ESCO Technologies delivered a solid QQ2 2024 performance characterized by solid top-line momentum and improving margins, underpinned by strength in Aerospace & Defense (A&D), the Utility Solutions Group (USG), and selective improvements in Test. Revenue rose 9% year over year to $249.1 million, supported by 8% organic growth and 1% contributed by the MPE acquisition, while backlog extended to $838 million, providing good revenue visibility. Adjusted EPS rose 24% year over year to $0.94, and the company maintains its goal of exceeding $1 billion in annual revenue for the first time in its history, with 12%â16% expected growth in adjusted EPS for 2024. Management highlighted ongoing top-line momentum, a favorable mix-driven margin expansion, and operational actions to reduce costs amid a volatile project cycle. The call also underscored the cyclicality and macro sensitivities in aerospace and test businesses, balanced by constructive long-term drivers in electrification, renewables, and Navy submarine production.