The year is off to a good start for Esterline Technologies Corp., which is in the process of a major restructuring of its operations and a leadership transition.
The Bellevue-based aerospace company recorded $505 million in sales and $35 million in adjusted net earnings in its fiscal year’s first quarter, which ended Jan. 31. The company expects 2014 revenue to be more than $2 billion, a slight increase over last year’s sales.
Esterline’s operations include Korry, which is based near Paine Field and specializes in cockpit controls and displays.
The company’s new CEO, Curtis Reusser, was confident in an earnings call Thursday with investment analysts.
“All things considered, we’re right in line with our plan, and we’ve not seen anything to cause us to reassess our expectations for the fiscal year,” Reusser said, according to a transcript posted at the investment website SeekingAlpha.com.
Esterline is in the process of consolidating some redundant operations and support services, which has resulted in some layoffs, according to news reports.
The company “has basically been very successful at buying businesses and leaving them in place and letting them run and be very nimble,” Reusser said.