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Actuant Reports Fourth Quarter And Full Year Fiscal 2012 Results

Actuant Corporation (NYSE: ATU) today announced results for its fourth quarter and fiscal year ended August 31, 2012.

  • Fourth quarter diluted earnings per share (“EPS”) of $0.55, an increase of 10% year-over-year. For the full year, EPS increased 24% to $2.08 from $1.68 in the prior year (all periods represent results from continuing operations, excluding special items - see attached reconciliation of earnings.)
  • Core sales growth of 3% and 5% for the fourth quarter and full year, respectively (total sales less the impact of acquisitions, divestitures and foreign currency rate changes) with solid growth in three of the four segments.
  • Year-over-year operating profit margin expansion (excluding the previously announced impairment charge) of 20 basis points for the fourth quarter and 110 basis points for the full year.
  • Cash flow from operations of $53 million for the fourth quarter and a record $182 million for fiscal 2012.
  • Completed the acquisition of CrossControl in the fourth quarter, improving the technology positioning of Maxima. Deployed a total of $70 million on three tuck-in acquisitions during fiscal 2012.
  • Repurchased 2.7 million common shares in fiscal 2012 for $63 million including 0.9 million shares for $24 million in the fourth quarter.
  • Updated full year fiscal 2013 guidance with revised sales and EPS ranges of $1.68-1.72 billion and $2.20-2.30, respectively, excluding the impact of future acquisitions and potential share repurchases.

Robert C. Arzbaecher, Chairman and CEO of Actuant commented, “We closed out fiscal 2012 with fourth quarter results at the high end of our expectations, excluding the impairment charge. As anticipated, core sales growth moderated but was positive in the majority of the portfolio. We successfully converted on this sales growth and achieved a 10% increase in EPS despite the toughest comparables of the year from a foreign currency perspective. Our cash flow was outstanding and helped drive free cash flow to net income conversion in excess of 100% for the 12 th consecutive year.”

Consolidated Results

Consolidated sales for the fourth quarter were $405 million compared to $403 million in the comparable prior year quarter. Core sales increased 3% with acquisitions contributing 2%, offset by the negative 5% impact of the weaker Euro. The fiscal 2012 fourth quarter net loss from continuing operations was $16.5 million, or $0.23 per share compared to net earnings and EPS from continuing operations of $37.3 million and $0.50, respectively, in the comparable prior year quarter. The current year quarter included the previously announced $62.5 million pre-tax ($0.77 per diluted share after tax) non-cash asset impairment charge related to the Mastervolt business. Excluding this charge, fiscal 2012 fourth quarter EPS from continuing operations of $0.55 was 10% higher than the $0.50 in the prior year quarter. (See attached reconciliation of earnings.)

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