Actuant (ATU) was down nearly 4% Wednesday after reporting third-quarter revenue that failed to meet expectations, though earnings came in higher than estimates.
The Milwaukee-based industrial equipment supplier reported net sales of $295 million and earnings of 45 cents per share. Analysts were expecting the company to report revenue of $301.65 million.
"We are pleased with the continued strong performance of our IT&S segment, which was driven by solid product sales in North America and very strong service sales in the Middle East and North Sea," said CEO Randy Baker. "We continue to take actions to enhance growth and profitability, including driving new product development and executing on our previously announced restructuring actions."
Actuant has underperformed the S&P 500 so far this year, rising 15.1% vs. a 16.4% gain for the wider market.
"Our results this quarter reflect the solid execution of our growth and profitability plans resulting from the hard work of our teams around the world. I appreciate their incredible dedication, which has been instrumental in getting us to where we are today. We are well positioned to become a top-tier industrial tools and services company, and we have a bright future ahead of us," Baker said.