Actuant Corporation (NYSE: ATU) today announced results for its
fourth quarter and fiscal year ended August 31, 2014.
Highlights
- Fourth quarter sales growth of 8% with
acquisitions, net of divestitures, adding 7%, foreign currency
translation of 2% and a core sales decline of 1%. Continued growth
in Energy and Engineered Solutions, with difficult comparisons in
Industrial.
- Diluted earnings per share from
continuing operations (“EPS”) were $0.51 (excluding RV divestiture
gain and offsetting restructuring expense), 11% above the prior
year’s $0.46 (excluding a prior year income tax gain). See attached
reconciliation of earnings.
- Repurchased three million shares of
common stock for approximately $100 million in the quarter, and an
additional 1.8 million shares since fiscal year end. Actuant’s
Board of Directors approved a new seven million share buy-back
program this week.
- Completed previously announced sale of
the RV business for approximately $35 million; recognized a $13.5
million pre-tax gain ($2.8 million after tax) in the fourth
quarter.
- Introduced fiscal 2015 sales and EPS
guidance of $1.425-1.475 billion and $2.05-2.15, respectively.
Mark E. Goldstein, Chief Executive Officer of Actuant,
commented, “Results for the fourth quarter were largely in line
with our guidance. Our overall financial performance continues to
reflect markets and economies around the world that are challenged
to find consistent growth. During the quarter, we recognized a gain
on the sale of our RV business, the last of several portfolio
streamlining actions taken during the year. In addition, we
accelerated into the quarter certain restructuring actions
initially anticipated to occur in fiscal 2015, and therefore were
not included in fourth quarter guidance. We have taken actions to
improve long-term margins, yet our results continue to be impacted
by unfavorable segment mix, uneven demand, and challenging
production line moves. We continue to focus on building shareholder
value including investing in Growth and Innovation (G+I), executing
on cost reduction activities and repurchasing outstanding
shares.”
Consolidated Results
Continuing Operations
Consolidated sales for the fourth quarter were $354 million, 8%
higher than the $327 million in the comparable prior year quarter.
Core sales declined 1% while acquisitions, net of divestitures,
added 7% and foreign currency translation contributed 2% to total
sales growth. Fiscal 2014 fourth quarter net earnings and EPS from
continuing operations were $35.6 million, or $0.51 per share,
compared to $45.1 million and $0.60 per share in the comparable
prior year quarter. Fourth quarter fiscal 2014 results included a
gain on the RV divestiture, as well as accelerated restructuring
charges, which on an after-tax basis largely offset one another.
Excluding a non-recurring, non-cash tax gain of $10.6 million, or
$0.14 per diluted share, fourth quarter fiscal 2013 EPS from
continuing operations was $0.46.
Sales for the year ended August 31, 2014 were $1.400 billion, 9%
higher than the $1.280 billion in the prior year. Excluding the net
5% acquisition less divestiture impact, and 1% foreign currency
translation benefit, year-to-date core sales increased 3%. Earnings
and EPS from continuing operations for the twelve months ended
August 31, 2014 were $141.5 million, or $1.95 per diluted share,
compared to $147.6 million, or $1.98 per diluted share for the
comparable prior year period. Excluding the previously mentioned
favorable tax adjustment, fiscal 2013 EPS from continuing
operations was $1.84.
Commenting on the full year results, Goldstein stated, “Our
performance in fiscal 2014 was impacted by weak global economic
conditions, however, we are successfully positioning the company
for future scalable and profitable growth. Highlights of the year
include portfolio simplification through business unit and product
line divestitures, restructuring activities, G+I successes, robust
capital deployment, and leadership changes. We also generated free
cash flow to net earnings conversion in excess of 100% for the 14th
consecutive year. This allowed us to deploy over $30 million in
acquisitions and $284 million in share repurchases, yet maintain
year-end net debt to EBITDA leverage of just 1.1X. In summary,
despite lackluster economic conditions, Actuant’s employees
strengthened the Company and I am appreciative of their customer
focus and hard work.”
Discontinued Operations
The Company completed the sale of the Electrical segment on
December 13, 2013, and therefore financial results for periods
prior thereto are reported in the discontinued operations section
of the statement of earnings. Fiscal 2014 earnings from
discontinued operations also include the net gain on the
divestiture.
