Actuant Corporation (NYSE: ATU) today announced results for its
third quarter ended May 31, 2017.
Highlights
- Consolidated sales were 3% below the
comparable prior year quarter. Foreign currency rate changes
reduced sales 2% and net acquisition & divestitures were a 1%
headwind. The flat third quarter core sales rate of change
reflected solid 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 $0.37 in the third quarter of fiscal 2017 versus $0.36 in the
prior year. Adjusted EPS was $0.32, which excludes third quarter
fiscal 2017 restructuring charges and one-time income tax benefit
of $0.05, compared to adjusted EPS of $0.40 in the comparable prior
year period (see Consolidated Results below and the attached
reconciliation of earnings).
- Strong cash flow and good working
capital management provide ample liquidity.
- Implementing significant restructuring
activities within the maintenance-driven portion of the Energy
segment, and actively pursuing strategic alternatives for
energy-related offshore mooring business.
- Full year sales and adjusted EPS
guidance revised to $1.080-1.090 billion and $0.82-$0.87
respectively, reflective of lower energy maintenance activity.
Randy Baker, President and CEO of Actuant, commented, “We had
many positive market and strategy execution advancements in the
third quarter, but they were not able to offset the difficult
conditions that persist within the global energy market. Core sales
in the Energy segment declined double digits given continued weak
offshore upstream spending, and deterioration in maintenance
related activity as customers strive to reduce cash outflows. In
contrast, both Industrial and Engineered Solutions grew nicely with
improvements in end market demand and customer production levels,
along with the benefit of strategic efforts to improve sales
effectiveness. These higher volumes delivered solid incremental
profits within both growth segments. Adjusted EPS of $0.32,
excluding restructuring and one-time tax benefits, was below our
original guidance as previously communicated, with weak energy
maintenance activity and unfavorable segment mix being the primary
drivers. In summary, despite the challenges that persist in Energy,
I am pleased with the progress we are making on our commercial,
operational, and portfolio management strategies.”
Consolidated Results
Consolidated sales for the third quarter were $295 million, 3%
lower than the $305 million in the prior year. Core sales were flat
as foreign currency rate changes reduced sales 2% and net
acquisitions/divestitures were a 1% sales headwind. Fiscal 2017
third quarter net earnings and EPS were $22.5 million, or $0.37,
compared to $21.2 million and $0.36, respectively, in the
comparable prior year quarter. Fiscal 2017 third quarter earnings
included restructuring charges of $0.3 million net of tax, as well
as a $3.2 million one-time income tax benefit which increased EPS
by $0.05. Third quarter 2016 results included restructuring charges
of $2.5 million net of tax, or $0.04 per share. Excluding these
items, adjusted EPS for the third quarter of fiscal 2017 was $0.32
compared to $0.40 in the comparable prior year period (see attached
reconciliation of earnings).
Sales for the nine months ended May 31, 2017 were $820 million,
6% lower than the $874 million in the prior year. Excluding the 1%
negative impact of foreign currency rate changes and 1% benefit of
net acquisitions/divestitures, fiscal 2017 year-to-date core sales
decreased 6%. Fiscal 2017 year-to-date net earnings and EPS were
$32.6 million and $0.54, respectively. The comparable fiscal 2016
year-to-date net loss was $122.6 million or $2.08 per share.
Excluding restructuring charges in both years, the 2017 director
and officer transition charges and one-time income tax benefit, and
fiscal 2016’s impairment charge, fiscal 2017 nine-month adjusted
EPS was $0.64 compared to $0.92 in the comparable prior year period
(see attached reconciliation of earnings).
