10-Q Filing

ESCO TECHNOLOGIES INC CIK: 866706 Q1 2024

Filing Information

Form Type	10-Q
Accession Number	`0001410578-24-000030`
Period End Date	20231231
Filing Date	20240209
Fiscal Year	2024
Fiscal Period	Q1
XBRL Instance	ese-20231231x10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 83 Income Statement 28 Cash Flow Statement 46 Comprehensive Income 8

Balance Sheet 83 line items

Line Item	Tag	Value	Unit	Period
Net of allowance for credit losses	`AllowanceForDoubtfulAccountsReceivableCurrent`	$2.27M	USD	Point-in-time
Net of allowance for credit losses	`AllowanceForDoubtfulAccountsReceivableCurrent`	$2.26M	USD	Point-in-time
Net of accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$174.70M	USD	Point-in-time
Net of accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$180.91M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$51.40M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$41.87M	USD	Point-in-time
Net of accumulated amortization	`FiniteLivedIntangibleAssetsAccumulatedAmortization`	$212.75M	USD	Point-in-time
Net of accumulated amortization	`FiniteLivedIntangibleAssetsAccumulatedAmortization`	$204.88M	USD	Point-in-time
Accounts receivable, net of allowance for credit losses of $2,274 and $2,264, respectively	`AccountsReceivableNetCurrent`	$194.40M	USD	Point-in-time
Accounts receivable, net of allowance for credit losses of $2,274 and $2,264, respectively	`AccountsReceivableNetCurrent`	$198.56M	USD	Point-in-time
Preferred stock, par value per share	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Preferred stock, par value per share	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Contract assets, net	`ContractWithCustomerAssetNetCurrent`	$138.39M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Contract assets, net	`ContractWithCustomerAssetNetCurrent`	$138.63M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Common stock, par value per share	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Inventories	`InventoryNet`	$202.58M	USD	Point-in-time
Inventories	`InventoryNet`	$184.07M	USD	Point-in-time
Common stock, par value per share	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$16.44M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$17.97M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	30.80M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$581.10M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	30.78M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$603.20M	USD	Point-in-time
Property, plant and equipment, net of accumulated depreciation of $180,909 and $174,698, respectively	`PropertyPlantAndEquipmentNet`	$155.48M	USD	Point-in-time
Treasury stock, shares	`TreasuryStockCommonShares`	5.00M	shares	Point-in-time
Property, plant and equipment, net of accumulated depreciation of $180,909 and $174,698, respectively	`PropertyPlantAndEquipmentNet`	$159.26M	USD	Point-in-time
Treasury stock, shares	`TreasuryStockCommonShares`	5.00M	shares	Point-in-time
Intangible assets, net of accumulated amortization of $212,750 and $204,881, respectively	`IntangibleAssetsNetExcludingGoodwill`	$422.05M	USD	Point-in-time
Intangible assets, net of accumulated amortization of $212,750 and $204,881, respectively	`IntangibleAssetsNetExcludingGoodwill`	$392.12M	USD	Point-in-time
Goodwill	`Goodwill`	$537.60M	USD	Point-in-time
Goodwill	`Goodwill`	$503.18M	USD	Point-in-time
Operating lease assets	`OperatingLeaseRightOfUseAsset`	$38.69M	USD	Point-in-time
Operating lease assets	`OperatingLeaseRightOfUseAsset`	$39.84M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$11.72M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$11.49M	USD	Point-in-time
Total assets	`Assets`	$1.68B	USD	Point-in-time
Total assets	`Assets`	$1.77B	USD	Point-in-time
Current maturities of long-term debt and short-term borrowings	`DebtCurrent`	$20.00M	USD	Point-in-time
Current maturities of long-term debt and short-term borrowings	`DebtCurrent`	$20.00M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$77.96M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$86.97M	USD	Point-in-time
Contract liabilities, net	`ContractWithCustomerLiabilityCurrent`	$121.15M	USD	Point-in-time
Contract liabilities, net	`ContractWithCustomerLiabilityCurrent`	$112.28M	USD	Point-in-time
Accrued salaries	`AccruedSalariesCurrent`	$43.81M	USD	Point-in-time
Accrued salaries	`AccruedSalariesCurrent`	$33.94M	USD	Point-in-time
Accrued other expenses	`OtherAccruedLiabilitiesCurrent`	$51.64M	USD	Point-in-time
Accrued other expenses	`OtherAccruedLiabilitiesCurrent`	$51.59M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$304.69M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$314.65M	USD	Point-in-time
Deferred tax liabilities	`DeferredIncomeTaxLiabilitiesNet`	$83.80M	USD	Point-in-time
Deferred tax liabilities	`DeferredIncomeTaxLiabilitiesNet`	$75.53M	USD	Point-in-time
Non-current operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$35.71M	USD	Point-in-time
Non-current operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$36.55M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$42.23M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$43.34M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$152.00M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$82.00M	USD	Point-in-time
Total liabilities	`Liabilities`	$552.07M	USD	Point-in-time
Total liabilities	`Liabilities`	$618.43M	USD	Point-in-time
Preferred stock, par value $.01 per share, authorized 10,000,000 shares	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, par value $.01 per share, authorized 10,000,000 shares	`PreferredStockValue`	-	USD	Point-in-time
Common stock, par value $.01 per share, authorized 50,000,000 shares, issued 30,800,586 and 30,781,699 shares, respectively	`CommonStockValue`	$308.00K	USD	Point-in-time
Common stock, par value $.01 per share, authorized 50,000,000 shares, issued 30,800,586 and 30,781,699 shares, respectively	`CommonStockValue`	$308.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$305.28M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$304.85M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$989.32M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$1.00B	USD	Point-in-time
Accumulated other comprehensive loss, net of tax	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-23.97M	USD	Point-in-time
Accumulated other comprehensive loss, net of tax	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-14.55M	USD	Point-in-time
Total stockholders' equity before treasury stock	`StockholdersEquityBeforeTreasuryStock`	$1.29B	USD	Point-in-time
Total stockholders' equity before treasury stock	`StockholdersEquityBeforeTreasuryStock`	$1.27B	USD	Point-in-time
Less treasury stock, at cost: 4,995,414 and 4,995,414 common shares, respectively	`TreasuryStockValue`	$139.36M	USD	Point-in-time
Less treasury stock, at cost: 4,995,414 and 4,995,414 common shares, respectively	`TreasuryStockValue`	$139.36M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$1.07B	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$1.13B	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$1.15B	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$1.68B	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$1.77B	USD	Point-in-time