New Seven Million Share Repurchase Authorization
The Company also announced that its Board of Directors approved
a new seven million share repurchase program earlier this week.
Approximately $100 million of cash was deployed on the purchase of
approximately three million shares of stock in the fourth quarter.
In addition, approximately $60 million was deployed on 1.8 million
shares since fiscal year end, resulting in no shares remaining
under the previous March 2014 seven million share
authorization.
Business Divestiture
On June 13, 2014, the Company sold its RV business to Drew
Industries for approximately $35 million. The business, reported
within the Engineered Solutions segment, had annual revenues of
approximately $30 million. Included in the fourth quarter and
fiscal 2014 income statement is a $13.5 million pre-tax gain on the
divestiture in operating profit, and approximately $10.7 million of
income taxes netting to an after-tax gain of $2.8 million or
approximately $0.04 per share.
Segment Results
Industrial Segment (US $ in millions)
Three Months Ended August 31, Year Ended August 31,
2014 2013 2014 2013 Sales $111.9 $111.2 $413.9 $422.6
Operating Profit $32.8 $31.9 $120.2 $117.6 Operating Profit % 29.3%
28.7% 29.1% 27.8%
Fourth quarter fiscal 2014 Industrial segment sales were $112
million, 1% higher than the prior year. Excluding a 7% benefit from
the acquisition of Hayes Industries and 1% from foreign currency
translation, core sales declined 7%. Global Integrated Solutions
sales were significantly lower than the prior year’s record levels,
with the fourth quarter representing the most difficult comparison
of the fiscal year. Quarterly demand for Enerpac’s industrial tool
product line was flat with the prior year as growth in Europe and
AsiaPac offset soft activity in North America and China. Demand by
end market remains uneven. Despite lower sales, fourth quarter
operating profit margin expanded 60 basis points year-over-year due
to favorable sales mix and tight cost control.
Energy Segment (US $ in millions)
Three Months Ended August 31, Year Ended August 31,
2014 2013 2014 2013 Sales $123.2 $92.7 $462.4 $363.4
Operating Profit $18.0 $18.5 $56.4 $63.3 Operating Profit % 14.7%
19.9% 12.2% 17.4%
Fiscal 2014 fourth quarter Energy segment sales increased 33%
year-over-year to $123 million. Excluding the 23% benefit from the
Viking acquisition and 5% from foreign currency translation, core
sales increased 5% on a year-over-year basis. Cortland’s sales
growth reflected continued robust demand in its oil & gas
umbilical and synthetic rope product lines while Hydratight
experienced higher maintenance activity, most notably in the
Americas. The fourth quarter was Viking’s strongest of the year,
with robust growth in the Asia Pacific region more than offsetting
modestly weaker demand in the North Sea. Energy segment operating
profit margins declined year-over-year due primarily to
acquisition, sales and product line mix.
Engineered Solutions Segment (US $ in millions)
Three Months Ended August 31, Year Ended August 31,
2014 2013 2014 2013 Sales $119.3 $123.4 $523.6 $493.7
Operating Profit $19.1 $11.7 $55.4 $40.3 Adjusted Operating Profit
(1) $5.6 $11.7 $41.9 $40.3 Adjusted Operating Profit % (1) 4.7%
9.5% 8.0% 8.2%
(1) Fourth quarter and full year 2014 excludes the pre-tax $13.5
million gain on the sale of the RV business and includes
accelerated restructuring costs of $2.6 million.
Engineered Solutions segment sales for the fiscal 2014 fourth
quarter of $119 million were 3% below the prior year. Excluding the
5% headwind from the RV divestiture and 1% foreign currency
translation benefit, fourth quarter core sales increased 1%. Sales
benefited from higher heavy-duty truck demand in Europe and China.
Agriculture sales also grew year-over-year but are moderating, in
part due to new product launch comparisons that have anniversaried.
Off-highway market demand, most notably in mining and defense, as
well as automotive convertible top volumes, declined
year-over-year. Adjusted fourth quarter operating profit margins
declined year-over-year due primarily to restructuring provisions,
learning curves at facilities impacted by current year production
line shifts, as well as lower production levels in certain product
lines.
