Actuant Corporation (NYSE: ATU) today announced results for its
third quarter ended May 31, 2014.
Highlights
- Total sales increased 10% compared to
the prior year with core sales growth of 3%, (total sales growth
excluding the impact of acquisitions, divestitures and foreign
exchange rates) with foreign currency translation and acquisitions
contributing 2% and 5%, respectively.
- Diluted earnings per share from
continuing operations (“EPS”) were $0.70, including a $0.07 tax
planning benefit not included in guidance, 13% above the prior
year’s $0.62.
- Repurchased 2.2 million shares of
common stock for $74 million in the quarter.
- Acquired Hayes Industries, a $25
million tuck-in addition to our Industrial segment, focused on
infrastructure concrete tensioning.
- Completed the sale and leaseback of $41
million of Viking SeaTech (“Viking”) mooring assets, improving the
ROIC on this recent business acquisition.
- Introduced fourth quarter sales and EPS
guidance of $350-360 million and $0.48-0.53, respectively.
- Subsequent to quarter end, completed
the sale of the recreational vehicle (RV) business for $35 million,
part of ongoing portfolio management.
Mark E. Goldstein, Chief Executive Officer of Actuant commented,
“I am pleased with the results for the third quarter which were in
line with our guidance, including 3% core growth and EPS at the
mid-point of our range, excluding the income tax planning benefit.
Energy and Engineered Solutions both delivered a solid 5% increase
in core sales, while Industrial’s core sales growth rate improved
sequentially. Our targeted margin improvement activities are
progressing, but third quarter results included unfavorable segment
mix, choppy demand, and costs and inefficiencies related to the
facility closures, consolidations and relocations that we are
completing to simplify our business. EPS increased year-over-year
reflecting higher sales and operating earnings, as well as fewer
shares outstanding.”
Consolidated Results
Continuing Operations
Consolidated sales for the third quarter were $378 million, 10%
higher than the $344 million in the comparable prior year quarter.
Core sales increased 3% while acquisitions and foreign currency
translation contributed 5% and 2%, respectively, to total sales.
Fiscal 2014 third quarter net earnings and EPS from continuing
operations were $50.6 million, or $0.70 per share, compared to
$46.1 million and $0.62, respectively, in the comparable prior year
quarter.
Sales for the nine months ended May 31, 2014 were $1,046
million, 10% higher than the $952 million in the comparable prior
year period. Excluding the 5% acquisition and 1% foreign currency
translation benefits, year-to-date core sales increased 4%.
Earnings and EPS for the nine months ended May 31, 2014 were $105.9
million, or $1.44 per diluted share, compared to $102.5 million, or
$1.38 per diluted share for the comparable prior year period.
Discontinued Operations
Results from discontinued operations represent the financial
results of the Electrical business for all periods presented. The
Company completed the sale of the segment on December 13, 2013. The
fiscal 2014 year-to-date earnings include the net gain on the
divestiture, and cash flow includes the net cash proceeds for the
transaction, including approximately $22 million of income taxes on
the gain paid in the third quarter.
Business Divestitures
On June 16, 2014, the Company announced that it sold its RV
business to Drew Industries for approximately $35 million. The
business, included within the Engineered Solutions segment, had
annual revenues of approximately $30 million. The Company expects
to record a net gain of less than $5 million on the divestiture in
its fourth quarter financial results. The Company also divested a
small Viking manpower consulting product line in the third quarter
for net proceeds of less than $1 million.
Segment Results
Industrial Segment
(US $ in millions)
Three Months Ended May 31, Nine Months
Ended May 31, 2014 2013 2014 2013 Sales
$109.8 $111.3 $302.0 $311.4 Operating Profit $34.1 $32.4 $87.5
$85.8 Operating Profit % 31.1% 29.1% 29.0% 27.5%
Third quarter fiscal 2014 Industrial segment sales were $110
million, 1% lower than the prior year. Excluding a 1% increase from
foreign currency translation, core sales declined 2% due to lower
global Integrated Solutions activity compared to the prior year’s
robust levels. Quarterly demand for Enerpac’s industrial tool
product line increased on a year-over-year basis across all
geographic regions for the first time this fiscal year, with the
biggest sequential improvement in North America. Third quarter
operating profit margin of 31.1% increased 200 basis points
year-over-year due to continued favorable sales mix and effective
cost management.
