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ESCO Technologies Inc. (ESE-0.14%) has submitted its 10-K filing for the fiscal year ended September 30, 2024.
The filing reports net sales of $1,026.8 million for the fiscal year, an increase from $956.0 million in the previous year. The increase was primarily driven by growth in the Aerospace & Defense and Utility Solutions Group segments.
Net earnings for the year were $101.9 million, up from $92.5 million the previous year. Diluted earnings per share were reported at $3.94, compared to $3.58 in 2023.
The Aerospace & Defense segment saw a 14.2% increase in net sales, reaching $448.2 million. This was attributed to higher revenues in commercial aerospace, defense aerospace, and navy sectors.
The Utility Solutions Group segment reported a 7.8% increase in net sales, totaling $369.1 million, driven by higher shipments of condition monitoring products and service revenue.
The RF Test & Measurement segment experienced a 5.3% decrease in net sales to $209.5 million, due to lower volumes and timing of projects.
ESCO Technologies Inc. completed the acquisition of MPE Limited, contributing $10 million in revenue since the acquisition date. The company also announced a pending acquisition of Ultra's Signature Management & Power business, expected to close in fiscal 2025.
Total backlog at the end of the fiscal year was $879.0 million, a 13.8% increase from the previous year, with approximately 70% expected to be completed in the next fiscal year.
Cash provided by operating activities was $127.5 million, an increase from $76.9 million in the previous year, attributed to higher net earnings and reduced working capital requirements.
ESCO Technologies declared dividends of $0.32 per share during the fiscal year, totaling $8.2 million in dividend payments.
At the end of the fiscal year, ESCO Technologies reported cash and cash equivalents of $66.0 million and outstanding debt of $122.0 million, resulting in a net debt position of approximately $56.0 million.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the ESCO Technologies Inc. annual 10-K report dated November 29, 2024. To report an error, please email earnings@qz.com.