Corporate and Income Taxes
Corporate expenses for the fourth quarter of fiscal 2014 were
$8.2 million, $1.0 million lower than the comparable prior year
period due to lower acquisition-related expenses, partially offset
by higher employee benefit costs. The Company’s effective income
tax rate for the quarter, excluding the $10.7 million tax on the RV
divestiture gain, was approximately 20%, a reduction from the prior
year’s adjusted rate.
Financial Position
The Company deployed $100 million of cash during the quarter to
repurchase approximately three million shares of common stock. In
June, Actuant received gross proceeds of approximately $35 million
from the divestiture of the RV business. These items, along with
the strong fourth quarter free cash flow, resulted in only a $20
million increase in net debt in the quarter to $281 million (total
debt of $390 million less $109 million of cash). At August 31,
2014, the Company had a net debt to EBITDA leverage ratio of 1.1X,
and nearly $600 million in revolver availability.
Outlook
Goldstein continued, “Actuant’s fiscal 2015 outlook reflects
ongoing market uncertainties and uneven customer demand trends.
While certain end markets are experiencing strong demand including
energy, others such as off-highway, mining and defense remain
challenged. We are currently expecting fiscal 2015 core sales
growth of 3-5%. Assuming a modest headwind from the stronger US
dollar, we expect total sales of $1.425-1.475 billion. EPS is
expected to be in the range of $2.05-2.15 in fiscal 2015, which
takes into account several items in addition to core growth
including cost savings from prior year actions, additional
restructuring initiatives, a lower outstanding share count and a
higher effective income tax rate. Finally, we expect full year free
cash flow to be in the range of $160-170 million. Shares
outstanding are expected to average 66-67 million. As always, our
outlook does not take into account any future acquisitions or share
repurchases, including the newly approved seven million share
authorization.
“We anticipate first quarter fiscal 2015 sales in the $335-345
million range and EPS of $0.40-0.45. The first quarter represents
the toughest comparable of the year reflecting the impact of last
year’s European truck pre-buy, a significantly higher effective
income tax rate, and unfavorable foreign currency translation.”
Goldstein concluded, “We remain focused on driving a scalable
business model, investing in our best G+I ideas, and maintaining
our flexibility and discipline around capital allocation. With our
strong balance sheet and cash flow, and the ability to deploy
capital in both acquisitions and share repurchases that are not
reflected in our guidance, we believe fiscal 2015 will be a good
year for Actuant.”
Conference Call
Information
An investor conference call is scheduled for 10 am CT today,
October 2, 2014. Webcast information and conference call materials
will be made available on the Actuant company website
(www.actuant.com) prior to the start of the call.
Safe Harbor Statement
Certain of the above comments represent forward-looking
statements made pursuant to the provisions of the Private
Securities Litigation Reform Act of 1995. 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, 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