Segment Results
Industrial Segment
(US $ in millions)
Three Months Ended May 31, Nine Months Ended May 31,
2017 2016 2017 2016 Sales $100.5 $95.8 $279.4 $265.8
Operating Profit $23.7 $21.7 $60.8 $59.0 Adjusted Op Profit (1)
$24.0 $22.5 $62.5 $60.8 Adjusted Op Profit % (1) 23.9% 23.5% 22.4%
22.9% (1) 2017 excludes $0.3 and $1.7 of restructuring charges in
the third quarter and nine months, respectively. 2016 excludes $0.8
and $1.8 of restructuring charges in the third quarter and nine
months, respectively
Third quarter fiscal 2017 Industrial segment sales were $101
million or 5% higher than the prior year. The stronger US dollar
resulted in a 1% currency headwind, resulting in core sales growth
of 6%. The year-over-year improvement reflects broad based
industrial tool demand growth across all geographies. Activity
levels improved across an array of end markets and distribution
channels, including those serving mining, bolting, construction and
other verticals. A modest increase in concrete tensioning product
sales was largely offset by a similarly modest decline in the lumpy
heavy lifting product business. Third quarter adjusted operating
profit margin of 23.9% improved 40 basis points from the prior year
on the higher sales volumes, but was negatively impacted by
duplicative costs and delayed savings associated with the concrete
tensioning facility consolidation.
Energy Segment
(US $ in millions)
Three Months Ended May 31, Nine Months Ended May 31,
2017 2016 2017 2016 Sales $83.5 $101.3 $241.0 $301.3
Operating Profit (Loss) $0.9 $10.8 $3.6 $(115.8) Adjusted Op Profit
(2) $0.9 $12.4 $3.6 $29.9 Adjusted Op Profit % (2) 1.1% 12.3% 1.5%
9.9% (2) 2016 excludes $1.6 and $4.9 of restructuring charges in
the third quarter and nine months, respectively. 2016 YTD also
excludes second quarter fiscal 2016 impairment charges of $140.9
million.
Fiscal 2017 third quarter Energy segment sales declined 18%
year-over-year to $83 million. Excluding the 2% unfavorable impact
of the stronger US dollar, year-over-year core sales declined 16%.
Hydratight’s sales activity continued to see the impact of tight
customer spending controls on maintenance activities which resulted
in cancellations, deferrals and scope reductions, most notably in
the Middle East and Asia Pacific regions. The segment experienced
year-over-year declines in upstream offshore oil & gas related
demand with below average seasonal sequential pick-up. However, the
non-Energy portions of the Cortland business continued to see the
benefit of sales growth. Adjusted profit margins include operating
losses from the upstream offshore oil & gas related product
lines and low labor and tool utilization rates associated with the
sluggish maintenance activity.
Engineered Solutions Segment
(US $ in millions)
Three Months Ended May 31, Nine Months Ended May 31,
2017 2016 2017 2016 Sales $111.4 $108.3 $299.6 $306.5
Operating Profit (Loss) $8.1 $3.7 $10.7 $(37.9) Adjusted Op Profit
(3) $8.2 $4.8 $14.3 $12.3 Adjusted Op Profit % (3) 7.3% 4.4% 4.8%
4.0% (3) 2017 excludes $0.1 and $3.6 of restructuring charges in
the third quarter and nine months, respectively. 2016 excludes $1.1
and $4.5 of restructuring charges in the third quarter and nine
months, respectively. YTD also excludes second quarter 2016
impairment charges of $45.7 million.
Third quarter fiscal 2017 Engineered Solutions segment sales
were $111 million or 3% higher than the prior year. Excluding the
3% unfavorable currency headwind and 2% Sanlo divestiture impact,
year-over-year core sales increased 8%. Fiscal 2017 sales reflect
improving customer production rates across nearly all served
off-highway markets including agriculture and construction, as well
as robust sales to China’s heavy-duty truck OEMs. Third quarter
adjusted operating profit margin improved 290 basis points
year-over-year due to higher volumes and the benefit of prior
restructuring actions.
Corporate Expenses and Income Taxes
Corporate expenses for the third quarter of fiscal 2017 were
$5.4 million, or $2.5 million lower than the comparable prior year
period primarily due to lower M&A transaction expenses.
Excluding the tax benefit on restructuring and one-time income tax
benefit, the third quarter’s effective income tax rate was
approximately -4% compared to 0% for the comparable prior year
period (excluding restructuring).