Income Statement 28 line items

Line Item	Tag	Value	Unit	Period
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$205.50M	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$218.31M	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$134.15M	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$126.38M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$51.30M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$53.97M	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$6.86M	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$7.87M	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$-2.67M	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$-1.66M	USD	1 Quarter
Other expenses, net	`OtherOperatingIncomeExpenseNet`	$-206.00K	USD	1 Quarter
Other expenses, net	`OtherOperatingIncomeExpenseNet`	$-398.00K	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$186.60M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$198.86M	USD	1 Quarter
Earnings before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$18.90M	USD	1 Quarter
Earnings before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$19.45M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$4.17M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$4.29M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$15.17M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$14.73M	USD	1 Quarter
Basic - Net earnings	`EarningsPerShareBasic`	$0.57	USD	1 Quarter
Basic - Net earnings	`EarningsPerShareBasic`	$0.59	USD	1 Quarter
Diluted - Net earnings	`EarningsPerShareDiluted`	$0.59	USD	1 Quarter
Diluted - Net earnings	`EarningsPerShareDiluted`	$0.57	USD	1 Quarter
Average common shares outstanding - Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	25.86M	shares	1 Quarter
Average common shares outstanding - Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	25.80M	shares	1 Quarter
Average common shares outstanding - Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	25.85M	shares	1 Quarter
Average common shares outstanding - Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	25.94M	shares	1 Quarter

