Actuant Corporation (NYSE: ATU) today announced results for its
second quarter ended February 28, 2017.
Highlights
- Consolidated sales were 2% below the
comparable prior year quarter with acquisitions net of divestitures
a 2% benefit and foreign currency rate changes a 1% headwind.
Second quarter core sales were down 3% with a return to core growth
in both the Industrial and Engineered Solutions segments, offset by
difficult market conditions in the Energy segment.
- GAAP diluted earnings per share (“EPS”)
were $0.08 in the second quarter of fiscal 2017 versus $(2.70) in
the prior year. Adjusted EPS was $0.11 excluding second quarter
fiscal 2017 restructuring charges of $0.03 per share (see
Consolidated Results below and the attached reconciliation of
earnings).
- Maintained fiscal 2017 full year sales
guidance of $1.075-1.125 billion and narrowed adjusted EPS guidance
to a range of $1.10-1.20 per share (excluding restructuring and
transition charges).
Randy Baker, President and CEO of Actuant commented, “We
delivered our financial commitments for the second quarter, with
generally stable end market conditions and progress across a number
of key strategic initiatives. Core sales in both Industrial and
Engineered Solutions turned positive for the first time in
approximately two years. Energy comparisons and market conditions
were difficult in both maintenance and offshore capex related
areas. As we pivot the organization more toward growth, we are
increasing investments in new products, commercial effectiveness
and growth regions, which in the short term limit margin expansion.
Adjusted EPS of $0.11, excluding restructuring, was directly in
line with our guidance. Normal seasonal cash flow and debt leverage
provide us adequate liquidity. In summary, I’m pleased with the
progression of our efforts and appreciative of the execution by
Actuant employees around the globe.”
Consolidated Results
Consolidated sales for the second quarter were $259 million, 2%
lower than the $263 million in the prior year. Core sales declined
3% while foreign currency rate changes reduced sales 1% and net
acquisitions/divestitures were a 2% sales benefit. Fiscal 2017
second quarter net earnings and EPS were $5.1 million, or $0.08,
compared to a net loss of $159.2 million and $2.70, respectively,
in the comparable prior year quarter. Fiscal 2017 second quarter
earnings included restructuring charges of $2.1 million or $0.03
per share. Second quarter 2016 results included $3.6 million or
$0.04 per share of restructuring charges and $186.5 million or
$2.86 per share of impairment charges. Excluding these items,
adjusted EPS for the second quarter of fiscal 2017 was $0.11
compared to $0.21 in the comparable prior year period (see attached
reconciliation of earnings).
Sales for the six months ended February 28, 2017 were $525
million, 8% lower than the $568 million in the prior year.
Excluding the 1% negative impact of foreign currency rate changes
and 2% benefit of net acquisitions/divestitures, fiscal 2017
year-to-date core sales decreased 9%. Fiscal 2017 year-to-date net
earnings and EPS were $10.0 million and $0.17, respectively. The
comparable fiscal 2016 year-to-date net loss was $143.7 million or
$2.43 per share. Excluding restructuring charges in both years, the
2017 director and officer transition charges, and fiscal 2016’s
impairment charge, fiscal 2017 first half adjusted EPS was $0.31
compared to $0.52 in the comparable prior year period (see attached
reconciliation of earnings).
Segment Results
Industrial Segment (US $ in millions)
Three Months Ended Six Months Ended February 28,
February 29, February 28,
February 29,
2017 2016 2017
2016
Sales $91.6 $81.2 $178.9 $170.1 Operating Profit $18.3 $16.7 $37.1
$37.3 Adjusted Op Profit (1) $19.0 $17.0 $38.5 $38.3 Adjusted Op
Profit % (1) 20.8% 20.9% 21.5% 22.5%
(1) 2017 excludes $0.7 and $1.4 of restructuring charges in the
second quarter and first half, respectively. 2016 excludes $0.3 and
$1.0 of restructuring charges in the second quarter and first half,
respectively
Second quarter fiscal 2017 Industrial segment sales were $92
million or 13% higher than the prior year. The Larzep acquisition
added 2% while currency was neutral, resulting in an 11%
year-over-year core sales increase. The core sales rate of change
improved from -4% in the first quarter of fiscal 2017 and
represents the first quarter of core sales growth in seven
quarters. This reflects broad based demand improvement, with growth
across all geographies and product lines. The construction related
concrete tensioning and heavy lifting product sales experienced the
highest growth rates. Second quarter adjusted operating profit
margin of 20.8% was in line with expectations and consistent with
the prior year as incremental volume was offset by unfavorable
sales mix and commercial effectiveness investments.