Securities and Exchange Commission 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.
About Actuant
Corporation
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 the Company's website at www.actuant.com.
(tables follow)
Actuant Corporation Condensed Consolidated Balance
Sheets (Dollars in thousands) (Unaudited)
August 31,
August 31, 2014 2013 ASSETS
Current assets Cash and cash equivalents $ 109,012 $ 103,986
Accounts receivable, net 227,008 219,075 Inventories, net 162,620
142,549 Deferred income taxes 11,050 18,796 Other current assets
33,300 28,228 Assets of discontinued operations -
272,606 Total current assets 542,990 785,240
Property, plant and equipment, net 169,101 201,496 Goodwill 742,770
734,952 Other intangible assets, net 365,177 376,692 Other
long-term assets 36,841 20,952
Total assets $ 1,856,879 $ 2,119,332
LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities
Trade accounts payable $ 145,798 $ 154,049 Accrued compensation and
benefits 52,964 43,800 Current maturities of debt 4,500 - Income
taxes payable 38,347 14,014 Other current liabilities 57,512 56,899
Liabilities of discontinued operations -
53,080 Total current liabilities 299,121 321,842
Long-term debt 385,500 515,000 Deferred income taxes 96,970 115,865
Pension and postretirement benefit accruals 15,699 20,698 Other
long-term liabilities 57,878 65,660 Shareholders' equity
Capital stock 15,695 15,399 Additional paid-in capital 93,449
49,758 Treasury stock (388,627 ) (104,915 ) Retained earnings
1,349,602 1,188,685 Accumulated other comprehensive loss (68,408 )
(68,660 ) Stock held in trust (4,083 ) (3,124 ) Deferred
compensation liability 4,083 3,124
Total shareholders' equity 1,001,711 1,080,267
Total liabilities and shareholders' equity $
1,856,879 $ 2,119,332
Actuant
Corporation Condensed Consolidated Statements of
Earnings (Dollars in thousands except per share amounts)
(Unaudited)
Three
Months Ended Twelve Months Ended August 31,
August 31, August 31, August 31, 2014
2013 2014 2013 Net sales
$ 354,349 $ 327,260 $ 1,399,862 $ 1,279,742 Cost of products sold
212,253 197,760 852,990
772,792 Gross profit 142,096 129,500 546,872
506,950 Selling, administrative and engineering expenses
87,438 71,345 332,093 293,866 Gain on product line divestiture
(13,495 ) - (13,495 ) - Amortization of intangible assets
6,453 5,397 25,166
22,939 Operating profit 61,700 52,758 203,108 190,145
Financing costs, net 6,101 6,026 25,045 24,837 Other expense, net
950 841 4,037
2,359 Earnings from continuing operations before
income tax expense 54,649 45,891 174,026 162,949 Income tax
expense 19,062 776 32,573
15,372 Earnings from continuing operations
35,587 45,115 141,453 147,577 Earnings (loss) from discontinued
operations, net of income taxes -
13,138 22,120 (117,529 ) Net earnings $
35,587 $ 58,253 $ 163,573 $ 30,048
Earnings from continuing operations per share
Basic $ 0.52 $ 0.62 $ 1.99 $ 2.02 Diluted 0.51 0.60 1.95 1.98
Earnings per share Basic $ 0.52 $ 0.80 $ 2.31 $ 0.41
Diluted 0.51 0.78 2.26 0.40
Weighted average common
shares outstanding Basic 68,025 73,048 70,942 72,979 Diluted
69,391 74,845 72,486 74,580
ACTUANT CORPORATION
SUPPLEMENTAL UNAUDITED DATA FROM CONTINUING OPERATIONS
(Dollars in thousands)
FISCAL 2013
FISCAL 2014 Q1 Q2 Q3
Q4 TOTAL Q1 Q2
Q3 Q4 TOTAL SALES
INDUSTRIAL SEGMENT $ 101,122 $ 98,999 $ 111,308 $ 111,191 $ 422,620
