Actuant Corporation (NYSE: ATU) today announced results for its
third quarter ended May 31, 2016.
Highlights
- Consolidated sales were 5% below the
comparable prior year quarter, including a positive 2% impact from
acquisitions offset by a 1% decline from the stronger US dollar.
Core sales declined 6% on a year-over-year basis (total sales
excluding the impact of acquisitions, divestitures and foreign
currency exchange rates).
- GAAP diluted earnings per share (“EPS”)
were $0.36 compared to $0.63 in the prior year. Excluding third
quarter fiscal 2016 restructuring charges, adjusted EPS was $0.40
(see “Consolidated Results” below and the attached reconciliation
of earnings).
- Restructuring activities continue to
proceed as planned with $3.5 million of pre-tax charges ($0.04 per
share) incurred in the third quarter related to facility
consolidations, structural changes and staffing reductions.
- Robust free cash flow benefitting from
strong working capital management.
- Repurchased 0.2 million shares of
common stock during the quarter for approximately $5 million.
- Deployed approximately $65 million of
capital on a Middle East region pipeline & process services
strategic tuck-in acquisition to the Hydratight business.
- Updated full year sales and adjusted
EPS guidance, now expected to be approximately $1.150 billion and
$1.20-1.25 per share, respectively (excluding impairment and
restructuring charges).
Randal W. Baker, President and CEO of Actuant commented, “Our
third quarter results came in modestly better than expected and I
am pleased with the execution by our team. The trends by end market
remain largely consistent with prior quarters, with growth in our
maintenance-driven Hydratight business as well as European truck
being more than offset by upstream oil & gas, agriculture and
general industrial weakness. Unfavorable segment sales mix and
manufacturing underabsorption negatively impacted margins in the
quarter. This year’s strategic tuck-in acquisitions were additive
to third quarter sales but neutral to earnings due to related
purchase accounting and acquisition transaction costs. End market
demand remains sluggish, yet we are focused on the items that we
can control, namely accelerating commercial effectiveness,
improving operational execution and carefully managing costs to
enhance shareholder value.”
Consolidated Results
Consolidated sales for the third quarter were $305 million, 5%
lower than the $320 million in the comparable prior year quarter.
Core sales declined 6% while acquisitions added 2% and foreign
currency exchange rate changes reduced sales 1%. Fiscal 2016 third
quarter net earnings were $21.2 million, or $0.36 per share
compared to $38.0 million or $0.63 per share in the comparable
prior year period. Excluding fiscal 2016 restructuring costs, third
quarter fiscal 2016 adjusted EPS was $0.40 compared to $0.63 in the
comparable prior year period (see attached reconciliation of
earnings).
Sales for the nine months ended May 31, 2016 were $874 million,
8% lower than the $949 million in the comparable prior year period.
Excluding the negative 4% impact of foreign currency rate changes,
and 1% benefit from acquisitions, fiscal 2016 year-to-date core
sales decreased 5% from the prior year. The fiscal 2016
year-to-date net loss was $122.6 million or $2.08 per share,
compared to a net loss of $2.2 million or $0.04 per share in the
prior year. Excluding impairment charges in both years, as well as
fiscal 2016 year-to-date pre-tax restructuring charges of $11.5
million, or $0.14 per share, fiscal 2016 year-to-date adjusted EPS
was $0.92 compared to $1.28 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,
2016 2015 2016 2015 Sales $95.8 $103.5 $265.8 $302.4
Operating Profit $21.7 $29.2 $59.0 $79.4 Adjusted Op Profit (1)
$22.5 $29.2 $60.8 $79.4 Adjusted Op Profit % (1) 23.5% 28.2% 22.9%
26.3%
(1) 2016 excludes $0.8 and $1.8 of restructuring charges in the
third quarter and nine months, respectively.
Third quarter fiscal 2016 Industrial segment sales were $96
million, 8% lower than the prior year. Unfavorable currency
translation was a 1% headwind and the Larzep acquisition added 2%,
while core sales declined 9%. Demand remained sluggish globally
across nearly all general industrial end markets, most notably in
the Americas. Third quarter adjusted operating profit margin of
23.5% was in line with expectations given the impact on absorption
of volume declines and inventory reduction efforts, as well as
unfavorable sales mix (larger decline in our most profitable
product lines).