Outlook
Baker continued, “As we enter the final quarter of the fiscal
year, we remain confident in our strategies and execution on growth
initiatives. We are encouraged by the progress across the
organization in sales effectiveness and lean revitalization
actions. Unfortunately, these advancements are being more than
negated by the impact of the prolonged industry downturn within the
energy business. I believe that the long-term fundamentals of the
maintenance driven portion of the business remain attractive with
its market leading position in a highly fragmented and profitable
niche.
We are committed to taking the actions necessary to right size
the maintenance operation for the current environment and to
maximize available opportunities in the interim. In addition to
these restructuring activities, we are taking action on the most
impactful portfolio management steps including actively pursuing
strategic alternatives for the offshore mooring operation. By
extensively limiting our upstream, offshore activity tied
predominately to exploration and well development, we believe we
will buffer the level of cyclicality and improve long term
profitability and cash flow.
Given the above factors, we now expect full year sales to be
within the range of $1.080-1.090 billion. We currently expect
fiscal 2017 adjusted EPS to be $0.82-0.87, down from $1.10-1.20 as
lower energy maintenance volumes and unfavorable segment sales mix
weigh on margins. Free cash flow is projected to be in the $65-70
million range in fiscal 2017, down from the previous range of
$85-95 million, yet represents conversion of nearly 125% of
adjusted net earnings.
All guidance excludes restructuring and transition costs,
one-time income tax benefits, as well as the impact of potential
future portfolio management actions, acquisitions and share
repurchases.
In summary, our near term focus remains on controlling what we
can by improving our commercial effectiveness and speed to market,
enhancing our lean execution, managing our cost base to current
market conditions, and completing critical portfolio management
actions. We believe that these initiatives will position the
company successfully through cycles regardless of market
conditions.”
Conference Call
Information
An investor conference call is scheduled for 10am CT today, June
21, 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)
May 31, August 31, 2017
2016 ASSETS Current assets Cash and cash
equivalents $ 198,954 $ 179,604 Accounts receivable, net 207,764
186,829 Inventories, net 130,255 130,756 Other current assets
68,478 45,463 Total current assets
605,451 542,652 Property, plant and equipment, net 117,377
114,015 Goodwill 519,793 519,276 Other intangible assets, net
223,286 239,475 Other long-term assets 22,132
23,242 Total assets $ 1,488,039 $ 1,438,660
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities Trade accounts payable $ 127,636 $ 115,051
Accrued compensation and benefits 50,361 46,901 Current maturities
of debt and short-term borrowings 30,000 18,750 Income taxes
payable 8,785 9,254 Other current liabilities 51,924
