Actuant to Announce Second Quarter Results March 16, 2016; Provides Additional Updates
March 07 2016 - 4:30PM
Business Wire
Actuant Corporation (NYSE:ATU) will conduct and webcast its
quarterly earnings conference call for the fiscal 2016 second
quarter on Wednesday, March 16, 2016 beginning at 10:00 a.m.
CT.
The Company will record a net impairment charge of approximately
$170 million ($2.86 per diluted share) in its second quarter
financial results due to further weakening of near-term capital
spending in the global oil & gas market, as well as ongoing
weakness in off-highway equipment markets. This non-cash charge was
not included in the previously provided earnings guidance.
In addition, the Company stated that its revenue for the second
fiscal quarter of approximately $263 million (versus guidance of
$270-280 million) was negatively impacted by greater than expected
declines across a number of industrial end markets. This includes
capital spending based energy markets, general industrial markets,
as well as off-highway markets where customers continue to reduce
inventory via production cuts in excess of end market demand
declines. The Company is currently evaluating its full year
guidance in light of this weakness, and updated expectations and
commentary will be provided in its second quarter earnings
release.
Finally, the Company completed the acquisition of Larzep S.A.,
based in Mallabia Spain. Larzep, with annual sales of approximately
$7 million, provides hydraulic tools, pumps and accessories for MRO
applications predominately in the European region.
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.
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Actuant CorporationKaren Bauer, 262-293-1562Communications &
Investor Relations Leader
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