$ 98,641 $ 93,571 $ 109,809 $ 111,880 $ 413,901 ENERGY SEGMENT
90,769 80,794 99,158 92,651 363,372 107,925 106,031 125,231 123,181
462,368 ENGINEERED SOLUTIONS SEGMENT 115,918
120,675 133,739
123,418 493,750 132,990
128,168 143,147
119,288 523,593 TOTAL $ 307,809
$ 300,468 $ 344,205 $
327,260 $ 1,279,742 $ 339,556 $
327,770 $ 378,187 $ 354,349
$ 1,399,862
% SALES GROWTH INDUSTRIAL
SEGMENT 1 % 1 % 1 % 1 % 1 % -2 % -5 % -1 % 1 % -2 % ENERGY SEGMENT
13 % 2 % 3 % -1 % 4 % 19 % 31 % 26 % 33 % 27 % ENGINEERED SOLUTIONS
SEGMENT -10 % -2 % -2 % 4 % -3 % 15 % 6 % 7 % -3 % 6 % TOTAL -1 % 0
% 0 % 2 % 0 % 10 % 9 % 10 % 8 % 9 %
OPERATING PROFIT
(LOSS) INDUSTRIAL SEGMENT $ 27,006 $ 26,350 $ 32,426 $ 31,862 $
117,644 $ 26,897 $ 26,477 $ 34,123 $ 32,752 $ 120,249 ENERGY
SEGMENT 15,387 9,677 19,736 18,480 63,280 8,923 9,504 19,936 18,049
56,412 ENGINEERED SOLUTIONS SEGMENT 7,625 8,275 12,754 11,674
40,328 13,190 9,548 13,560 5,638 41,936 CORPORATE / GENERAL
(6,544 ) (7,431 ) (7,874 )
(9,258 ) (31,107 ) (5,363 )
(6,548 ) (8,839 ) (8,234 )
(28,984 ) TOTAL - EXCLUDING GAIN ON PRODUCT LINE
DIVESTITURE $ 43,474 $ 36,871 $ 57,042 $ 52,758 $ 190,145 $ 43,647
$ 38,981 $ 58,780 $ 48,205 $ 189,613 GAIN ON PRODUCT LINE
DIVESTITURE - - -
- - -
- -
13,495 13,495 TOTAL $ 43,474
$ 36,871 $ 57,042 $ 52,758
$ 190,145 $ 43,647 $ 38,981
$ 58,780 $ 61,700 $
203,108
OPERATING PROFIT % INDUSTRIAL SEGMENT
26.7 % 26.6 % 29.1 % 28.7 % 27.8 % 27.3 % 28.3 % 31.1 % 29.3 % 29.1
% ENERGY SEGMENT 17.0 % 12.0 % 19.9 % 19.9 % 17.4 % 8.3 % 9.0 %
15.9 % 14.7 % 12.2 % ENGINEERED SOLUTIONS SEGMENT 6.6 % 6.9 % 9.5 %
9.5 % 8.2 % 9.9 % 7.4 % 9.5 % 4.7 % 8.0 % TOTAL (INCLUDING
CORPORATE) - EXCLUDING GAIN ON PRODUCT LINE DIVESTITURE 14.1 % 12.3
% 16.6 % 16.1 % 14.9 % 12.9 % 11.9 % 15.5 % 13.6 % 13.5 %
EBITDA INDUSTRIAL SEGMENT $ 29,033 $ 28,471 $ 34,374 $
33,742 $ 125,620 $ 28,657 $ 27,907 $ 35,426 $ 35,017 $ 127,007
ENERGY SEGMENT 19,694 14,278 23,977 22,185 80,134 17,923 18,130
27,898 24,809 88,760 ENGINEERED SOLUTIONS SEGMENT 12,047 12,611
16,700 15,659 57,017 17,365 13,581 18,464 9,046 58,456 CORPORATE /
GENERAL (6,195 ) (6,582 ) (7,556
) (8,556 ) (28,889 ) (5,235 )
(6,202 ) (8,659 ) (7,916
) (28,012 ) TOTAL - EXCLUDING GAIN ON PRODUCT LINE
DIVESTITURE $ 54,579 $ 48,778 $ 67,495 $ 63,030 $ 233,882 $ 58,710
$ 53,416 $ 73,129 $ 60,956 $ 246,211 GAIN ON PRODUCT LINE
DIVESTITURE - - -
- - -
- -
13,495 13,495 TOTAL $ 54,579
$ 48,778 $ 67,495 $ 63,030
$ 233,882 $ 58,710 $ 53,416
$ 73,129 $ 74,451 $
259,706
EBITDA % INDUSTRIAL SEGMENT 28.7 %
28.8 % 30.9 % 30.3 % 29.7 % 29.1 % 29.8 % 32.3 % 31.3 % 30.7 %
ENERGY SEGMENT 21.7 % 17.7 % 24.2 % 23.9 % 22.1 % 16.6 % 17.1 %
22.3 % 20.1 % 19.2 % ENGINEERED SOLUTIONS SEGMENT 10.4 % 10.5 %
12.5 % 12.7 % 11.5 % 13.1 % 10.6 % 12.9 % 7.6 % 11.2 % TOTAL
(INCLUDING CORPORATE) - EXCLUDING GAIN ON PRODUCT LINE DIVESTITURE
17.7 % 16.2 % 19.6 % 19.3 % 18.3 % 17.3 % 16.3 % 19.3 % 17.2 % 17.6
%
Actuant Corporation Condensed Consolidated
Statements of Cash Flows (In thousands) (Unaudited)
Three Months Ended Twelve
Months Ended August 31, August 31, August
31, August 31, 2014 2013 2014
2013 Operating Activities Net earnings $
35,587 $ 58,253 $ 163,573 $ 30,048 Adjustments to reconcile net
earnings to net cash provided by operating activities: Depreciation
and amortization 13,701 11,112 60,635 53,902 Net gain on disposal