Energy Segment
(US $ in millions)
Three Months Ended May 31, Nine Months Ended May 31,
2016 2015 2016 2015 Sales $101.3 $99.3 $301.3 $311.0
Operating Profit $10.8 $12.8 $(115.8) $(50.5) Adjusted Op Profit
(2) $12.4 $12.8 $29.9 $33.9 Adjusted Op Profit % (2) 12.3% 12.9%
9.9% 10.9%
(2) 2016 excludes $1.6 and $4.9 of restructuring charges in the
third quarter and nine months, respectively. Nine month results
also exclude impairment charges of $140.8 million and $84.4 million
in 2016 and 2015, respectively.
Fiscal 2016 third quarter Energy segment sales increased 2%
year-over-year to $101 million. Excluding the 3% unfavorable impact
of the stronger US dollar, and 5% benefit from the pipeline &
process services acquisition, third quarter year-over-year core
sales were flat. Core sales from our maintenance related business
(Hydratight) increased at a double digit rate against easier
comparisons on a year-over-year basis due to higher MRO and
pipeline connector activity. Other Energy segment sales declined
significantly due to the continued impact of low upstream capital
spending on exploration, drilling, and field development. Third
quarter Energy segment adjusted operating profit margin of 12.3%
declined modestly from the prior year due to both pricing pressures
and underabsorbed costs in our capital spending related product
lines, partially offset by the benefit of cost reduction
actions.
Engineered Solutions Segment
(US $ in millions)
Three Months Ended May 31, Nine Months Ended May 31,
2016 2015 2016 2015 Sales $108.3 $117.3 $306.5 $335.4
Operating Profit $3.7 $8.3 $(37.9) $16.6 Adjusted Op Profit (3)
$4.8 $8.3 $12.3 $16.6 Adjusted Op Profit % (3) 4.4% 7.1% 4.0% 4.9%
(3) 2016 excludes $1.1 and $4.5 of restructuring charges in the
third quarter and nine months, respectively. Nine month results
also exclude 2016 impairment charges of $45.7 million.
Third quarter fiscal 2016 Engineered Solutions segment sales
were $108 million, 8% below the prior year due entirely to the core
sales decline. Heavy duty truck sales into Europe and China
experienced continued modest growth. However, agriculture and
off-highway equipment sales were impacted by low end-user demand as
well as ongoing OEM destocking efforts, and saw sequential declines
in the year-over-year rate of change from second quarter levels.
Third quarter adjusted operating profit declined due to the impact
on absorption of volume declines and inventory reduction efforts,
as well as unfavorable sales mix (larger decline in our most
profitable product lines).
Corporate and Income Taxes
Corporate expenses for the third quarter of fiscal 2016 were
$7.9 million, or $0.6 million higher than the prior year due to
incremental acquisition costs partially offset by the benefit of
cost reduction actions. The effective income tax rate of
approximately 1% for the third quarter of fiscal 2016 (excluding
the tax benefit on restructuring charges) was in line with
expectations and higher than the prior year’s negative 8% which
included the benefit of larger foreign tax credits and favorable
audit resolutions.
Financial Position
Net debt at May 31, 2016 was $451 million (total debt of $588
million less $137 million of cash). The increase in net debt of
approximately $18 million during the quarter was due to $65 million
of cash deployed on acquisitions, coupled with $5 million used to
repurchase 0.2 million shares of common stock, partially offset by
strong third quarter free cash flow. At May 31, 2016, the Company
had net leverage of 2.7X for bank reporting purposes.
