Esterline Technologies Corporation (ESL) Buys Back Shares From Relational Investors

For the fiscal second quarter ended May 1, Esterline Technologies Corporation (NYSE:ESL)’s sales from continuing operations decreased to $500.1 million, versus $510.9 million in the same period last year. It reported earnings from continuing operations of $21.6 million, or $0.69 per diluted share, versus $40.6 million, or $1.25 per diluted share, in the same quarter of 2014.

Last month, Esterline Technologies Corporation (NYSE:ESL) reported that it finalized a long-term supply agreement with United Technologies Corporation (NYSE:UTX) to support production at UTC’s aerospace businesses. The UTV2 long-term supply agreement secures contracts for critical engineered items required by UTC at its aerospace business units, Pratt & Whitney, Sikorsky, and UTC Aerospace Systems, on key programs including E2, MRJ, S-92, A350, and B787. In addition, Esterline Technologies Corporation (NYSE:ESL) said in a statement that it is actively engaged in the UTC Supplier Gold program and committed to the UTV2 cost-savings initiative and UTC Contract Governance program, which sets high standards for quality and on-time delivery.

Shares of Esterline Technologies Corporation (NYSE:ESL) have not been showing impressive performance, declining by 17.07% year-to-date (YTD). The stock has also dropped by 19.84% during the past year, compared to an industry average gain of 17.55%. Other investors with heavy stakes in the company include Glenn Fuhrman and John Phelan’s MSD Capital, and Siddharth Thacker’s Signpost Capital, holding 1.62 million shares and 323,009 shares respectively, as of March 31.

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