of businesses (2,813 ) - (29,152 ) - Stock-based compensation
expense 3,109 2,933 17,115 13,440 Provision (benefit) for deferred
income taxes 4,272 (13,716 ) (7,273 ) (44,265 ) Impairment charge -
(11,235 ) - 158,817 Amortization of debt discount and debt issuance
costs 423 452 1,829 1,940 Other non-cash adjustments 178 157 (168 )
328 Changes in components of working capital and other: Accounts
receivable 27,607 14,108 1,336 (10,925 ) Inventories 3,761 6,388
(21,915 ) 13,714 Prepaid expenses and other assets 5,618 10 4,276
(4,603 ) Trade accounts payable (21,296 ) (1,750 ) (19,832 ) (9,279
) Income taxes payable (12,881 ) 6,132 (38,820 ) 594 Accrued
compensation and benefits 3,226 (1,427 ) 11,779 (14,256 ) Other
accrued liabilities (8,444 ) 6,102
(18,149 ) 4,334 Net cash provided by operating
activities 52,048 77,519 125,234 193,789
Investing
Activities Proceeds from sale of property, plant and equipment
238 304 44,274 1,621 Proceeds from sale of businesses, net of
transaction costs 36,817 - 289,590 4,854 Capital expenditures
(8,018 ) (4,773 ) (41,857 ) (23,668 ) Business acquisitions, net of
cash acquired - (235,406 ) (30,500 )
(235,489 ) Net cash provided by (used in) investing
activities 29,037 (239,875 ) 261,507 (252,682 )
Financing
Activities Net borrowings (repayments) on revolving credit
facilities and other debt - 125,000 (125,000 ) 125,000 Principal
repayments on term loan - (2,500 ) - (7,500 ) Purchase of treasury
shares (100,560 ) (28,162 ) (283,712 ) (41,832 ) Payment of
contingent acquisition consideration - (1,826 ) (1,585 ) (5,378 )
Debt issuance costs - (2,035 ) - (2,035 ) Stock option exercises
and related tax benefits 2,375 14,556 32,224 33,261 Cash dividend
- - (2,919 ) (2,911 ) Net
cash provided by (used in) financing activities (98,185 ) 105,033
(380,992 ) 98,605 Effect of exchange rate changes on cash
(3,513 ) (109 ) (723 ) (3,910 ) Net
increase (decrease) in cash and cash equivalents (20,613 ) (57,432
) 5,026 35,802 Cash and cash equivalents - beginning of period
129,625 161,418 103,986
68,184 Cash and cash equivalents - end of period $
109,012 $ 103,986 $ 109,012 $ 103,986
ACTUANT CORPORATION SUPPLEMENTAL UNAUDITED
DATA RECONCILIATION OF GAAP MEASURE TO NON-GAAP MEASURES
(Dollars in thousands, except for per share amounts)
FISCAL 2013 FISCAL 2014
Q1 Q2 Q3 Q4
TOTAL Q1 Q2 Q3
Q4 TOTAL EARNINGS (LOSS) BEFORE SPECIAL
ITEMS (1) NET EARNINGS (LOSS) $ 36,343 $ 28,435 $ (92,983 ) $
58,253 $ 30,048 $ 36,037 $ 41,392 $ 50,557 $ 35,587 $ 163,573 LOSS
(EARNINGS) FROM DISCONTINUED OPERATIONS, NET OF INCOME TAX
(5,792 ) (2,601 ) 139,060
(13,138 ) 117,529 (3,032 )
(19,088 ) - -
(22,120 ) EARNINGS FROM CONTINUING OPERATIONS 30,551
25,834 46,077 45,115 147,577 33,005 22,304 50,557 35,587 141,453
GAIN ON PRODUCT LINE DIVESTITURE, NET OF INCOME TAX - - - - - - - -
(2,813 ) (2,813 ) INCOME TAX ADJUSTMENTS -
- - (10,596 )
(10,596 ) - -
- - - TOTAL
$ 30,551 $ 25,834 $ 46,077
$ 34,519 $ 136,981 $ 33,005
$ 22,304 $ 50,557 $ 32,774
$ 138,640
DILUTED EARNINGS (LOSS) PER
SHARE, BEFORE SPECIAL ITEMS (1) NET EARNINGS (LOSS) $
0.49 $ 0.38 $ (1.24 ) $ 0.78 $ 0.40 $ 0.48 $ 0.56 $ 0.70 $ 0.51 $
2.26 LOSS (EARNINGS) FROM DISCONTINUED OPERATIONS, NET OF INCOME
TAX (0.08 ) (0.03 ) 1.86
(0.18 ) 1.58 (0.04 )
(0.26 ) - -
(0.31 ) EARNINGS FROM CONTINUING OPERATIONS 0.41 0.35 0.62
0.60 1.98 0.44 0.30 0.70 0.51 1.95 GAIN ON PRODUCT LINE