Outlook
Baker continued, "We have seen stabilization in several of our
end markets, yet upstream oil & gas and agriculture, in
particular, continue to experience reduced spending, pricing and
unpredictable demand levels. In addition, while our maintenance
driven energy offerings have performed above expectations
throughout the first nine months of fiscal 2016, we caution that
demand is lumpy by region and end customer and we are currently
expecting a lower level of activity in the fiscal fourth quarter
than contemplated in our prior outlook. We are now projecting
fourth quarter sales to be in the $270-280 million range, with
adjusted EPS of $0.28-0.33 based on an anticipated 9-10%
consolidated core sales decline. For the full year, sales are
expected to be approximately $1.150 billion and adjusted EPS in the
range of $1.20-1.25. Our adjusted EPS guidance excludes charges
associated with the previously announced impairment and
restructuring. We are confident in our ability to generate fiscal
2016 free cash flow in excess of 100% of net earnings, and
anticipate free cash flow of approximately $105 million.
Consistent with past practice, all guidance excludes the impact
of potential future acquisitions and share repurchases. I believe
we have significant opportunities within Actuant to enhance
operations, commercial effectiveness and shareholder value. These
are all things we are actively working on and plan to review in
detail with the investment community at our October Investor
Day."
Conference Call
Information
An investor conference call is scheduled for 10am CT today, June
22, 2016. 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. The terms “may,”
“should,” “could,” “anticipate,” “believe,” “estimate,” “expect,”
“objective,” “plan,” “project” and similar expressions are intended
to identify forward-looking statements. Such forward-looking
statements are subject to inherent risks and uncertainties that may
cause actual results or events to differ materially from those
contemplated by such forward-looking statements. 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, 2016 2015
ASSETS Current assets Cash and cash equivalents $
137,089 $ 168,846 Accounts receivable, net 200,102 193,081
Inventories, net 138,456 142,752 Deferred income taxes - 12,922
Other current assets 60,086 42,788
Total current assets 535,733 560,389 Property, plant and
equipment, net 118,228 142,458 Goodwill 529,421 608,256 Other
intangible assets, net 255,921 308,762 Other long-term assets
28,117 17,052 Total assets $
1,467,420 $ 1,636,917
LIABILITIES
AND SHAREHOLDERS' EQUITY Current liabilities Trade accounts
payable $ 120,100 $ 118,115 Accrued compensation and benefits
47,432 43,707 Current maturities of debt and short-term borrowings
15,000 3,969 Income taxes payable 1,249 14,805 Other current
liabilities 58,880 54,460 Total current
liabilities 242,661 235,056 Long-term debt 573,059 584,309
Deferred income taxes 55,532 72,941 Pension and postretirement
benefit accruals 15,689 17,828 Other long-term liabilities
56,630 53,782 Total liabilities 943,571
963,916 Shareholders' equity Capital stock 15,870 15,787
