AND SUBSIDIARIES Condensed Business Segment Information (Unaudited) (Dollars in thousands) GAAP As Adjusted YTD YTD YTD YTD Q3 2024 Q3 2023 Q3 2024 Q3 2023 Net Sales Aerospace & Defense$323,884 285,434 323,884 285,434 USG 260,570 240,172 260,570 240,172 Test 143,772 157,780 143,772 157,780 Totals$728,226 683,386 728,226 683,386 EBIT Aerospace & Defense$61,396 52,996 61,747 53,995 USG 57,355 50,543 57,550 50,673 Test 16,614 21,280 17,095 21,280 Corporate (40,290) (40,642) (38,124) (38,129) Consolidated EBIT 95,075 84,177 98,268 87,819 Less: Interest expense (9,228) (6,422) (9,228) (6,422) Less: Income tax expense (18,229) (17,207) (18,963) (18,045) Net earnings$67,618 60,548 70,077 63,352 Note 1: Adjusted net earnings were $70.1 million in YTD Q3 2024 which excludes $0.10 per share of after-tax charges consisting of $0.04 of MPE acquisition backlog and inventory step-up charges, $0.03 of restructuring charges (primarily severance) within the Test, A&D and USG segments, and $0.03 of Corporate acquisition related costs. Note 2: Adjusted net earnings were $63.4 million in YTD Q3 2023 which excludes $0.11 per share of after-tax charges consisting of $0.06 of executive management transition costs at Corporate, $0.02 of CMT acquisition inventory step-up charges, $0.02 of restructuring charges within the A&D segment, and $0.01 of Corporate acquisition related costs. EBITDA Reconciliation to Net earnings: YTD YTD YTD YTD Q3 2024 - Q3 2023 - Q3 2024 Q3 2023 As Adjusted As Adjusted Consolidated EBITDA$136,433 121,876 138,790 125,518 Less: Depr & Amort (41,358) (37,699) (40,522) (37,699) Consolidated EBIT 95,075 84,177 98,268 87,819 Less: Interest expense (9,228) (6,422) (9,228) (6,422) Less: Income tax expense (18,229) (17,207) (18,963) (18,045) Net earnings$67,618 60,548 70,077 63,352 ESCO TECHNOLOGIES INC.
AND SUBSIDIARIESCondensed Business Segment Information (Unaudited)(Dollars in thousands) GAAP As Adjusted Q3 2024 Q3 2023 Q3 2024 Q3 2023 Net Sales Aerospace & Defense$114,450 103,469 114,450 103,469 USG 90,277 89,966 90,277 89,966 Test 56,056 55,314 56,056 55,314 Totals$260,783 248,749 260,783 248,749 EBIT Aerospace & Defense$21,356 21,665 21,444 21,665 USG 22,155 20,351 22,230 20,481 Test 9,292 8,643 9,297 8,643 Corporate (12,296) (12,658) (11,566) (12,438) Consolidated EBIT 40,507 38,001 41,405 38,351 Less: Interest expense (3,335) (2,495) (3,335) (2,495) Less: Income tax expense (7,942) (7,563) (8,149) (7,643) Net earnings$29,230 27,943 29,921 28,213 Note 1: Adjusted net earnings were $29.9 million in Q3 2024 which excludes $0.03 per share of after-tax charges consisting mainly of $0.02 of Corporate acquisition related costs and $0.01 of restructuring charges (primarily severance) within the A&D and USG segments. Note 2: Adjusted net earnings were $28.2 million in Q3 2023 which excludes $0.01 per share of after-tax charges consisting mainly of Corporate acquisition related costs. EBITDA Reconciliation to Net earnings: Q3 2024 - Q3 2023 - Q3 2024 Q3 2023 As Adjusted As Adjusted Consolidated EBITDA$54,310 50,790 55,208 51,140 Less: Depr & Amort (13,803) (12,789) (13,803) (12,789) Consolidated EBIT 40,507 38,001 41,405 38,351 Less: Interest expense (3,335) (2,495) (3,335) (2,495) Less: Income tax expense (7,942) (7,563) (8,149) (7,643) Net earnings$29,230 27,943 29,921 28,213 ESCO TECHNOLOGIES INC.
AND SUBSIDIARIESReconciliation of Non-GAAP Financial Measures (Unaudited) EPS – Adjusted Basis Reconciliation – Q3 2024 EPS – GAAP Basis – Q3 2024$1.13 Adjustments (defined below) 0.03 EPS – As Adjusted Basis – Q3 2024$1.16 Adjustments exclude $0.03 per share consisting mainly of Corporate acquisition related costs and restructuring charges (primarily severance) in the third quarter of 2024. The $0.03 of EPS adjustments per share consists of $898K of pre-tax charges offset by $207K of tax benefit for net impact of $691K. EPS – Adjusted Basis Reconciliation – YTD Q3 2024 EPS – GAAP Basis – YTD Q3 2024$2.62 Adjustments (defined below) 0.10 EPS – As Adjusted Basis – YTD Q3 2024$2.72 Adjustments exclude $0.10 per share consisting of MPE acquisition backlog and inventory step-up charges, restructuring charges (primarily severance) within the Test, A&D and USG segments, and Corporate acquisition related costs. The $0.10 of EPS adjustments per share consists of $3,193K of pre-tax charges offset by $734K of tax benefit for net impact of $2,459K. EPS – Adjusted Basis Reconciliation – Q3 2023 EPS – GAAP Basis – Q3 2023$1.08 Adjustments (defined below) 0.01 EPS – As Adjusted Basis – Q3 2023$1.09 Adjustments exclude $0.01 per share consisting mainly of Corporate acquisition related costs in the third quarter of 2023. The $0.01 of EPS adjustments per share consists of $350K of pre-tax charges offset by $80K of tax benefit for net impact of $270K. EPS – Adjusted Basis Reconciliation – YTD Q3 2023 EPS – GAAP Basis – YTD Q3 2023$2.34 Adjustments (defined below) 0.11 EPS – As Adjusted Basis – YTD Q3 2023$2.45 Adjustments exclude $0.11 per share consisting of executive management transition costs at Corporate, CMT acquisition inventory step-up charges and restructuring charges within the A&D segment, and Corporate acquisition costs in the first nine months of 2023. The $0.11 of EPS adjustments per share consists of $3,642K of pre-tax charges offset by $838K of tax benefit for net impact of $2,804K. SOURCE ESCO Technologies Inc.
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