Actuant Schedules Third Quarter Earnings; Provides Acquisition and Other Updates
May 30 2014 - 4:00PM
Business Wire
Actuant Corporation (NYSE:ATU) announced today that it will
conduct and webcast its quarterly earnings conference call for the
fiscal 2014 third quarter on Wednesday, June 18, 2014 beginning at
10:00 a.m. CT.
The Company also announced that it has completed the acquisition
of Hayes Industries, Ltd (“Hayes”) for approximately $31 million,
plus potential future performance related consideration. Privately
held Hayes, based in Sugar Land, Texas, generated approximately $25
million of sales in the most recent year and maintains a leading
U.S. position in the concrete pre- and post-tensioning products
market. Complementing the Industrial segment’s existing Precision
Sure-Lock business, its products include patented encapsulated
anchor systems and wedges that are used in the residential,
commercial, and public-works concrete construction and ground
stabilization markets. Hayes also provides customized extruded
cables for the energy and chemical markets.
Finally, the Company announced that it will be changing its
timing for providing earnings guidance. While it will continue to
provide annual and quarterly sales and earnings guidance, it will
first provide initial annual guidance with its fiscal year-end
earnings release, as is common practice in the industry, and not
with its third quarter earnings, which has been its historical
practice. This decision was made to eliminate duplicate forecasting
processes and to more closely align the timing with the annual
planning process. As such, the Company plans to provide its fiscal
2015 guidance on its year-end earnings release which is scheduled
for October 2, 2014.
About Actuant
Actuant Corporation is a diversified industrial company serving
customers from operations in more than 30 countries. The Actuant
businesses are leaders in a broad array of niche markets including
branded hydraulic tools and solutions; specialized products and
services for energy markets and highly engineered position and
motion control systems. The Company was founded in 1910 and is
headquartered in Menomonee Falls, Wisconsin. Actuant trades on the
NYSE under the symbol ATU. For further information on Actuant and
its businesses, visit the Company's website at www.actuant.com.
Safe Harbor
Certain of the above comments represent forward-looking
statements made pursuant to the provisions of the Private
Securities Litigation Reform Act 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 activities, operating margin risk due
to competitive pricing and operating efficiencies, supply chain
risk, material and labor cost increases, foreign currency
fluctuations and interest rate risk. See the Company’s Form 10-K
filed with the 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.
Actuant CorporationKaren BauerCommunications & Investor
Relations Leader262-293-1562
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