ESCO Technologies delivered a solid Q3 2024, underscored by a record backlog of approximately $889–$890 million and robust order activity across all segments. Total revenue rose ~4.8% year-over-year to $260.8 million, supported by a mix of organic growth and the contribution from the MPE acquisition. The Aerospace & Defense (A&D) segment was the primary driver of the quarterly top-line expansion, with orders up 79% year over year, helping push group-wide orders up 46% and a book-to-bill ratio above 1.1. Despite strong demand, A&D margins softened due to VACCO Space-related profitability headwinds, reflecting about a $2 million drag versus prior guidance. The Utility Solutions Group (USG) and Test segments also contributed meaningfully: USG saw meaningful service-driven demand in Doble and steady renewables activity, while Test achieved notable margin expansion post-MPE with adjusted EBIT margins of 16.6%. Cash flow remained positive, with year-to-date operating cash flow of $36.2 million and free cash flow of $24.9 million, supporting ongoing capacity expansion and disciplined capital allocation. Management reiterated 2024 guidance of 7–8% revenue growth and $4.10–$4.20 in adjusted EPS, flagging a potential $5–$7 million EBIT erosion from VACCO Space that is excluded from the current outlook. The anticipated closing of the Signature Management & Power acquisition in early fiscal 2025 could further augment ESCO’s Navy market exposure and long-term growth trajectory.