Additional paid-in capital 111,535 104,308 Treasury stock (614,755
) (600,630 ) Retained earnings 1,244,602 1,367,176 Accumulated
other comprehensive loss (233,403 ) (213,640 ) Stock held in trust
(2,963 ) (4,292 ) Deferred compensation liability 2,963
4,292 Total shareholders' equity
523,849 673,001 Total liabilities and
shareholders' equity $ 1,467,420 $ 1,636,917
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, 2016
2015 2016 2015 Net sales $
305,341 $ 320,100 $ 873,641 $ 948,870 Cost of products sold
197,815 201,540 566,524
593,573 Gross profit 107,526 118,560 307,117
355,297 Selling, administrative and engineering expenses
70,120 69,569 210,202 227,809 Amortization of intangible assets
5,567 5,989 17,347 18,362 Restructuring charges 3,496 - 11,458 -
Impairment charges - -
186,511 84,353 Operating profit (loss)
28,343 43,002 (118,401 ) 24,773 Financing costs, net 7,253
7,462 21,236 20,683 Other expense (income), net 751
569 1,605 (489 )
Income (loss) before income tax expense 20,339 34,971 (141,242 )
4,579 Income tax (benefit) expense (827 )
(2,987 ) (18,666 ) 6,785 Net
income (loss) $ 21,166 $ 37,958 $ (122,576 )
$ (2,206 )
Earnings (loss) per share Basic $
0.36 $ 0.64 $ (2.08 ) $ (0.04 ) Diluted 0.36 0.63 (2.08 ) (0.04 )
Weighted average common shares outstanding Basic
58,923 59,617 59,034 61,911 Diluted 59,589 60,243 59,034 61,911
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,
2016 2015 2016 2015 Operating
Activities Net earnings (loss) $ 21,166 $ 37,958 $ (122,576 ) $
(2,206 ) Adjustments to reconcile net loss to net cash provided by
operating activities: Depreciation and amortization 11,361 13,295
36,219 40,235 Stock-based compensation expense 1,790 3,364 7,568
9,237 Benefit (provision) for deferred income taxes (2,645 ) 3,841
(2,225 ) 3,666 Impairment charges net of deferred tax benefits - -
169,056 82,635 Amortization of debt issuance costs 413 483 1,239
1,329 Other non-cash adjustments 159 (44 ) (460 ) 413 Changes in
components of working capital and other: Accounts receivable (682 )
(17,219 ) 7,755 (11,315 ) Inventories 10,835 6,086 5,436 (5,076 )
Prepaid expenses and other assets 422 (2,240 ) (7,982 ) (15,593 )
Trade accounts payable 1,428 4,129 (3,498 ) (8,278 ) Income taxes
payable/refundable (8,671 ) (9,950 ) (26,108 ) (47,983 ) Accrued
compensation and benefits 6,011 1,218 3,730 (9,220 ) Other accrued
liabilities 4,541 (448 ) 6,837
5,780 Cash provided by operating activities 46,128
40,473 74,991 43,624
Investing Activities Proceeds
from sale of property, plant and equipment 3,999 179 8,635 886
Capital expenditures (4,619 ) (4,357 ) (15,623 ) (17,234 ) Business
acquisitions, net of cash acquired (65,648 ) -
(80,674 ) - Cash used in investing activities
(66,268 ) (4,178 ) (87,662 ) (16,348 )
Financing
Activities Net borrowings on revolving credit facility -
(199,000 ) (210 ) - Principal repayments on term loan - (1,125 ) -
(3,375 ) Proceeds from term loan - 213,375 - 213,375 Purchase of
treasury shares (4,773 ) (24,115 ) (14,125 ) (204,627 ) Debt
issuance costs - (1,875 ) - (1,875 ) Taxes paid related to the net