Energy Segment
(US $ in millions)
Three Months Ended
May 31, Nine Months Ended May 31, 2014 2013 2014
2013 Sales $125.2 $99.2 $339.2 $270.7 Operating
Profit $19.9 $19.7 $38.4 $44.8 Operating Profit % 15.9% 19.9% 11.3%
16.5%
Fiscal 2014 third quarter Energy segment sales increased 26%
year-over-year to $125 million. Excluding the 19% benefit from the
Viking acquisition and the favorable 2% foreign currency
translation, core sales increased 5% on a year-over-year basis.
Hydratight experienced solid growth in maintenance activity across
its geographic regions, while Cortland continued to see higher
demand, notably in its oil & gas umbilical and synthetic rope
product lines. While mobilization of several of the previously
delayed Viking contracts started in the quarter and new contract
wins in Asia Pacific have been secured, activity in the North Sea
has softened. Energy segment operating profit margins declined
year-over-year due primarily to acquisition and sales mix, but
improved nearly 700 basis points sequentially from the second
quarter due to higher volumes.
Engineered Solutions Segment
(US $ in millions)
Three Months Ended
May 31, Nine Months Ended May 31, 2014 2013 2014
2013 Sales $143.1 $133.7 $404.3 $370.3 Operating
Profit $13.6 $12.8 $36.3 $28.7 Operating Profit % 9.5% 9.5% 9.0%
7.7%
Third quarter fiscal 2014 Engineered Solutions segment sales
increased 7% from the prior year to $143 million. Excluding the 2%
favorable impact of foreign currency translation, third quarter
core sales increased 5%. Sales benefited from both higher
heavy-duty truck demand, notably in Europe and China, as well as
increased agriculture sales which included new product volume.
Off-highway market demand remains subdued, especially in mining and
defense, but appears to have stabilized. Third quarter operating
profit margins were level with the prior year as the benefit of
higher volumes was offset by certain restructuring costs and
related inefficiencies. However, they improved 210 basis points
sequentially.
Corporate and Income Taxes
Corporate expenses for the third quarter of fiscal 2014 were
$8.8 million, $1.0 million above the comparable prior year period
due primarily to higher employee benefit costs. The Company’s
effective income tax rate for the quarter, excluding the
aforementioned $5.2 million tax planning benefit, was in line with
expectations at 13.2%. This rate was almost double the prior year’s
7.7% due to prior year tax reserve adjustments.
Financial Position
Net debt increased approximately $25 million in the quarter to
$260 million (total debt of $390 million less $130 million of
cash). The Company deployed $74 million during the quarter to
repurchase approximately 2.2 million shares of common stock, and
$30 million to acquire Hayes Industries. Actuant received proceeds
of approximately $41 million from the sale and leaseback of certain
Viking rental fleet assets which was used to reduce debt. At May
31, 2014, the Company had a net debt to EBITDA leverage ratio of
1.0X, and $600 million in revolver availability.
Outlook
Goldstein continued, “Despite experiencing modestly improving
order activity across parts of our business, we have been
disappointed by the tepid end market demand that has persisted in
others. Although we have generated growth on a year-over-year
basis, we do not see enough growth and momentum in markets such as
mining, offshore mooring, and off-highway equipment, among others,
to enable us to meet our original forecast for the fourth quarter.
The recent divestiture of the RV business and Viking product line,
and the acquisition of Hayes, also resulted in a net reduction to
our fourth quarter forecast. We now expect to deliver fiscal 2014
sales and EPS of approximately $1.4 billion and $1.92-1.97,
respectively. This revised guidance also takes into account
continued unfavorable segment sales mix, accelerated cost reduction
and restructuring activities, and a $0.07 per share benefit from
the third quarter tax planning. We now anticipate full year free
cash flow of approximately $175-185 million, which should again
exceed our full year earnings.
This guidance contemplates fourth quarter sales in the $350-360
million range with EPS of $0.48-0.53, compared to $0.46 in the
comparable prior year quarter.
