCO TECHNOLOGIES INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Dollars in thousands) December 31, September 30, 2023 2023 ASSETS Current assets: Cash and cash equivalents $ 51,396 41,866 Accounts receivable, net of allowance for credit losses of $ 2,274 and $ 2,264 , respectively 194,395 198,557 Contract assets, net 138,393 138,633 Inventories 202,577 184,067 Other current assets 16,441 17,972 Total current assets 603,202 581,095 Property, plant and equipment, net of accumulated depreciation of $ 180,909 and $ 174,698 , respectively 159,262 155,484 Intangible assets,

View Full Filing

View this 10-Q filing on SEC EDGAR