Energy Segment (US $ in millions)
Three Months Ended Six Months Ended February 28,
February 29, February 28, February 29, 2017 2016 2017 2016
Sales $72.9 $86.2 $157.5 $200.0 Operating Profit (Loss) $(0.6)
$(136.8) $2.6 $(126.6) Adjusted Op (Loss) Profit (2) $(0.6) $5.3
$2.7 $17.5 Adjusted Op (Loss) Profit % (2) (0.9)% 6.2% 1.7% 8.7%
(2) 2017 excludes $0.1 of restructuring charges in the first
half. 2016 excludes $1.3 and $3.3 of restructuring charges in the
second quarter and first half, respectively. Also excludes second
quarter fiscal 2016 impairment charges of $140.8 million.
Fiscal 2017 second quarter Energy segment sales declined 15%
year-over-year to $73 million. Excluding the 2% unfavorable impact
of the stronger US dollar, and 8% benefit from last March’s process
& pipeline services acquisition, year-over-year core sales
declined 21%. Hydratight’s sales decreased due to prior year
sizable project work coupled with tight customer spending controls
on maintenance activities which resulted in deferrals and scope
reductions. The segment continued to experience year-over-year
declines in upstream offshore oil & gas related demand,
although it remained stable sequentially. For the seasonally weak
second quarter, Energy incurred an adjusted operating loss due
primarily to the lower volumes and unfavorable sales mix.
Engineered Solutions Segment (US $ in millions)
Three Months Ended Six Months Ended February 28,
February 29, February 28, February 29, 2017 2016 2017
2016 Sales $94.3 $95.9 $188.2 $198.3 Operating Profit (Loss) $1.8
$(45.1) $2.6 $(41.6) Adjusted Op Profit (3) $3.3 $2.6 $6.1 $7.5
Adjusted Op Profit % (3) 3.5% 2.7% 3.2% 3.8%
(3) 2017 excludes $1.5 and $3.5 of restructuring charges in the
second quarter and first half, respectively. 2016 excludes $2.0 and
$3.4 of restructuring charges in the second quarter and first half,
respectively. Also excludes second quarter 2016 impairment charges
of $45.7 million.
Second quarter fiscal 2017 Engineered Solutions segment sales
were $94 million or 2% below the prior year. Excluding the 3% Sanlo
divestiture impact, and 1% unfavorable currency headwind,
year-over-year core sales increased 2%. The core sales rate of
change improved sequentially from -5% in the previous quarter and
represents the first quarter of growth in the past nine. Fiscal
2017 sales reflect robust production rates by China’s heavy-duty
truck OEMs. While tepid end market demand continued across most of
the segment’s other markets such as agriculture and off-highway
equipment, our sales benefited from easier comparisons and
moderating destocking activity by OEM customers. Second quarter
adjusted operating profit margin improved year-over-year due to
higher volumes and the benefit of cost saving actions.
Corporate and Income Taxes
Corporate expenses for the second quarter of fiscal 2017 were
$6.4 million, or $0.5 million lower than the comparable prior year
period. Excluding the tax benefit on restructuring, the approximate
10% second quarter effective income tax rate compared to -13% for
the comparable prior year period (excluding the tax impact on
restructuring and impairment charges) that included certain tax
planning items.
Outlook
Baker continued, "Our results for the first half of fiscal 2017
have met expectations and give us confidence that we are on track
for the year. We have begun to see encouraging indicators within
the broad industrial landscape, although the sustainability and
trajectory of improvement are yet to be determined. Our sales
effectiveness, restructuring and lean revitalization actions are
proceeding according to plan.
