ESCO Technologies Inc. reports news on a diversified engineered-products business serving utility, industrial, aerospace, Navy, renewable energy, and commercial markets. The company operates through Aerospace & Defense, Utility Solutions Group, and RF Test & Measurement activities, with products that include filtration and fluid control components, advanced composites, signature and power management solutions, RF test and measurement systems, diagnostic instruments, software, and related services.
Recurring updates cover quarterly and annual operating results, entered orders, backlog, segment demand, dividend declarations, earnings calls, and portfolio actions. Company news also reflects completed changes to its business mix, including the integration of Signature Management & Power as ESCO Maritime Solutions and the divestiture of VACCO Industries.
Doble Engineering Company, a subsidiary of ESCO Technologies (NYSE: ESE), reported strong growth in its Transient Cyber Asset (TCA) program during the first half of 2020. This growth is driven by a high client renewal rate and significant customer acquisition, particularly among Fortune 500 companies and top U.S. electric utilities. The program addresses new NERC CIP cybersecurity standards, which expand requirements for transient cyber assets. Doble has over 1,000 devices deployed, enhancing security and compliance for utility operations.
ESCO Technologies reported its Q2 2020 results, showing a 5% increase in net sales to $180 million compared to Q2 2019. The Aerospace & Defense segment saw a 20% rise in sales. Adjusted EPS for Q2 2020 was $0.68, comparable to Q2 2019. However, due to COVID-19 uncertainties, the company has withdrawn its full-year 2020 guidance. As of March 31, 2020, ESCO maintained a solid liquidity position with nearly $700 million in liquidity and a 0.92x leverage ratio. The next dividend payment of $0.08 per share is scheduled for July 16, 2020.