share settlement of equity awards (12 ) (19 ) (1,344 ) (2,344 )
Stock option exercises, related tax benefits and other 3,484 293
5,729 5,046 Cash dividend - -
(2,376 ) (2,598 ) Cash provided by (used in) financing
activities (1,301 ) (12,466 ) (12,326 ) 3,602 Effect of
exchange rate changes on cash 3,859 (3,201 )
(6,760 ) (31,765 ) Net increase (decrease) in cash
and cash equivalents (17,582 ) 20,628 (31,757 ) (887 ) Cash and
cash equivalents - beginning of period 154,671
87,497 168,846 109,012 Cash and
cash equivalents - end of period $ 137,089 $ 108,125
$ 137,089 $ 108,125
ACTUANT CORPORATION
SUPPLEMENTAL UNAUDITED DATA FROM CONTINUING OPERATIONS
(Dollars in thousands)
FISCAL 2015
FISCAL 2016 Q1 Q2 Q3
Q4 TOTAL Q1 Q2
Q3 Q4 TOTAL SALES
INDUSTRIAL SEGMENT $ 102,413 $ 96,488 $ 103,546 $ 100,016 $ 402,463
$ 88,870 $ 81,189 $ 95,750 $ 265,809 ENERGY SEGMENT 111,522 100,211
99,296 100,846 411,875 113,763 86,224 101,300 301,287 ENGINEERED
SOLUTIONS SEGMENT 113,830 104,306
117,258 99,522
434,916 102,378
95,876 108,291
306,545 TOTAL $ 327,765 $ 301,005
$ 320,100 $ 300,384 $
1,249,254 $ 305,011 $ 263,289 $
305,341 $ 873,641
%
SALES GROWTH INDUSTRIAL SEGMENT 4 % 3 % -6 % -11 % -3 % -13 %
-16 % -8 % -12 % ENERGY SEGMENT 3 % -5 % -21 % -18 % -11 % 2 % -14
% 2 % -3 % ENGINEERED SOLUTIONS SEGMENT -14 % -19 % -18 % -17 % -17
% -10 % -8 % -8 % -9 % TOTAL -3 % -8 % -15 % -15 % -11 % -7 % -13 %
-5 % -8 %
OPERATING PROFIT (LOSS) INDUSTRIAL SEGMENT
$ 26,705 $ 23,517 $ 29,165 $ 26,267 $ 105,654 $ 21,263 $ 17,003 $
22,519 $ 60,785 ENERGY SEGMENT 12,442 8,680 12,774 9,106 43,002
12,124 5,348 12,438 29,910 ENGINEERED SOLUTIONS SEGMENT 6,278 2,010
8,313 3,188 19,789 4,937 2,555 4,768 12,260 CORPORATE / GENERAL
(7,207 ) (6,301 ) (7,250 )
(9,780 ) (30,538 ) (8,573 )
(6,928 ) (7,886 )
(23,387 ) ADJUSTED OPERATING PROFIT $ 38,218 $ 27,906 $
43,002 $ 28,781 $ 137,907 $ 29,751 $ 17,978 $ 31,839 $ 79,568
IMPAIRMENT CHARGES - (84,353 ) - - (84,353 ) - (186,511 ) -
(186,511 ) RESTRUCTURING CHARGES - -
- -
- (4,380 ) (3,582 )
(3,496 ) (11,458 ) OPERATING PROFIT $
38,218 $ (56,447 ) $ 43,002 $
28,781 $ 53,554 $ 25,371 $
(172,115 ) $ 28,343 $ (118,401 )
OPERATING PROFIT % INDUSTRIAL SEGMENT 26.1 % 24.4 %
28.2 % 26.3 % 26.3 % 23.9 % 20.9 % 23.5 % 22.9 % ENERGY SEGMENT
11.2 % 8.7 % 12.9 % 9.0 % 10.4 % 10.7 % 6.2 % 12.3 % 9.9 %
ENGINEERED SOLUTIONS SEGMENT 5.5 % 1.9 % 7.1 % 3.2 % 4.6 % 4.8 %
2.7 % 4.4 % 4.0 % ADJUSTED OPERATING PROFIT % 11.7 % 9.3 % 13.4 %
9.6 % 11.0 % 9.8 % 6.8 % 10.4 % 9.1 %
EBITDA
INDUSTRIAL SEGMENT $ 28,715 $ 25,534 $ 31,194 $ 27,968 $ 113,411 $
22,959 $ 18,829 $ 24,686 $ 66,474 ENERGY SEGMENT 20,011 15,732
19,278 15,348 70,369 18,348 10,968 16,819 46,135 ENGINEERED
SOLUTIONS SEGMENT 11,514 5,603 12,294 6,635 36,046 8,498 6,882
8,504 23,884 CORPORATE / GENERAL (7,875 )
(5,111 ) (7,037 ) (8,770 )
(28,793 ) (8,201 ) (6,552 )
(7,560 ) (22,313 ) ADJUSTED
EBITDA $ 52,365 $ 41,758 $ 55,729 $ 41,181 $ 191,033 $ 41,604 $
30,127 $ 42,449 $ 114,180 IMPAIRMENT CHARGES - (84,353 ) - -
(84,353 ) - (186,511 ) - (186,511 ) RESTRUCTURING CHARGES -
- -
- - (4,380 )
(3,582 ) (3,496 ) (11,458