As such, for the full year we are maintaining our sales guidance
in the $1.075-1.125 billion range with core sales anticipated to be
down 2 to 5%. We are narrowing our adjusted EPS guidance from
$1.10-1.30 to $1.10-1.20 as unfavorable sales mix and investments
in growth are expected to limit further upside to margins in the
near term. Free cash flow is projected to be in the $85-95 million
range in fiscal 2017.
We expect third quarter sales to be in the $290-300 million
range, with adjusted EPS of $0.38-0.43.
All guidance excludes restructuring and transition costs, as
well as the impact of potential future acquisitions and share
repurchases.
In summary, I continue to believe Actuant has strong growth
potential as our end markets improve, we gain momentum in our
commercial strategies, and we execute disciplined, tuck-in
acquisitions. These, combined with our LEAD reinvigoration
initiatives, provide us with many levers to create long-term
shareholder value.”
Conference Call
Information
An investor conference call is scheduled for 10am CT today,
March 22, 2017. 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)
February 28, August 31, 2017
2016 ASSETS Current assets Cash and cash
equivalents $ 171,890 $ 179,604 Accounts receivable, net 201,914
186,829 Inventories, net 127,573 130,756 Other current assets
53,984 45,463 Total current assets
555,361 542,652 Property, plant and equipment, net 115,192
114,015 Goodwill 509,078 519,276 Other intangible assets, net
225,559 239,475 Other long-term assets 21,844
23,242 Total assets $ 1,427,034 $ 1,438,660
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities Trade accounts payable $ 124,949 $ 115,051
Accrued compensation and benefits 42,363 46,901 Current maturities
of debt and short-term borrowings 26,250 18,750 Income taxes
payable 1,113 9,254 Other current liabilities 49,229
51,956 Total current liabilities 243,904 241,912
Long-term debt, net 547,058 561,681 Deferred income taxes
31,037 31,356 Pension and postretirement benefit liabilities 24,142
25,667 Other long-term liabilities 55,884
57,094 Total liabilities 902,025 917,710
Shareholders' equity Capital stock 16,013 15,879 Additional paid-in
capital 131,877 114,980 Treasury stock (617,731 ) (617,731 )
Retained earnings 1,269,684 1,259,645 Accumulated other
comprehensive loss (274,834 ) (251,823 ) Stock held in trust (2,354
) (2,646 ) Deferred compensation liability 2,354
2,646 Total shareholders' equity 525,009
520,950 Total liabilities and
shareholders' equity $ 1,427,034 $ 1,438,660
Actuant Corporation Condensed Consolidated Statements of
Operations (Dollars in thousands, except per share
amounts) (Unaudited)
Three Months Ended Six Months Ended
February 28, February 29, February 28,
February 29, 2017 2016 2017
2016 Net sales $ 258,869 $ 263,289 $ 524,662 $
568,300 Cost of products sold 171,543 172,259
344,269 368,709 Gross
