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Actuant Reports Third Quarter Results; Provides Initial 2013 Outlook

Actuant Corporation (NYSE: ATU) today announced results for its third quarter ended May 31, 2012.

Highlights
  • Diluted earnings per share (“EPS”) increased 18% year-over-year to $0.60 (continuing operations, excluding debt refinancing costs - see attached reconciliation of earnings.)
  • Core sales growth of 4% (total sales less the impact of acquisitions, divestitures and foreign currency rate changes) led by the Energy segment with 23% core growth.
  • Year-over-year operating profit margin expansion of 100 basis points.
  • Cash flow from operations of $77 million.
  • Completed the acquisition of Turotest, establishing an attractive position in the Brazil agriculture and off-highway markets.
  • Introduced full year fiscal 2013 outlook with sales and EPS expected to be $1.665-$1.700 billion and $2.15-$2.30, respectively.

Robert C. Arzbaecher, Chairman and CEO of Actuant commented, “We are pleased with the results for the third quarter. As expected, our growth rates moderated from the strong pace of the past nine quarters. We delivered financial metrics at the high end of our guidance range even with the impact of foreign currency headwinds. Solid results in the U.S. and in our later cycle businesses such as Energy more than offset some end market softness in Europe and China, highlighting the benefit of our diversity. We continue to execute on our strategic growth and operations initiatives and our capital structure has never been in better shape. This gives us confidence in our ability to drive continued strong performance. I want to thank our employees across the globe for their help in delivering another solid quarter.”

Consolidated Results

Consolidated sales for the third quarter were $429 million, 9% higher than the comparable prior year quarter. Core sales increased 4% with acquisitions contributing 8% partially offset by a negative 3% impact of the weaker Euro. Earnings and EPS from continuing operations were $34.4 million and $0.45, respectively, compared to $38.4 million and $0.51 in the comparable prior year quarter. Results for the third quarter of fiscal 2012 include pre-tax debt refinancing costs of $16.8 million, or $0.15 per diluted share after tax. Excluding these costs, fiscal 2012 third quarter EPS from continuing operations of $0.60 was 18% higher than the $0.51 in the prior year quarter. (See attached reconciliation of earnings.)

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