Esco reports stronger earnings for fourth quarter

Ladue-based Esco, which makes engineered filtration products, automatic meter reading systems for utilities, and other communications and testing products, reported net  income of $16.6 million for the quarter ended Sept. 30,  or 64 cents per share. That was improved from $10.6 million in the same period a year ago, or 40 cents per share.

It saw  sales of $162.1 million for the fourth quarter, a 33 percent increase from $121.8 million a year ago.

The strongest segment for the quarter was the company’s communications segment, the company said in a release. The segment brought $64.4 million in sales — a 44 percent increase from the same period a year ago.

Meanwhile, Esco’s test segment saw $44.7 million in sales, up 39 percent, and filtration sales were up 18 percent to $53 million.

Overall, the company received $133.7 million in new orders during the fourth quarter, compared to $115.2 million from fourth period of 2006.

For the full year, the company reported $527.5 million in sales, which was up 15 percent from $458.9 million a year ago. That brought $33.7 million in net income, up 8 percent from $31.3 million a year ago. Earnings per share was $1.28 for fiscal 2007, an 8 percent increase from $1.19 per share.

Speaking to analyst during an afternoon conference call, Esco’s chairman and chief executive, Vic Richey, said the company was able to maintain strength during the year because most of its customers are in non-cyclical industries, such as utilities.