profit 87,326 91,030 180,393 199,591 Selling, administrative
and engineering expenses 66,957 67,172 135,561 140,083 Amortization
of intangible assets 5,069 5,880 10,330 11,779 Director &
officer transition charges - - 7,784 - Restructuring charges 2,101
3,582 5,048 7,962 Impairment charges - 186,511
- 186,511 Operating
profit (loss) 13,199 (172,115 ) 21,670 (146,744 ) Financing
costs, net 7,334 6,866 14,467 13,982 Other expense (income), net
591 235 (38 ) 855
Earnings before income tax expense (benefit) 5,274 (179,216
) 7,241 (161,581 ) Income tax expense (benefit) 200
(20,026 ) (2,798 ) (17,839 ) Net
earnings (loss) $ 5,074 $ (159,190 ) $ 10,039
$ (143,742 )
Earnings (loss) per share Basic $ 0.09 $
(2.70 ) $ 0.17 $ (2.43 ) Diluted 0.08 (2.70 ) 0.17 (2.43 )
Weighted average common shares outstanding Basic 59,368
58,991 59,170 59,089 Diluted 60,146 58,991 59,881 59,089
Actuant Corporation Condensed
Consolidated Statements of Cash Flows (In thousands)
(Unaudited)
Three Months Ended Six Months
Ended February 28, February 29, February
28, February 29, 2017 2016 2017
2016 Operating Activities Net earnings (loss)
$ 5,074 $ (159,190 ) $ 10,039 $ (143,742 )
Adjustments to reconcile net earnings to
net cash provided by operating activities:
Impairment charges net of deferred tax benefits - 169,056 - 169,056
Depreciation and amortization 10,729 12,386 21,625 24,858
Stock-based compensation expense 2,623 2,817 12,177 5,778 Provision
for deferred income taxes 3,416 264 551 420 Amortization of debt
issuance costs 413 413 826 826 Other non-cash adjustments 251 311
715 (619 ) Changes in components of working capital and other:
Accounts receivable (12,645 ) 15,834 (20,897 ) 8,437 Inventories
7,748 (2,548 ) (394 ) (5,399 ) Trade accounts payable 5,508 (12,661
) 12,276 (4,926 ) Prepaid expenses and other assets (5,334 ) 807
(10,819 ) (8,404 ) Income tax accounts (5,243 ) (13,143 ) (7,567 )
(17,437 ) Accrued compensation and benefits (947 ) (2,646 ) (3,704
) (2,281 ) Other accrued liabilities (9,645 ) (4,143
) (795 ) 2,296 Cash provided by operating
activities 1,948 7,557 14,033 28,863
Investing
Activities Capital expenditures (9,556 ) (5,475 ) (14,695 )
(11,004 ) Proceeds from sale of property, plant and equipment 114
3,199 244 4,636 Business acquisitions, net of cash acquired
- (14,496 ) - (15,026 ) Cash
used in investing activities (9,442 ) (16,772 ) (14,451 ) (21,394 )
Financing Activities Net borrowings (repayments) on
revolving credit facility - 8 - (210 ) Principal repayments on term
loan (3,750 ) - (7,500 ) - Purchase of treasury shares - (4,670 ) -
(9,352 ) Taxes paid related to the net share settlement of equity
awards (697 ) (395 ) (920 ) (1,332 ) Stock option exercises,
related tax benefits and other 5,256 1,155 6,598 2,245 Cash
dividend - - (2,358 )
(2,376 ) Cash provided by (used in) financing activities 809 (3,902
