ESCO Technologies Inc. (NYSE:ESE) reported upbeat results for its fourth quarter.
The St.Louis-based ESCO reported Tuesday that Q4 2019 GAAP EPS was $0.95 per share and Q4 2019 Adjusted EPS was $1.09 per share
Q4 2018 GAAP EPS was $1.09 per share and Q4 2018 Adjusted EPS was $1.22 per share, excluding $0.13 per share of charges related to the prior year’s cost reduction actions, and the true-up of income tax expense resulting from the implementation of U.S. Tax Reform.
Q4 2019 Adjusted EBITDA was $51 million compared to $52 million in Q4 2018.
Net sales increased $41 million (5.4%) to $813 million in 2019 compared to $772 million in 2018.
According to CEO Vic Richey, "I’m pleased with how we ended the year as our results once again came in above expectations and we delivered 13% Adjusted EPS growth over prior year. We had solid operational performance across the Company as we exceeded our sales, Adjusted EBIT, and Adjusted EPS commitments set at the beginning of the year.
"Our filtration business was the clear winner in 2019 as the segment, when excluding Globe, exceeded profit expectations by 9%, with Test and Doble also beating profit expectations and delivering strong results."
Shares grabbed five cents to $86.64 as Wednesday’s session gathered steam.
