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Actuant Reports Fourth Quarter And Full Year Fiscal 2013 Results; Increases 2014 Guidance

Actuant Corporation (NYSE: ATU) today announced results for its fourth quarter ended August 31, 2013.

  • Fourth quarter GAAP diluted earnings per share from continuing operations (“EPS”) of $0.60, and $0.50 excluding acquisition related costs and a favorable tax adjustment, an increase of 4% year-over-year (see attached reconciliation of earnings.)
  • Core sales were flat and -3% for the fourth quarter and full year, respectively (total sales less the impact of acquisitions, divestitures and foreign currency rate changes) with improving trends throughout the fiscal year.
  • Year-over-year operating profit margin expansion of 70 basis points for the fourth quarter, or 170 basis points excluding acquisition related costs.
  • Cash flow from operations was a robust $78 million for the fourth quarter.
  • Completed the acquisition of Viking SeaTech (“Viking”) for approximately $235 million, adding capabilities serving the deep water oil & gas market.
  • Repurchased 1.3 million common shares in fiscal 2013 for $42 million, including 0.8 million shares for $28 million in the fourth quarter.
  • Increased full year fiscal 2014 guidance with revised sales and EPS ranges of $1.41-1.45 billion and $2.00-2.10, respectively.

Robert C. Arzbaecher, Chairman and CEO of Actuant commented, “We were pleased to finish the year in line with our expectations, with continued sequential core sales improvement, year-over-year margin and EPS growth, and record free cash flow. Consolidated fourth quarter core sales were flat, as overall demand continued to reflect economies around the world struggling to find steady growth. Excluding approximately $0.04 of Viking related acquisition costs and a favorable tax adjustment, fourth quarter EPS of $0.50 increased 4% on a year-over-year basis on improved margins, partially offset by a higher effective tax rate. In the quarter, we demonstrated our continued ability to operate in a stagnant market environment and deliver earnings growth, while still making strategic investments to drive the company's long-term growth strategy.”

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