) (4,180 ) (11,025 ) Effect of exchange rate changes on cash
1,704 (4,157 ) (3,116 ) (10,619
) Net decrease in cash and cash equivalents (4,981 ) (17,274 )
(7,714 ) (14,175 ) Cash and cash equivalents - beginning of period
176,871 171,945 179,604
168,846 Cash and cash equivalents - end of period $
171,890 $ 154,671 $ 171,890 $ 154,671
ACTUANT CORPORATION SUPPLEMENTAL UNAUDITED
DATA FROM CONTINUING OPERATIONS (Dollars in thousands)
FISCAL 2016 FISCAL 2017 Q1
Q2 Q3 Q4
TOTAL Q1 Q2 Q3
Q4 TOTAL SALES INDUSTRIAL SEGMENT $
88,870 $ 81,189 $ 95,750 $ 94,008 $ 359,817 $ 87,290 $ 91,648 - - $
178,938 ENERGY SEGMENT 113,763 86,224 101,300 91,443 392,730 84,646
72,884 - - 157,530 ENGINEERED SOLUTIONS SEGMENT 102,378
95,876 108,291
90,318 396,863
93,857 94,337 - -
188,194 TOTAL $ 305,011 $ 263,289
$ 305,341 $ 275,769 $
1,149,410 $ 265,793 $ 258,869 -
- $ 524,662
% SALES GROWTH
INDUSTRIAL SEGMENT -13 % -16 % -8 % -6 % -11 % -2 % 13 % - - 5 %
ENERGY SEGMENT 2 % -14 % 2 % -9 % -5 % -26 % -15 % - - -21 %
ENGINEERED SOLUTIONS SEGMENT -10 % -8 % -8 % -9 % -9 % -8 % -2 % -
- -5 % TOTAL -7 % -13 % -5 % -8 % -8 % -13 % -2 % - - -8 %
OPERATING PROFIT (LOSS) INDUSTRIAL SEGMENT $ 21,263 $ 17,003
$ 22,519 $ 22,144 $ 82,929 $ 19,491 $ 19,037 - - $ 38,528 ENERGY
SEGMENT 12,124 5,348 12,438 8,941 38,851 3,328 (647 ) - - 2,681
ENGINEERED SOLUTIONS SEGMENT 4,937 2,555 4,768 927 13,187 2,834
3,282 - - 6,116 CORPORATE / GENERAL (8,573 )
(6,928 ) (7,886 ) (5,623 )
(29,010 ) (6,450 ) (6,372 ) -
- (12,822 ) ADJUSTED OPERATING PROFIT $ 29,751
$ 17,978 $ 31,839 $ 26,389 $ 105,957 $ 19,203 $ 15,300 - - $ 34,503
IMPAIRMENT CHARGES - (186,511 ) - - (186,511 ) - - - - - LOSS ON
SANLO PRODUCT LINE DIVESTITURE - - - (5,092 ) (5,092 ) - - - - -
RESTRUCTURING CHARGES (4,380 ) (3,582 ) (3,496 ) (3,113 ) (14,571 )
(2,948 ) (2,101 ) - - (5,049 ) DIRECTOR & OFFICER TRANSITION
CHARGES - - -
- - (7,784
) - - - (7,784 )
OPERATING PROFIT (LOSS) $ 25,371 $ (172,115 )
$ 28,343 $ 18,184 $ (100,217 ) $ 8,471
$ 13,199 - - $ 21,670
ADJUSTED OPERATING PROFIT % INDUSTRIAL SEGMENT
23.9 % 20.9 % 23.5 % 23.6 % 23.0 % 22.3 % 20.8 % - - 21.5 % ENERGY
SEGMENT 10.7 % 6.2 % 12.3 % 9.8 % 9.9 % 3.9 % -0.9 % - - 1.7 %
ENGINEERED SOLUTIONS SEGMENT 4.8 % 2.7 % 4.4 % 1.0 % 3.3 % 3.0 %
3.5 % - - 3.2 % ADJUSTED OPERATING PROFIT % 9.8 % 6.8 % 10.4 % 9.6
% 9.2 % 7.2 % 5.9 % - - 6.6 %
EBITDA INDUSTRIAL
SEGMENT $ 22,959 $ 18,829 $ 24,686 $ 24,209 $ 90,683 $ 21,217 $
21,064 - - $ 42,281 ENERGY SEGMENT 18,348 10,968 16,819 13,717
59,852 9,108 2,943 - - 12,051 ENGINEERED SOLUTIONS SEGMENT 8,498
6,882 8,504 5,270 29,154 6,281 7,277 - - 13,558 CORPORATE / GENERAL
(8,201 ) (6,552 ) (7,560 )
(5,182 ) (27,495 ) (5,879 )
(5,846 ) - - (11,725 )
ADJUSTED EBITDA $ 41,604 $ 30,127 $ 42,449 $ 38,014 $ 152,194 $
30,727 $ 25,438 - - $ 56,165 IMPAIRMENT CHARGES - (186,511 ) - -
(186,511 ) - - - - - LOSS ON SANLO PRODUCT LINE DIVESTITURE - - -