51,956 Total current liabilities 268,706 241,912
Long-term debt, net 539,252 561,681 Deferred income taxes
32,315 31,356 Pension and postretirement benefit liabilities 24,462
25,667 Other long-term liabilities 51,744
57,094 Total liabilities 916,479 917,710
Shareholders' equity Capital stock 16,026 15,879 Additional paid-in
capital 135,579 114,980 Treasury stock (617,731 ) (617,731 )
Retained earnings 1,292,196 1,259,645 Accumulated other
comprehensive loss (254,510 ) (251,823 ) Stock held in trust (2,134
) (2,646 ) Deferred compensation liability 2,134
2,646 Total shareholders' equity 571,560
520,950 Total liabilities and
shareholders' equity $ 1,488,039 $ 1,438,660
Actuant Corporation Condensed Consolidated Statements of
Operations (Dollars in thousands, except per share
amounts) (Unaudited)
Three Months Ended Nine Months Ended May 31,
May 31, May 31, May 31, 2017
2016 2017 2016 Net sales $
295,427 $ 305,341 $ 820,089 $ 873,641 Cost of products sold
192,623 197,815 536,892
566,524 Gross profit 102,804 107,526 283,197
307,117 Selling, administrative and engineering expenses
70,051 70,120 205,609 210,202 Amortization of intangible assets
5,037 5,567 15,368 17,347 Director & officer transition charges
- - 7,784 - Restructuring charges 384 3,496 5,433 11,458 Impairment
charges - - -
186,511 Operating profit (loss) 27,332 28,343
49,003 (118,401 ) Financing costs, net 7,553 7,253 22,019
21,236 Other expense, net 1,297 751
1,260 1,605 Earnings
(loss) before income tax benefit 18,482 20,339 25,724 (141,242 )
Income tax benefit (4,029 ) (827 )
(6,827 ) (18,666 ) Net earnings (loss) $
22,511 $ 21,166 $ 32,551 $
(122,576 )
Earnings (loss) per share Basic $ 0.38 $
0.36 $ 0.55 $ (2.08 ) Diluted 0.37 0.36 0.54 (2.08 )
Weighted average common shares outstanding Basic 59,675
58,923 59,339 59,034 Diluted 60,402 59,589 60,055 59,034
Actuant Corporation Condensed Consolidated Statements of
Cash Flows (In thousands) (Unaudited)
Three Months Ended Nine Months Ended
May 31, May 31, May 31, May 31,
2017 2016 2017 2016 Operating
Activities Net earnings (loss) $ 22,511 $ 21,166 $ 32,551 $
(122,576 ) Adjustments to reconcile net earnings to net cash
provided by operating activities: Impairment charges net of
deferred tax benefits - - - 169,056 Depreciation and amortization
10,637 11,361 32,262 36,219 Stock-based compensation expense 2,675
1,790 14,852 7,568 Provision (benefit) for deferred income taxes
813 (2,645 ) 1,364 (2,225 ) Amortization of debt issuance costs 418
413 1,244 1,239 Other non-cash adjustments 308 159 1,023 (460 )
Changes in components of working capital and other: Accounts
receivable (1,721 ) (682 ) (22,618 ) 7,755 Inventories 75 10,835
(319 ) 5,436 Trade accounts payable 1,181 1,428 13,457 (3,498 )
Prepaid expenses and other assets 3,707 422 (7,112 ) (7,982 )
Income tax accounts (12,355 ) (8,671 ) (19,922 ) (26,108 ) Accrued
compensation and benefits 7,473 6,011 3,769 3,730 Other accrued
liabilities 1,658 4,541 862
6,837 Cash provided by operating activities
37,380 46,128 51,413 74,991
Investing Activities
