- Esterline Technologies (ESL -12.9%) plunges to 52-week lows after the aerospace and defense company reported FQ2 earnings and revenue that missed analyst expectations and cut its full-year guidance.
- ESL said that while its end markets are "fundamentally healthy," it cited macroeconomic conditions in cutting its FY 2015 EPS guidance to $4.55-$4.80 from its prior outlook of $5.35-$5.75 vs $5.49 analyst consensus; ESL also lowers guidance for 2015 revenues to $1.825B-$1.875B from $1.85B-$1.95B vs. $1.99B consensus.
- ESL said the 2% Y/Y drop in FQ2 revenues primarily was the result of a $29M forex impact and a slight decline in organic sales offset by $31M in incremental revenue from the DAT acquisition.