Cash Flow Statement 46 line items

Line Item	Tag	Value	Unit	Period
Net earnings	`ProfitLoss`	$15.17M	USD	1 Quarter
Net earnings	`ProfitLoss`	$14.73M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$13.45M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$12.37M	USD	1 Quarter
Stock compensation expense	`ShareBasedCompensation`	$1.86M	USD	1 Quarter
Stock compensation expense	`ShareBasedCompensation`	$2.18M	USD	1 Quarter
Changes in assets and liabilities	`IncreaseDecreaseInOperatingCapital`	$36.92M	USD	1 Quarter
Changes in assets and liabilities	`IncreaseDecreaseInOperatingCapital`	$22.54M	USD	1 Quarter
Effect of deferred taxes	`DeferredIncomeTaxExpenseBenefit`	$484.00K	USD	1 Quarter
Effect of deferred taxes	`DeferredIncomeTaxExpenseBenefit`	$-1.04M	USD	1 Quarter
Net cash provided (used) by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$8.75M	USD	1 Quarter
Net cash provided (used) by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-9.01M	USD	1 Quarter
Acquisition of business, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$56.18M	USD	1 Quarter
Additions to capitalized software	`PaymentsToAcquireAdditionalCapitalizedSoftware`	$2.79M	USD	1 Quarter
Additions to capitalized software	`PaymentsToAcquireAdditionalCapitalizedSoftware`	$2.94M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquireProductiveAssets`	$7.85M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquireProductiveAssets`	$4.79M	USD	1 Quarter
Net cash used by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-66.97M	USD	1 Quarter
Net cash used by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-7.59M	USD	1 Quarter
Proceeds from long-term debt and short-term borrowings	`ProceedsFromIssuanceOfDebt`	$99.00M	USD	1 Quarter
Proceeds from long-term debt and short-term borrowings	`ProceedsFromIssuanceOfDebt`	$17.00M	USD	1 Quarter
Principal payments on long-term debt and short-term borrowings	`RepaymentsOfDebt`	$38.00M	USD	1 Quarter
Principal payments on long-term debt and short-term borrowings	`RepaymentsOfDebt`	$29.00M	USD	1 Quarter
Dividends paid	`PaymentsOfDividends`	$4.15M	USD	1 Quarter
Purchases of common stock into treasury	`PaymentsForRepurchaseOfCommonStock`	$2.07M	USD	1 Quarter
Purchases of common stock into treasury	`PaymentsForRepurchaseOfCommonStock`	$2.06M	USD	1 Quarter
Other	`ProceedsFromPaymentsForOtherFinancingActivities`	$-1.43M	USD	1 Quarter
Other	`ProceedsFromPaymentsForOtherFinancingActivities`	$-2.41M	USD	1 Quarter
Net cash provided (used) by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-29.63M	USD	1 Quarter
Net cash provided (used) by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$66.50M	USD	1 Quarter
Effect of exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$1.25M	USD	1 Quarter
Effect of exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$418.00K	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-45.80M	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$9.53M	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$97.72M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$51.92M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$51.40M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$41.87M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$97.72M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$51.92M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$51.40M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$41.87M	USD	Point-in-time
Interest paid	`InterestPaidNet`	$1.88M	USD	1 Quarter
Interest paid	`InterestPaidNet`	$2.52M	USD	1 Quarter
Income taxes paid	`IncomeTaxesPaid`	$200.00K	USD	1 Quarter
Income taxes paid	`IncomeTaxesPaid`	$246.00K	USD	1 Quarter

Comprehensive Income 8 line items

Line Item	Tag	Value	Unit	Period
Net Income (Loss)	`NetIncomeLoss`	$15.17M	USD	1 Quarter
Net Income (Loss)	`NetIncomeLoss`	$14.73M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$9.41M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$11.51M	USD	1 Quarter
Total other comprehensive income (loss), net of tax	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$9.41M	USD	1 Quarter
Total other comprehensive income (loss), net of tax	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$11.51M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$26.24M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$24.58M	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.