Esterline Reiterates Full-Year Guidance Despite Ongoing Talks With Canadian Government R&D Panel
biz.yahoo.com
Tuesday August 5, 4:00 pm ET
BELLEVUE, WA--(MARKET WIRE)--Aug 5, 2008 -- Esterline Corporation (ESL - News) (www.esterline.com), a leading specialty manufacturer serving aerospace/defense markets, today reported that terms-and-conditions discussions with the Canadian government regarding a research and development investment proposal and related claim under a government assistance program have been deferred through Parliament's summer recess.
Robert W. Cremin, Esterline CEO, referring to Bombardier's widely reported launch of its new C-Series family of single-aisle jets, said, "The flurry of activity surrounding this recent announcement, and Bombardier's related negotiations with Canada over launch investment, influenced the timing of Esterline's discussions with Industry Canada's Industrial Technologies Office's SADI* committee." Cremin said, "...our talks regarding the proposal are now targeted for September."
Given the change in the timing, Cremin said third quarter earnings per share, "...should be in the $.55 to $.60 range." More importantly, Cremin reiterated Esterline's previous full-year earnings per share guidance range of $3.45 to $3.55, indicating comfort with the upper end of that range. He said, "...indicators are pointing up for Esterline as our operations continue to perform ahead of our expectations." |
