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TheStreet Open House

Actuant Reports Fourth Quarter And Full Year Fiscal 2012 Results

Stocks in this article: ATU

Sales for the year ended August 31, 2012 were $1.61 billion, 11% higher than the $1.45 billion in the prior year. Excluding the 8% impact from acquisitions and negative 2% impact of the weaker Euro, full year core sales increased 5%. Earnings and EPS from continuing operations for the year ended August 31, 2012 were $87.3 million and $1.17, respectively, compared to $124.5 million and $1.68 in the prior year. Fiscal 2012 results include pre-tax debt refinancing costs of $16.8 million, or $0.15 per diluted share after tax and a non-cash asset impairment charge of $62.5 million pre-tax, or $0.76 per diluted share after tax. Excluding these costs, fiscal 2012 EPS from continuing operations of $2.08 was 24% higher than the $1.68 in the prior year. (See attached reconciliation of earnings.)

Commenting on the full year results, Arzbaecher stated, “Fiscal 2012 results illustrate the benefit of Actuant’s diversity and growth oriented business model. We delivered core sales growth for the year of 5% and deployed $70 million in tuck-in acquisitions with a focus on higher growth markets. Adjusted operating profit improved 110 basis points, despite incremental investment in our Growth + Innovation (“G+I”) initiatives. We generated 24% EPS growth, excluding special items, well above our initial 2012 guidance. This was accomplished through a combination of improved sales and operating performance, a stronger capital structure with lower interest expense and outstanding shares, and the benefit of tuck-in acquisitions. This in turn drove record free cash flow and reduced Actuant’s debt to EBITDA leverage to the lowest level in our history. These record results are a testament to the consistent execution of our proven business model and I want to thank Actuant employees across the organization for their efforts in achieving this strong performance.”

 

Segment Results

 

Industrial Segment

(US $ in millions)

 
  Three Months Ended August 31,   Year Ended August 31,
2012   2011 2012   2011
Sales $110.6 $108.9 $419.3 $393.0
Operating Profit $29.5 $28.6 $114.8 $98.4
Operating Profit % 26.6% 26.2% 27.4% 25.0%
 




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