Sales are up, profits down at Esterline

BELLEVUE, Wash. (Sept. 9)—Esterline Technologies Corp. recorded a $10.6 million net loss on sales of $112.4 million for the third quarter, principally because of an after-tax loss from discontinued operations, compared to net income of $9.2 million and sales of $111.9 million in the 2001 period. However, the company said, income from continuing operations came in at $6.9 million, down from $12.4 million from continuing businesses in last year's quarter. Robert W. Cremin, CEO of the specialty products manufacturer, noted that Esterline is making "solid progress on our long-term strategic plan to build a company recognized for its ability to provide comprehensive engineered solutions to our customers' difficult-to-solve problems in the area of illuminated cockpit displays, jet engine sensors and controls, and specialized high-performance materials." As part of that strategy, Esterline made several acquisitions prior to and during the third quarter, including the purchase of Burke Industries Inc.'s Engineered Polymers Group for about $38 million.