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Actuant Reports First Quarter Results; Reaffirms Fiscal 2014 Guidance

Stocks in this article: ATU

Actuant Corporation (NYSE: ATU) today announced results for its first quarter ended November 30, 2013.

Highlights

  • Total sales increased 10% compared to the prior year with core sales growth of 5% (total sales excluding the impact of acquisitions, divestitures and foreign exchange rates), acquisitions contributing 6% and unfavorable foreign exchange rate changes of 1%.
  • Diluted earnings per share from continuing operations (“EPS”) were $0.44, a 7% increase compared to the prior year.
  • Strong cash flow from operations of $33 million, up from $12 million in the comparable prior year period.
  • Repurchased 0.4 million shares of common stock for $15 million in the quarter.
  • Introduced second quarter EPS guidance in the range of $0.29-0.33 per share.
  • Completed the previously announced sale of the Electrical segment for $258 million in gross proceeds on December 13, 2013.

Robert C. Arzbaecher, Chairman and CEO of Actuant, commented, “Actuant’s first quarter results met our expectations for sales, earnings and cash flow. Strong core sales growth of 5% was due to significantly higher activity in the Engineered Solutions segment, while Industrial and Energy continued to experience cautious spending patterns by customers. Margins improved in both Industrial and Engineered Solutions, however, Energy experienced the collective impact of unfavorable mix and inefficiencies which we are actively working to address. Our first quarter free cash flow was strong, and we utilized $15 million of it for share buy-backs in the quarter. With the recent proceeds from the divestiture of the Electrical segment, our financial position is very strong and provides substantial capital for future growth.”

Consolidated Results

Continuing Operations

Consolidated sales for the first quarter were $340 million, 10% higher than the $308 million in the comparable prior year quarter. Core sales increased 5%, foreign currency rate changes reduced sales 1%, while acquisitions contributed 6% to total sales. Fiscal 2014 first quarter net earnings and EPS from continuing operations were $33.0 million, or $0.44 per share, compared to $30.6 million and $0.41, respectively, in the comparable prior year quarter.

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