Actuant Corporation (NYSE: ATU) today announced results for its first quarter ended November 30, 2012.
- Total sales declined 4% compared to the prior year with acquisitions contributing 4%, the weaker Euro a 1% headwind, and core sales down 7%.
- Diluted earnings per share (“EPS”) were $0.49, a 2% reduction compared to the prior year.
- Operating profit margins were 13.6%, a 100 basis point reduction from the prior year due primarily to the impact of lower volumes, most notably in the Engineered Solutions segment.
- Repurchased 0.3 million shares of common stock for $7 million in the quarter.
- Introduced second quarter EPS guidance in the range of $0.34-0.38 per share.
Robert C. Arzbaecher, Chairman and CEO of Actuant commented, “Actuant’s first quarter results reflect our customers’ cautious approaches to spending and managing inventory levels in light of economic uncertainty. Despite the benefit of prior year acquisitions and continued core growth in both the Industrial and Energy segments, overall revenue declined. This was primarily the result of significant customer production declines across various OEM markets such as heavy-duty truck and off-highway equipment to reduce inventories, as well as weak solar sales in the Electrical segment. During the past ninety days, we initiated both temporary and structural cost reduction actions to allow us to continue to invest in long-term growth while protecting earnings in the current weak environment.”
Consolidated ResultsConsolidated sales for the first quarter were $377 million, 4% lower than the $393 million in the comparable prior year quarter. Core sales declined 7%; the weaker Euro reduced sales 1% while acquisitions contributed 4% to total sales. Fiscal 2013 first quarter net earnings and EPS were $36.3 million, or $0.49 per share, compared to $37.2 million and $0.50, respectively, in the comparable prior year quarter.