Capital expenditures (8,224 ) (4,619 ) (22,919 ) (15,623 ) Proceeds
from sale of property, plant and equipment - 3,999 244 8,635
Business acquisitions, net of cash acquired -
(65,648 ) - (80,674 ) Cash used in investing
activities (8,224 ) (66,268 ) (22,675 ) (87,662 )
Financing Activities Net borrowings (repayments) on
revolving credit facility - - - (210 ) Principal repayments on term
loan (3,750 ) - (11,250 ) - Redemption of 5.625% senior notes (500
) - (500 ) - Purchase of treasury shares - (4,773 ) - (14,125 )
Taxes paid related to the net share settlement of equity awards (79
) (12 ) (999 ) (1,344 ) Stock option exercises, related tax
benefits and other 1,365 3,484 7,963 5,729 Payment of deferred
acquisition consideration (742 ) - (742 ) - Cash dividend -
- (2,358 ) (2,376 ) Cash used in
financing activities (3,706 ) (1,301 ) (7,886 ) (12,326 )
Effect of exchange rate changes on cash 1,614
3,859 (1,502 ) (6,760 ) Net increase
(decrease) in cash and cash equivalents 27,064 (17,582 ) 19,350
(31,757 ) Cash and cash equivalents - beginning of period
171,890 154,671 179,604
168,846 Cash and cash equivalents - end of period $ 198,954
$ 137,089 $ 198,954 $ 137,089
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 $ 100,503 - $ 279,441 ENERGY SEGMENT 113,763 86,224 101,300
91,443 392,730 84,646 72,884 83,480 - 241,010 ENGINEERED SOLUTIONS
SEGMENT 102,378 95,876
108,291 90,318
396,863 93,857 94,337
111,444 - 299,638
TOTAL $ 305,011 $ 263,289 $
305,341 $ 275,769 $ 1,149,410 $
265,793 $ 258,869 $ 295,427
- $ 820,089
% SALES
GROWTH INDUSTRIAL SEGMENT -13 % -16 % -8 % -6 % -11 % -2 % 13 %
5 % - 5 % ENERGY SEGMENT 2 % -14 % 2 % -9 % -5 % -26 % -15 % -18 %
- -20 % ENGINEERED SOLUTIONS SEGMENT -10 % -8 % -8 % -9 % -9 % -8 %
-2 % 3 % - -2 % TOTAL -7 % -13 % -5 % -8 % -8 % -13 % -2 % -3 % -
-6 %
OPERATING PROFIT (LOSS) INDUSTRIAL SEGMENT $
21,263 $ 17,003 $ 22,519 $ 22,144 $ 82,929 $ 19,491 $ 19,037 $
24,019 - $ 62,547 ENERGY SEGMENT 12,124 5,348 12,438 8,941 38,851
3,328 (647 ) 895 - 3,576 ENGINEERED SOLUTIONS SEGMENT 4,937 2,555
4,768 927 13,187 2,834 3,282 8,174 - 14,290 CORPORATE / GENERAL
(8,573 ) (6,928 ) (7,886 )
(5,623 ) (29,010 ) (6,450 )
(6,372 ) (5,372 ) -
(18,194 ) ADJUSTED OPERATING PROFIT $ 29,751 $ 17,978
$ 31,839 $ 26,389 $ 105,957 $ 19,203 $ 15,300 $ 27,716 - $ 62,219
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 ) (384 ) - (5,433 ) 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
$ 27,332 - $ 49,002
ADJUSTED OPERATING PROFIT % INDUSTRIAL SEGMENT
23.9 % 20.9 % 23.5 % 23.6 % 23.0 % 22.3 % 20.8 % 23.9 % - 22.4 %
ENERGY SEGMENT 10.7 % 6.2 % 12.3 % 9.8 % 9.9 % 3.9 % -0.9 % 1.1 % -
1.5 % ENGINEERED SOLUTIONS SEGMENT 4.8 % 2.7 % 4.4 % 1.0 % 3.3 %
3.0 % 3.5 % 7.3 % - 4.8 % ADJUSTED OPERATING PROFIT % 9.8 % 6.8 %
10.4 % 9.6 % 9.2 % 7.2 % 5.9 % 9.4 % - 7.6 %
EBITDA
INDUSTRIAL SEGMENT $ 22,959 $ 18,829 $ 24,686 $ 24,209 $ 90,683 $
21,217 $ 21,064 $ 25,575 - $ 67,856 ENERGY SEGMENT 18,348 10,968
16,819 13,717 59,852 9,108 2,943 4,633 - 16,684 ENGINEERED
SOLUTIONS SEGMENT 8,498 6,882 8,504 5,270 29,154 6,281 7,277 11,716