Actuant continues to focus on our core strategies of operational
excellence, high growth market expansion, Growth + Innovation, and
strategic acquisitions. The portfolio management actions this year,
as well as multiple facility moves, are focused on simplifying our
business. We believe this focus, along with our emphasis on the
four macro growth themes of energy, infrastructure, food/farm
productivity and natural resources/sustainability, will position us
to continue to generate sustainable future growth in sales and
earnings."
Conference Call
Information
An investor conference call is scheduled for 10am CT today, June
18, 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)
May 31, August 31, 2014 2013
ASSETS Current assets Cash and cash equivalents $
129,625 $ 103,986 Accounts receivable, net 259,289 219,075
Inventories, net 171,558 142,549 Deferred income taxes 14,855
18,796 Other current assets 30,003 28,228 Assets of discontinued
operations - 272,606 Total current
assets 605,330 785,240 Property, plant and equipment, net
170,453 201,496 Goodwill 765,988 734,952 Other intangible assets,
net 376,249 376,692 Other long-term assets 29,685
20,952 Total assets $ 1,947,705 $
2,119,332
LIABILITIES AND SHAREHOLDERS'
EQUITY Current liabilities Trade accounts payable $ 168,997 $
154,049 Accrued compensation and benefits 50,589 43,800 Current
maturities of debt 3,375 - Income taxes payable 9,403 14,014 Other
current liabilities 62,187 56,899 Liabilities of discontinued
operations - 53,080 Total current
liabilities 294,551 321,842 Long-term debt 386,625 515,000
Deferred income taxes 94,860 115,865 Pension and postretirement
benefit accruals 11,285 20,698 Other long-term liabilities 75,231
65,660 Shareholders' equity Capital stock 15,671 15,399
Additional paid-in capital 87,964 49,758 Treasury stock (288,067 )
(104,915 ) Retained earnings 1,316,673 1,188,685 Accumulated other
comprehensive loss (47,088 ) (68,660 ) Stock held in trust (4,111 )
(3,124 ) Deferred compensation liability 4,111
3,124 Total shareholders' equity 1,085,153
1,080,267 Total liabilities and shareholders'
equity $ 1,947,705 $ 2,119,332
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, 2014 2013
2014 2013 Net sales $ 378,187 $ 344,205
$ 1,045,513 $ 952,482 Cost of products sold 229,637
207,301 640,737 575,032
Gross profit 148,550 136,904 404,776 377,450 Selling,
administrative and engineering expenses 83,498 74,323 244,655
222,521 Amortization of intangible assets 6,272
5,539 18,713 17,542
Operating profit 58,780 57,042 141,408 137,387 Financing
costs, net 5,932 6,229 18,944 18,811 Other expense, net 620
911 3,087 1,518
Earnings from continuing operations before income tax expense
52,228 49,902 119,377 117,058 Income tax expense
1,671 3,825 13,511 14,596
Earnings from continuing operations 50,557 46,077 105,866
102,462 Earnings (loss) from discontinued operations, net of income
taxes - (139,060 ) 22,120
(130,667 ) Net earnings (loss) $ 50,557 $ (92,983 ) $
127,986 $ (28,205 )
Earnings from continuing
operations per share Basic $ 0.72 $ 0.63 $ 1.47 $ 1.40 Diluted
0.70 0.62 1.44 1.38
Earnings (loss) per share Basic $
