NEW YORK (TheStreet) -- Actuant (ATU) shares closed trading down 2.77% to $23.18 on Wednesday following the release of the company's third quarter financial results before the opening bell today.
The Menomonee Falls, WI-based industrial machinery manufacturer reported earnings of 63 cents per share on revenue that fell 15.4% year over year to $320.1 million.
Analysts on average were expecting the company to report earnings of 52 cents per share on revenue of $322.08 million.
For the current quarter the company issued downside earnings guidance between 26 cents and 31 cents per share on revenue between $290 million and $300 million.
Analysts are expecting the company to report earnings of 46 cents per share on revenue of $306.31 million.
TheStreet Ratings team rates ACTUANT CORP as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate ACTUANT CORP (ATU) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, good cash flow from operations and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including a generally disappointing performance in the stock itself, feeble growth in the company's earnings per share and unimpressive growth in net income."