) EBITDA $ 52,365 $ (42,595 ) $ 55,729
$ 41,181 $ 106,680 $ 37,224
$ (159,966 ) $ 38,953 $
(83,789 )
EBITDA % INDUSTRIAL SEGMENT 28.0 % 26.5 %
30.1 % 28.0 % 28.2 % 25.8 % 23.2 % 25.8 % 25.0 % ENERGY SEGMENT
17.9 % 15.7 % 19.4 % 15.2 % 17.1 % 16.1 % 12.7 % 16.6 % 15.3 %
ENGINEERED SOLUTIONS SEGMENT 10.1 % 5.4 % 10.5 % 6.7 % 8.3 % 8.3 %
7.2 % 7.9 % 7.8 % ADJUSTED EBITDA % 16.0 % 13.9 % 17.4 % 13.7 %
15.3 % 13.6 % 11.4 % 13.9 % 13.1 %
ACTUANT CORPORATION
SUPPLEMENTAL UNAUDITED DATA RECONCILIATION OF GAAP
MEASURE TO NON-GAAP MEASURES (Dollars in thousands, except
for per share amounts) FISCAL 2015
FISCAL 2016 Q1 Q2
Q3 Q4 TOTAL Q1
Q2 Q3 Q4 TOTAL
ADJUSTED EARNINGS (1)
NET EARNINGS (LOSS) $ 24,674 $ (64,838 ) $
37,958 $ 22,078 $ 19,872 $ 15,448 $ (159,190 ) $ 21,166 $ (122,576
) IMPAIRMENT CHARGES - 84,353 - - 84,353 - 186,511 - 186,511 INCOME
TAX ON IMPAIRMENT CHARGES - (1,717 ) - - (1,717 ) - (17,455 ) -
(17,455 ) RESTRUCTURING CHARGES - - - - - 4,380 3,582 3,496 11,458
INCOME TAX ON RESTRUCTURING CHARGES - -
- - -
(1,182 ) (1,185 ) (994 )
(3,361 ) ADJUSTED EARNINGS $ 24,674
$ 17,798 $ 37,958 $ 22,078
$ 102,508 $ 18,646 $ 12,263
$ 23,668 $ 54,577
ADJUSTED EARNINGS PER SHARE (1) NET EARNINGS (LOSS) $
0.38 $ (1.05 ) $ 0.63 $ 0.37 $ 0.32 $ 0.26 $ (2.70 ) 0.36 $ (2.08 )
IMPAIRMENT CHARGES - 1.33 - - 1.33 - 3.16 - 3.16 INCOME TAX ON
IMPAIRMENT CHARGES - - - - - - (0.30 ) - (0.30 ) RESTRUCTURING
CHARGES - - - - - 0.07 0.06 0.06 0.19 INCOME TAX ON RESTRUCTURING
CHARGES - - -
- - (0.02 )
(0.02 ) (0.02 )
(0.06 ) ADJUSTED EARNINGS PER SHARE $ 0.38 $ 0.28
$ 0.63 $ 0.37 $ 1.65 $
0.31 $ 0.21 $ 0.40
$ 0.92
EBITDA (2) NET EARNINGS
(LOSS) (GAAP MEASURE) $ 24,674 $ (64,838 ) $ 37,958 $ 22,078 $
19,872 $ 15,448 $ (159,190 ) $ 21,166 $ (122,576 ) FINANCING COSTS,
NET 6,191 7,030 7,462 7,374 28,057 7,117 6,866 7,253 21,236 INCOME
TAX EXPENSE (BENEFIT) 7,792 1,980 (2,987 ) (1,266 ) 5,519 2,187
(20,026 ) (827 ) (18,666 ) DEPRECIATION & AMORTIZATION
13,708 13,233 13,296
12,995 53,232
12,472 12,384 11,361
36,217 EBITDA $ 52,365 $
(42,595 ) $ 55,729 $ 41,181 $ 106,680 $ 37,224 $ (159,966 ) $
38,953 $ (83,789 ) IMPAIRMENT CHARGES - 84,353 - - 84,353 - 186,511
- 186,511 RESTRUCTURING CHARGES - -
- - -
4,380 3,582
3,496 11,458 ADJUSTED
EBITDA $ 52,365 $ 41,758 $ 55,729
$ 41,181 $ 191,033 $ 41,604
$ 30,127 $ 42,449
$ 114,180
FOOTNOTES
NOTE: The total of the individual quarters may not
equal the annual total due to rounding. (1) Adjusted
earnings and adjusted earnings per share represent net earnings
(loss) and earnings (loss) per share per the Condensed Consolidated
Statements of Earnings 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 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
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 calculation, however, are derived from
amounts included in the Condensed Consolidated Statements of
Operations data. 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.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160622005226/en/
Actuant CorporationKaren BauerCommunications & Investor
Relations Leader262-293-1562
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