DIVESTITURE, NET OF INCOME TAX - - - - - - - - (0.04 ) (0.04 )
INCOME TAX ADJUSTMENT - -
- (0.14 ) (0.14 )
- - - -
- TOTAL $ 0.41 $ 0.35
$ 0.62 $ 0.46 $ 1.84
$ 0.44 $ 0.30 $ 0.70 $
0.47 $ 1.91
EBITDA (2)
NET EARNINGS (LOSS) (GAAP MEASURE) $ 36,343 $ 28,435 $ (92,983 ) $
58,253 $ 30,048 $ 36,037 $ 41,392 $ 50,557 $ 35,587 $ 163,573 LOSS
(EARNINGS) FROM DISCONTINUED OPERATIONS, NET OF INCOME TAX
(5,792 ) (2,601 ) 139,060
(13,138 ) 117,529 (3,032 )
(19,088 ) - -
(22,120 ) EARNINGS FROM CONTINUING OPERATIONS 30,551
25,834 46,077 45,115 147,577 33,005 22,304 50,557 35,587 141,453
FINANCING COSTS, NET 6,322 6,260 6,229 6,026 24,837 6,750 6,262
5,932 6,101 25,045 INCOME TAX EXPENSE 5,957 4,814 3,825 776 15,372
2,751 9,089 1,671 19,062 32,573 DEPRECIATION & AMORTIZATION
11,749 11,870
11,364 11,113 46,096
16,204 15,761
14,969 13,701 60,635
EBITDA - EXCLUDING DISCONTINUED OPERATIONS (NON-GAAP
MEASURE) $ 54,579 $ 48,778 $ 67,495 $ 63,030 $ 233,882 $ 58,710 $
53,416 $ 73,129 $ 74,451 $ 259,706 GAIN ON PRODUCT LINE DIVESTITURE
- - -
- - -
- - (13,495 )
(13,495 ) EBITDA - EXCLUDING GAIN ON PRODUCT LINE
DIVESTITURE (NON-GAAP MEASURE) $ 54,579 $ 48,778
$ 67,495 $ 63,030 $
233,882 $ 58,710 $ 53,416 $
73,129 $ 60,956 $ 246,211
FOOTNOTES NOTE: The total of the individual quarters
may not equal the annual total due to rounding. (1) Earnings
(loss) and diluted earnings (loss) per share, excluding special
items (income tax adjustments, discontinued operations, and gain on
product line divestiture), represent net earnings (loss) and
diluted earnings (loss) per share per the Condensed Consolidated
Statements of Earnings net of charges or credits for items to be
highlighted for comparability purposes. These measures should not
be considered as an alternative to net earnings (loss) or diluted
earnings (loss) per share as an indicator of the Company's
operating performance. However, this presentation is important to
investors for understanding the operating results of the current
portfolio of Actuant companies. The total of the individual
components may not equal due to rounding. (2) EBITDA
represents net earnings (loss) before financing costs, net, income
tax expense, discontinued operations and depreciation &
amortization. EBITDA is not a calculation based upon generally
accepted accounting principles (GAAP). The amounts included in the
EBITDA calculation, however, are derived from amounts included in
the Condensed Consolidated Statements of Earnings data. EBITDA
should not be considered as an alternative to net earnings or
operating profit as an indicator of the Company's operating
performance, or as an alternative to operating cash flows as a
measure of liquidity. Actuant has presented EBITDA because it
regularly reviews this as a measure of the Company's ability to
incur and service debt. In addition, EBITDA is used by many of our
investors and lenders, and is presented as a convenience to them.
However, the EBITDA measure presented may not always be comparable
to similarly titled measures reported by other companies due to
differences in the components of the calculation.
Actuant CorporationKaren BauerCommunications & Investor
Relations Leader262-293-1562
Actuant (NYSE:ATU)
Historical Stock Chart
From Mar 2024 to Apr 2024
Actuant (NYSE:ATU)
Historical Stock Chart
From Apr 2023 to Apr 2024