Esterline cuts earning outlook

By Michelle Dunlop

Esterline Corp., the parent company of Everett’s Korry, cut earnings projection for 2012 on Monday, due to a $52 million charge against its Racal Acoustics defense business. The Bellevue-based maker of defense and aerospace products reported preliminary third quarter earnings of $1.10 to $1.13 per share, down from $1.21 per share in the same quarter in 2011. For the year, the company expects earnings of between $3.20 and $3.33 per share after the charge against the defense business. Previously, Esterline had estimated earnings of between $4.87 and $5 per share. CEO Brad Lawrence noted that other Esterline companies, including Korry, are profitable.