- 25,274 CORPORATE / GENERAL (8,201 ) (6,552 )
(7,560 ) (5,182 ) (27,495
) (5,879 ) (5,846 ) (4,868 )
- (16,592 ) ADJUSTED EBITDA $ 41,604 $
30,127 $ 42,449 $ 38,014 $ 152,194 $ 30,727 $ 25,438 $ 37,056 - $
93,222 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 ) (384 ) - (5,433 ) DIRECTOR &
OFFICER TRANSITION CHARGES - -
- - -
(7,784 ) - -
- (7,784 ) EBITDA $ 37,224
$ (159,966 ) $ 38,953 $ 29,809
$ (53,980 ) $ 19,995 $ 23,337
$ 36,672 - $ 80,005
ADJUSTED EBITDA % INDUSTRIAL SEGMENT 25.8 % 23.2 %
25.8 % 25.8 % 25.2 % 24.3 % 23.0 % 25.4 % - 24.3 % ENERGY SEGMENT
16.1 % 12.7 % 16.6 % 15.0 % 15.2 % 10.8 % 4.0 % 5.5 % - 6.9 %
ENGINEERED SOLUTIONS SEGMENT 8.3 % 7.2 % 7.9 % 5.8 % 7.3 % 6.7 %
7.7 % 10.5 % - 8.4 % ADJUSTED EBITDA % 13.6 % 11.4 % 13.9 % 13.8 %
13.2 % 11.6 % 9.8 % 12.5 % - 11.4 %
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 22,511 - $ 32,551 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 2,101 384 - 5,433 INCOME TAX
BENEFIT ON RESTRUCTURING CHARGES (1,182 ) (1,185 ) (994 ) (960 )
(4,321 ) (777 ) (564 ) (124 ) - (1,465 ) INCOME TAX BENEFIT
- - -
- - -
- (3,193 ) -
(3,193 ) ADJUSTED EARNINGS $ 18,646 $
12,263 $ 23,668 $ 17,998
$ 72,575 $ 12,040 $ 6,611 $
19,578 $ - $ 38,230
ADJUSTED DILUTED EARNINGS PER SHARE (1) NET EARNINGS (LOSS)
$ 0.26 $ (2.70 ) $ 0.36 $ 0.29 $ (1.78 ) $ 0.08 $ 0.08 $ 0.37 - $
0.54 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 0.01 - 0.09 INCOME TAX BENEFIT ON
RESTRUCTURING CHARGES (0.02 ) (0.02 ) (0.02 ) (0.02 ) (0.07 ) (0.01
) (0.01 ) (0.01 ) - (0.02 ) INCOME TAX BENEFIT -
- - -
- - -
(0.05 ) -
(0.05 ) ADJUSTED DILUTED EARNINGS PER SHARE $ 0.31 $
0.21 $ 0.40 $ 0.30 $ 1.22
$ 0.20 $ 0.11 $ 0.32
$ - $ 0.64
ADJUSTED
EBITDA (2) NET EARNINGS (LOSS) (GAAP MEASURE) $ 15,448 $
(159,190 ) $ 21,166 $ 17,402 $ (105,174 ) $ 4,965 $ 5,074 $ 22,511
- $ 32,551 FINANCING COSTS, NET 7,117 6,866 7,253 7,532 28,768
7,132 7,334 7,553 - 22,019 INCOME TAX EXPENSE (BENEFIT) 2,187
(20,026 ) (827 ) (6,504 ) (25,170 ) (2,998 ) 200 (4,029 ) - (6,827
) DEPRECIATION & AMORTIZATION 12,472
12,384 11,361
11,379 47,596 10,896
10,729 10,637
- 32,262 EBITDA $ 37,224 $
(159,966 ) $ 38,953 $ 29,809 $ (53,980 ) $ 19,995 23,337 36,672 - $
80,005 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
384 - 5,433
ADJUSTED EBITDA $ 41,604 $ 30,127
$ 42,449 $ 38,014 $ 152,194
$ 30,727 25,438
37,056 - $ 93,222
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)
Q4 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 $
0.15 $ 0.20 $ 0.69 $ 0.74 DIRECTOR & OFFICER TRANSITION CHARGES
- - 0.08 0.08 RESTRUCTURING CHARGES 0.03 0.03 0.10 0.10 INCOME TAX
BENEFIT - - (0.05 ) (0.05
) ADJUSTED DILUTED EARNINGS PER SHARE GUIDANCE $ 0.18 $ 0.23
$ 0.82 $ 0.87
RECONCILIATION
OF GAAP CASH FLOW FROM OPERATIONS TO FREE CASH FLOW CASH FLOW
FROM OPERATIONS $ 85 $ 90 CAPITAL EXPENDITURES (30 ) (30 ) OTHER
10 10 FREE CASH FLOW GUIDANCE $
65 $ 70
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/20170621005298/en/
Actuant CorporationKaren BauerCommunications & Investor
Relations Leader262-293-1562
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