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BELLEVUE, Wash. - Aerospace and defense company Esterline Corp. reported Thursday that it beat earnings estimates for the third quarter, due in part to a strong performance from European operations.
| ESL | 36.86 |  -1.51 |
The Bellevue-based company reported net income of $20.5 million, or 68 cents per share. That compares with earnings from the same quarter of the previous year of $38.8 million, or $1.49 per share, including a $23.0 million benefit from an insurance recovery.
The results beat expectations. The company previously estimated it would earn 55 to 60 cents per share for the quarter. Analysts polled by Thomson Reuters expected Esterline to earn 64 cents a share for the quarter on revenue of $374.6 million.
Esterline said sales in the third quarter of 2008 rose to $382.1 million from $326.4 million a year ago.
The company said the performance in European operations, along with robust sales of spare parts in both commercial aerospace and defense markets helped boost the company's performance.
Shares of Esterline remained fairly neutral in after-hours trading at $53.27, after closing at $53.39 Thursday
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