(5,092 ) (5,092 ) - - - - - RESTRUCTURING CHARGES (4,380 ) (3,582 )
(3,496 ) (3,113 ) (14,571 ) (2,948 ) (2,101 ) - - (5,049 ) DIRECTOR
& OFFICER TRANSITION CHARGES - -
- -
- (7,784 ) - - -
(7,784 ) EBITDA $ 37,224 $ (159,966 )
$ 38,953 $ 29,809 $ (53,980 ) $
19,995 $ 23,337 - - $
43,332
ADJUSTED EBITDA % INDUSTRIAL SEGMENT
25.8 % 23.2 % 25.8 % 25.8 % 25.2 % 24.3 % 23.0 % - - 23.6 % ENERGY
SEGMENT 16.1 % 12.7 % 16.6 % 15.0 % 15.2 % 10.8 % 4.0 % - - 7.6 %
ENGINEERED SOLUTIONS SEGMENT 8.3 % 7.2 % 7.9 % 5.8 % 7.3 % 6.7 %
7.7 % - - 7.2 % ADJUSTED EBITDA % 13.6 % 11.4 % 13.9 % 13.8 % 13.2
% 11.6 % 9.8 % - - 10.7 %
ACTUANT CORPORATION
SUPPLEMENTAL UNAUDITED DATA RECONCILIATION OF GAAP
MEASURES TO NON-GAAP MEASURES (Dollars in thousands, except
for per share amounts) FISCAL 2016
FISCAL 2017 Q1 Q2 Q3
Q4 TOTAL Q1 Q2
Q3 Q4 TOTAL ADJUSTED
EARNINGS (1) NET EARNINGS (LOSS) $ 15,448 $ (159,190 ) $ 21,166
$ 17,402 $ (105,174 ) $ 4,965 5,074 - - $ 10,039 IMPAIRMENT CHARGES
- 186,511 - - 186,511 - - - - - INCOME TAX BENEFIT ON IMPAIRMENT
CHARGES - (17,455 ) - - (17,455 ) - - - - - LOSS ON SANLO PRODUCT
LINE DIVESTITURE - - - 5,092 5,092 - - - - - INCOME TAX BENEFIT ON
SANLO PRODUCT LINE DIVESTITURE - - - (6,649 ) (6,649 ) - - - - -
DIRECTOR & OFFICER TRANSITION CHARGES - - - - - 7,784 - - -
7,784 INCOME TAX BENEFIT ON DIRECTOR & OFFICER TRANSITION
CHARGES - - - - - (2,880 ) - - - (2,880 ) RESTRUCTURING CHARGES
4,380 3,582 3,496 3,113 14,571 2,948 2,101 - - 5,049 INCOME TAX
BENEFIT ON RESTRUCTURING CHARGES (1,182 )
(1,185 ) (994 ) (960 )
(4,321 ) (777 ) (564 ) - -
(1,341 ) ADJUSTED EARNINGS $ 18,646 $
12,263 $ 23,668 $ 17,998
$ 72,575 $ 12,040 6,611 -
- $ 18,651
ADJUSTED DILUTED EARNINGS
PER SHARE (1) NET EARNINGS (LOSS) $ 0.26 $ (2.70 ) $ 0.36 $
0.29 $ (1.78 ) $ 0.08 $ 0.08 - - $ 0.17 IMPAIRMENT CHARGES - 3.16 -
- 3.16 - - - - - INCOME TAX BENEFIT ON IMPAIRMENT CHARGES - (0.30 )
- - (0.30 ) - - - - - LOSS ON SANLO PRODUCT LINE DIVESTITURE - - -
0.09 0.08 - - - - - INCOME TAX BENEFIT ON SANLO PRODUCT LINE
DIVESTITURE - - - (0.11 ) (0.11 ) - - - - - DIRECTOR & OFFICER
TRANSITION CHARGES - - - - - 0.13 - - - 0.13 INCOME TAX BENEFIT ON
DIRECTOR & OFFICER TRANSITION CHARGES - - - - - (0.05 ) - - -
(0.05 ) RESTRUCTURING CHARGES 0.07 0.06 0.06 0.05 0.24 0.05 0.04 -
- 0.08 INCOME TAX BENEFIT ON RESTRUCTURING CHARGES (0.02 )
(0.02 ) (0.02 ) (0.02 )
(0.07 ) (0.01 ) (0.01 ) -
- (0.02 ) ADJUSTED DILUTED EARNINGS PER SHARE
$ 0.31 $ 0.21 $ 0.40 $
0.30 $ 1.22 $ 0.20 $ 0.11
- - $ 0.31
ADJUSTED
EBITDA (2) NET EARNINGS (LOSS) (GAAP MEASURE) $ 15,448 $
(159,190 ) $ 21,166 $ 17,402 $ (105,174 ) $ 4,965 $ 5,074 - - $
10,039 FINANCING COSTS, NET 7,117 6,866 7,253 7,532 28,768 7,132
7,334 - - 14,466 INCOME TAX EXPENSE (BENEFIT) 2,187 (20,026 ) (827
) (6,504 ) (25,170 ) (2,998 ) 200 - - (2,798 ) DEPRECIATION &
AMORTIZATION 12,472 12,384
11,361 11,379
47,596 10,896 10,729