0.72 $ (1.27 ) $ 1.78 $ (0.39 ) Diluted 0.70 (1.24 ) 1.74 (0.38 )
Weighted average common shares outstanding Basic
70,432 73,133 71,915 72,957 Diluted 71,770 74,787 73,518 74,491
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, 2014
2013 2014 2013 Operating
Activities Net earnings (loss) $ 50,557 $ (92,983 ) $ 127,986 $
(28,205 ) Adjustments to reconcile net earnings (loss) to net cash
provided by operating activities: Depreciation and amortization
14,969 13,892 46,934 42,790 Net loss (gain) on disposal of
businesses - - (26,339 ) - Stock-based compensation expense 3,394
3,379 14,006 10,507 Benefit for deferred income taxes (481 )
(24,531 ) (11,545 ) (30,549 ) Impairment charge - 170,052 - 170,052
Amortization of debt discount and debt issuance costs 423 496 1,406
1,488 Other non-cash adjustments 397 343 (346 ) 171 Changes in
components of working capital and other: Accounts receivable
(31,040 ) (21,312 ) (26,271 ) (25,033 ) Inventories (3,893 ) 11,478
(25,676 ) 7,326 Prepaid expenses and other assets (271 ) (3,409 )
(1,342 ) (4,613 ) Trade accounts payable 14,299 14,752 1,464 (7,529
) Income taxes payable (12,540 ) (2,816 ) (25,939 ) (5,538 )
Accrued compensation and benefits 4,880 (402 ) 8,553 (12,829 )
Other accrued liabilities (4,391 ) 7,008
(9,705 ) (1,768 ) Net cash provided by operating
activities 36,303 75,947 73,186 116,270
Investing
Activities Proceeds from sale of property, plant and equipment
42,028 140 44,036 1,317 Proceeds from sale of businesses, net of
transaction costs 9,387 4,854 252,773 4,854 Capital expenditures
(11,613 ) (7,169 ) (33,839 ) (18,895 ) Business acquisitions, net
of cash acquired (30,500 ) - (30,500 )
(83 ) Net cash provided by (used in) investing activities
9,302 (2,175 ) 232,470 (12,807 )
Financing Activities
Net repayments on revolving credit facilities and other debt - -
(125,000 ) - Principal repayments on term loan - (2,500 ) - (5,000
) Purchase of treasury shares (74,057 ) (4,849 ) (183,152 ) (13,670
) Payment of contingent acquisition consideration (832 ) (2,202 )
(1,585 ) (3,552 ) Stock option exercises and related tax benefits
4,046 7,933 29,849 18,705 Cash dividend - -
(2,919 ) (2,911 ) Net cash provided by (used
in) financing activities (70,843 ) (1,618 ) (282,807 ) (6,428 )
Effect of exchange rate changes on cash (154 )
(1,559 ) 2,790 (3,801 ) Net increase
(decrease) in cash and cash equivalents (25,392 ) 70,595 25,639
93,234 Cash and cash equivalents - beginning of period
155,017 90,823 103,986
68,184 Cash and cash equivalents - end of period $ 129,625
$ 161,418 $ 129,625 $ 161,418
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 $ 302,021 ENERGY SEGMENT 90,769 80,794 99,158 92,651
363,372 107,925 106,031 125,231 339,187 ENGINEERED SOLUTIONS
SEGMENT 115,918 120,675
133,739 123,418
493,750 132,990 128,168
143,147 404,305
TOTAL $ 307,809 $ 300,468 $
344,205 $ 327,260 $ 1,279,742 $
339,556 $ 327,770 $ 378,187
$ 1,045,513
% SALES
GROWTH INDUSTRIAL SEGMENT 1 % 1 % 1 % 1 % 1 % -2 % -5 % -1 % -3
% ENERGY SEGMENT 13 % 2 % 3 % -1 % 4 % 19 % 31 % 26 % 25 %
ENGINEERED SOLUTIONS SEGMENT -10 % -2 % -2 % 4 % -3 % 15 % 6 % 7 %
9 % TOTAL -1 % 0 % 0 % 2 % 0 % 10 % 9 % 10 % 10 %
