Actuant Announces Third Quarter Earnings Release; Revises Outlook
June 08 2017 - 5:00PM
Business Wire
Actuant Corporation (NYSE:ATU) will release third quarter 2017
earnings at 7:00 am CT (8:00 am ET) on Wednesday, June 21, 2017.
Later that day, Actuant will host a conference call and webcast at
10:00 am CT (11:00 am ET) to discuss these results.
The Company stated that total revenue and the core sales rate of
change for the third fiscal quarter are anticipated to be in line
with its previously provided guidance of $290-300 million and -2 to
+1%, respectively. The Company experienced continued favorable
market demand in the Industrial and Engineered Solutions segments
with sales and margins at or above expectations. However, the
Energy segment’s customer maintenance activity and spending levels,
as well as upstream offshore demand weakened significantly,
resulting in operating margins well below expectations. The Company
now expects third quarter adjusted EPS to be in the range of
$0.30-0.33, down from the previously provided adjusted EPS guidance
range of $0.38-0.43. The Company is currently evaluating its fourth
quarter and full year guidance in light of this, and updated
expectations and commentary will be provided it its third quarter
earnings release and call.
Randy Baker, President and CEO stated, “While there is no doubt
that delivering results below our earnings guidance is a setback in
our timetable for establishing renewed credibility at Actuant,
there is equally no doubt that we must focus on investing in the
business from both a commercial and operational standpoint. These
actions, combined with active portfolio management, will position
the Company for long-term success regardless of market
conditions.”
About Actuant
Actuant Corporation is a diversified industrial company serving
customers from operations in more than 30 countries. The Actuant
businesses are leaders in a broad array of niche markets including
branded hydraulic tools and solutions, specialized products and
services for energy markets and highly engineered position and
motion control systems. The Company was founded in 1910 and is
headquartered in Menomonee Falls, Wisconsin. Actuant trades on the
NYSE under the symbol ATU. For further information on Actuant and
its businesses, visit actuant.com.
Safe Harbor
Certain of the above comments represent forward-looking
statements made pursuant to the provisions of the Private
Securities Litigation Reform Act. Management cautions that these
statements are based on current estimates of future performance and
are highly dependent upon a variety of factors, which could cause
actual results to differ from these estimates. Actuant’s results
are also subject to general economic conditions, variation in
demand from customers, the impact of geopolitical activity on the
economy, continued market acceptance of the Company’s new product
introductions, the successful integration of acquisitions,
restructuring activities, operating margin risk due to competitive
pricing and operating efficiencies, supply chain risk, material and
labor cost increases, foreign currency fluctuations and interest
rate risk. See the Company’s Form 10-K filed with the SEC for
further information regarding risk factors. Actuant disclaims any
obligation to publicly update or revise any forward-looking
statements as a result of new information, future events or any
other reason.
Non-GAAP Measure
“Adjusted EPS” in this release refers to GAAP diluted earnings
per share excluding one-time items such as restructuring and
transition charges, impairment costs, unusual tax gains &
losses, etc. These items, if applicable, will be quantified in the
third quarter earnings press release and in the Form 10-Q for the
2017 third fiscal quarter.
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Actuant CorporationKaren BauerCommunications & Investor
Relations Leader262-293-1562
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