- - 21,625 EBITDA $
37,224 $ (159,966 ) $ 38,953 $ 29,809 $ (53,980 ) $ 19,995 23,337 -
- $ 43,332 IMPAIRMENT CHARGES - 186,511 - - 186,511 - - - - - LOSS
ON SANLO PRODUCT LINE DIVESTITURE - - - 5,092 5,092 - - - - -
DIRECTOR & OFFICER TRANSITION CHARGES - - - - - 7,784 - - -
7,784 RESTRUCTURING CHARGES 4,380 3,582
3,496 3,113
14,571 2,948 2,101
- - 5,049 ADJUSTED EBITDA $
41,604 $ 30,127 $ 42,449
$ 38,014 $ 152,194 $ 30,727
25,438 - - $ 56,165
FOOTNOTES NOTE: The total of the individual
quarters may not equal the annual total due to rounding. (1)
Adjusted earnings and adjusted diluted earnings per share represent
net earnings (loss) and earnings (loss) per share per the Condensed
Consolidated Statements of Operations 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 or 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 before financing costs, net, income
tax expense, and depreciation & amortization. EBITDA is not a
calculation based upon generally accepted accounting principles
(GAAP). The amounts included in the EBITDA and Adjusted EBITDA
calculation, however, are derived from amounts included in the
Condensed Consolidated Statements of Operations. EBITDA should not
be considered as an alternative to net earnings (loss), operating
profit (loss) or operating cash flows. Actuant has presented EBITDA
because it regularly reviews this performance measure. In addition,
EBITDA is used by many of our investors and lenders, and is
presented as a convenience to them. 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
CORPORATION SUPPLEMENTAL UNAUDITED DATA
RECONCILIATION OF GAAP TO NON-GAAP GUIDANCE
(Dollars in millions, except for per share amounts)
Q3 FISCAL 2017 FISCAL 2017 LOW
HIGH LOW HIGH RECONCILIATION OF GAAP
DILUTED EARNINGS PER SHARE TO ADJUSTED DILUTED EARNINGS PER
SHARE GUIDANCE GAAP DILUTED EARNINGS PER SHARE $ 0.36 $ 0.41 $
0.93 $ 1.03 DIRECTOR & OFFICER TRANSITION CHARGES - - 0.08 0.08
RESTRUCTURING CHARGES 0.02 0.02 0.09
0.09 ADJUSTED DILUTED EARNINGS PER
SHARE GUIDANCE $ 0.38 $ 0.43 $ 1.10 $ 1.20
RECONCILIATION OF GAAP CASH FLOW FROM
OPERATIONS TO FREE CASH FLOW CASH FLOW FROM OPERATIONS $ 110 $
110 CAPITAL EXPENDITURES (30 ) (25 ) OTHER 5
10 FREE CASH FLOW GUIDANCE $ 85 $ 95
FOOTNOTES NOTE
Management does not provide guidance on GAAP financial measures as
we are unable to predict and estimate with certainty items such as
potential impairments, refinancing costs, business divestiture
gains/losses, discrete tax adjustments, or other items impacting
GAAP financial metrics. As a result, we have included above only
those items about which we are aware and are reasonably likely to
occur during the guidance period covered.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170322005308/en/
Actuant CorporationKaren BauerCommunications & Investor
Relations Leader262-293-1562
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