Dear Valued Visitor,

We have noticed that you are using an ad blocker software.

Although advertisements on the web pages may degrade your experience, our business certainly depends on them and we can only keep providing you high-quality research based articles as long as we can display ads on our pages.

To view this article, you can disable your ad blocker and refresh this page or simply login.

We only allow registered users to use ad blockers. You can sign up for free by clicking here or you can login if you are already a member.

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.

Disclosure: None

DOWNLOAD FREE REPORT: Warren Buffett's Best Stock Picks

Let Warren Buffett, George Soros, Steve Cohen, and Daniel Loeb WORK FOR YOU.

If you want to beat the low cost index funds by 19 percentage points per year, look no further than our monthly newsletter.In this free report you can find an in-depth analysis of the performance of Warren Buffett's entire historical stock picks. We uncovered Warren Buffett's Best Stock Picks and a way to for Buffett to improve his returns by more than 4 percentage points per year.

Bonus Biotech Stock Pick: You can also find a detailed bonus biotech stock pick that we expect to return more than 50% within 12 months.
Subscribe me to Insider Monkey's Free Daily Newsletter
This is a FREE report from Insider Monkey. Credit Card is NOT required.