AND SUBSIDIARIESCondensed Business Segment Information (Unaudited)(Dollars in thousands) GAAP As Adjusted Q1 2025 Q1 2024 Q1 2025 Q1 2024 Net Sales Aerospace & Defense$114,301 94,733 114,301 94,733 USG 86,660 82,984 86,660 82,984 Test 46,065 40,597 46,065 40,597 Totals$247,026 218,314 247,026 218,314 EBIT Aerospace & Defense$21,596 16,663 21,622 16,663 USG 20,489 17,625 20,489 17,745 Test 4,422 1,779 4,887 2,052 Corporate (14,309) (13,946) (9,310) (8,600) Consolidated EBIT 32,198 22,121 37,688 27,860 Less: Interest expense (2,257) (2,667) (2,257) (2,667) Less: Income tax expense (6,468) (4,285) (7,730) (5,605) Net earnings$23,473 15,169 27,701 19,588 Note 1: Adjusted net earnings of $27.7 million in Q1 2025 exclude $4.2 million (or $0.16 per share) of after-tax charges consisting primarily of restructuring charges within the Test segment and acquisition related costs at Corporate, and acquisition related amortization. Note 2: Adjusted net earnings of $19.6 million in Q1 2024 exclude $4.4 million (or $0.17 per share) of after-tax charges consisting primarily of MPE acquisition inventory step-up and backlog charges and acquisition related costs, and acquisition related amortization. EBITDA Reconciliation to Net earnings: Adjusted Adjusted Q1 2025 Q1 2024 Q1 2025 Q1 2024 Consolidated EBITDA$46,005 35,573 46,498 36,408 Less: Depr & Amort (13,807) (13,452) (8,810) (8,548) Consolidated EBIT 32,198 22,121 37,688 27,860 Less: Interest expense (2,257) (2,667) (2,257) (2,667) Less: Income tax expense (6,468) (4,285) (7,730) (5,605) Net earnings$23,473 15,169 27,701 19,588 ESCO TECHNOLOGIES INC.
AND SUBSIDIARIES Reconciliation of Non-GAAP Financial Measures (Unaudited) EPS – Adjusted Basis Reconciliation – Q1 2025 EPS – GAAP Basis – Q1 2025$0.91 Adjustments (defined below) 0.16 EPS – As Adjusted Basis – Q1 2025$1.07 Adjustments exclude $0.16 per share consisting primarily of $0.01 of restructuring charges within the Test segment and acquisition related costs at Corporate and $0.15 of acquisition related amortization. The $0.16 of EPS adjustments per share consists of $5,490K of pre-tax charges offset by $1,262K of tax benefit for net impact of $4,228K. EPS – Adjusted Basis Reconciliation – Q1 2024 EPS – GAAP Basis – Q1 2024$0.59 Adjustments (defined below) 0.17 EPS – As Adjusted Basis – Q1 2024$0.76 Adjustments exclude $0.17 per share consisting primarily of $0.03 of MPE acquisition inventory step-up and backlog charges and acquisition related costs and $0.14 of acquisition related amortization. The $0.17 of EPS adjustments per share consists of $5,739K of pre-tax charges offset by $1,320K of tax benefit for net impact of $4,419K. EPS – Adjusted Basis Reconciliation – Q2 2025 Guidance Low High EPS – GAAP Basis – Q2 2025$1.05 1.15 Adjustments (defined below) 0.15 0.15 EPS – As Adjusted Basis – Q2 2025$1.20 1.30 Adjustments exclude an estimated $0.15 of acquisition related amortization. The estimated $0.15 of EPS adjustment per share consists of $5.0 million of pre-tax charges offset by $1.15 million of tax benefit for net impact of $3.85 million. EPS – Adjusted Basis Reconciliation – FY 2025 Guidance Low High EPS – GAAP Basis – FY 2025$4.94 5.14 Adjustments (defined below) 0.61 0.61 EPS – As Adjusted Basis – FY 2025$5.55 5.75 Adjustments exclude $0.61 per share consisting primarily of $0.01 of restructuring charges within the Test segment and acquisition related costs at Corporate and an estimated $0.60 of acquisition related amortization.The estimated $0.61 of EPS adjustments per share consists of $20.5 million of pre-tax charges offset by $4.7 million of tax benefits for net impact of $15.8 million. SOURCE ESCO Technologies Inc.
AND SUBSIDIARIES Condensed Consolidated Statements of Operations (Unaudited) (Dollars in thousands, except per share amounts) Three MonthsEndedDecember 31,2024 Three MonthsEndedDecember 31,2023 Net Sales $247,026 218,314 Cost and Expenses: Cost of sales 148,642 134,151 Selling, general and administrative expenses 58,784 53,968 Amortization of intangible assets 7,993 7,868 Interest expense 2,257 2,667 Other (income) expenses, net (591) 206 Total costs and expenses 217,085 198,860 Earnings before income taxes 29,941 19,454 Income tax expense 6,468 4,285 Net earnings$23,473 15,169 Earnings Per Share (EPS) Diluted - GAAP$0.91 0.59 Diluted - As Adjusted Basis$1.07 (1)0.76(2) Diluted average common shares O/S: 25,834 25,846 (1)Q1 2025 Adjusted EPS excludes $0.16 per share of after-tax charges consisting primarily of $0.01 of restructuring charges within the Test segment and acquisition related costs at Corporate and $0.15 of acquisition related amortization. (2)Q1 2024 Adjusted EPS excludes $0.17 per share of after-tax charges consisting primarily of $0.03 of MPE acquisition inventory step-up and backlog charges and acquisition related costs and $0.14 of acquisition related amortization. ESCO TECHNOLOGIES INC.
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