OPERATING PROFIT (LOSS) INDUSTRIAL SEGMENT $ 27,006 $ 26,350
$ 32,426 $ 31,862 $ 117,644 $ 26,897 $ 26,477 $ 34,123 $ 87,497
ENERGY SEGMENT 15,387 9,677 19,736 18,480 63,280 8,923 9,504 19,936
38,363 ENGINEERED SOLUTIONS SEGMENT 7,625 8,275 12,754 11,674
40,328 13,190 9,548 13,560 36,298 CORPORATE / GENERAL (6,544
) (7,431 ) (7,874 )
(9,258 ) (31,107 ) (5,363 )
(6,548 ) (8,839 ) (20,750
) TOTAL $ 43,474 $ 36,871 $ 57,042
$ 52,758 $ 190,145 $ 43,647
$ 38,981 $ 58,780
$ 141,408
OPERATING PROFIT % INDUSTRIAL
SEGMENT 26.7 % 26.6 % 29.1 % 28.7 % 27.8 % 27.3 % 28.3 % 31.1 %
29.0 % ENERGY SEGMENT 17.0 % 12.0 % 19.9 % 19.9 % 17.4 % 8.3 % 9.0
% 15.9 % 11.3 % ENGINEERED SOLUTIONS SEGMENT 6.6 % 6.9 % 9.5 % 9.5
% 8.2 % 9.9 % 7.4 % 9.5 % 9.0 % TOTAL (INCLUDING CORPORATE) 14.1 %
12.3 % 16.6 % 16.1 % 14.9 % 12.9 % 11.9 % 15.5 % 13.5 %
EBITDA INDUSTRIAL SEGMENT $ 29,033 $ 28,471 $ 34,374 $
33,742 $ 125,620 $ 28,657 $ 27,907 $ 35,426 $ 91,990 ENERGY SEGMENT
19,694 14,278 23,977 22,185 80,134 17,923 18,130 27,898 63,951
ENGINEERED SOLUTIONS SEGMENT 12,047 12,611 16,700 15,659 57,017
17,365 13,581 18,464 49,410 CORPORATE / GENERAL (6,195 )
(6,582 ) (7,556 ) (8,556
) (28,889 ) (5,235 ) (6,202 )
(8,659 ) (20,096 ) TOTAL
$ 54,579 $ 48,778 $ 67,495
$ 63,030 $ 233,882 $ 58,710
$ 53,416 $ 73,129
$ 185,255
EBITDA % INDUSTRIAL SEGMENT 28.7 %
28.8 % 30.9 % 30.3 % 29.7 % 29.1 % 29.8 % 32.3 % 30.5 % ENERGY
SEGMENT 21.7 % 17.7 % 24.2 % 23.9 % 22.1 % 16.6 % 17.1 % 22.3 %
18.9 % ENGINEERED SOLUTIONS SEGMENT 10.4 % 10.5 % 12.5 % 12.7 %
11.5 % 13.1 % 10.6 % 12.9 % 12.2 % TOTAL (INCLUDING CORPORATE) 17.7
% 16.2 % 19.6 % 19.3 % 18.3 % 17.3 % 16.3 % 19.3 % 17.7 %
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 $ 127,986 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 50,557 105,866 INCOME TAX ADJUSTMENTS
- - -
(10,596 ) (10,596 ) -
- -
- TOTAL $ 30,551 $ 25,834 $
46,077 $ 34,519 $ 136,981 $
33,005 $ 22,304 $ 50,557
$ 105,866
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 $ 1.74 LOSS (EARNINGS) FROM DISCONTINUED OPERATIONS, NET
OF INCOME TAX (0.08 ) (0.03 )
1.86 (0.18 ) 1.58
(0.04 ) (0.26 ) -
(0.30 ) EARNINGS FROM CONTINUING OPERATIONS 0.41 0.35 0.62
0.60 1.98 0.44 0.30 0.70 1.44 INCOME TAX ADJUSTMENT -
- - (0.14 )
(0.14 ) - -
- - TOTAL $ 0.41
$ 0.35 $ 0.62 $ 0.46
$ 1.84 $ 0.44 $ 0.30 $
0.70 $ 1.44
EBITDA
(2) NET EARNINGS (LOSS) (GAAP MEASURE) $ 36,343 $ 28,435 $
(92,983 ) $ 58,253 $ 30,048 $ 36,037 $ 41,392 $ 50,557 $ 127,986
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 50,557 105,866 FINANCING COSTS,
NET 6,322 6,260 6,229 6,026 24,837 6,750 6,262 5,932 18,944 INCOME
TAX EXPENSE 5,957 4,814 3,825 776 15,372 2,751 9,089 1,671 13,511
DEPRECIATION & AMORTIZATION 11,749
11,870 11,364 11,113
46,096 16,204
15,761 14,969
46,934 EBITDA - EXCLUDING DISCONTINUED OPERATIONS
(NON-GAAP MEASURE) $ 54,579 $ 48,778 $
67,495 $ 63,030 $ 233,882 $
58,710 $ 53,416 $ 73,129
$ 185,255
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 and
discontinued operations), represent net earnings (loss) and diluted
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 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
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