Actuant reports 1Q results

Author:
Updated:
Original:

Actuant Corp. announced results for its first quarter, which ended Nov. 30.

Total sales declined 4 percent, compared with the prior year, with acquisitions contributing 4 percent, the weaker euro a 1 percent headwind and core sales down 7 percent, the company announced.

Diluted earnings were 49 cents a share, a 2 percent reduction from the prior year’s quarter.

Operating profit margins were 13.6 percent, a 100-basis point reduction from the prior year primarily because of the impact of lower volumes, most notably in the Engineered Solutions segment.

The company is reducing its 2013 full-year sales guidance to $1.6 billion to $1.625 billion and now expects full-year core sales to be down between 1 and 3 percent, compared with the earlier guidance of 3 to 5 percent positive, with the back half up and the first half down, CEO Robert C. Arzbaecher said.

Because of that projection the company is planning for a “flattish” 2013 calendar year, Arzbaecher said.

“We're pretty optimistic that we've seen a big chunk of this,” Arzbaecher said during an earnings call with investors and analysts. “There'll be some more carryover into the second quarter, and then things will moderate and we'll be back to production equals sales. And that's what we didn't see this quarter.”

“Actuant’s first-quarter results reflect our customers’ cautious approaches to spending and managing inventory levels in light of economic uncertainty,” he said in a statement.

“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 90 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 sales for the first quarter were $377 million, 4 percent lower than the $393 million in the comparable prior-year quarter. Core sales declined 7 percent; the weaker euro reduced sales 1 percent and acquisitions contributed 4 percent to total sales.

First-quarter net earnings were $36.3 million, or 49 cents a share, compared with $37.2 million and 50 cents a share, respectively, in the comparable prior-year quarter.

Click here for the full release.

Related

Lowrance Unveils New Sonar and Fishfinder Series

The ActiveTarget Live Sonar views show high-resolution images of fish movements in real time and in greater detail.

Oyster Looks to Expand its Workforce

The U.K. builder continues its recruiting drive for both experienced craftsmen and apprentices.

Finance Provider Goes Digital

Elite Recreational Finance has debuted a new tool to help dealers secure financing and close transactions remotely.

Quick Hits: December 4, 2020

SF Marina rebuilds New England marina; and BoatUS launches recast and recycle contest.

Fusion Unveils Wake Tower Speakers to Premium Signature Series 3 Collection

The new wake speakers are the first to feature five-color LED lighting.

Boot Düsseldorf 2021 Postponed Until Late April

With Covid-19 numbers remaining high across the EU, organizers say the event cannot be held in January.

Galati Goes Virtual

The yacht dealer has unveiled a virtual shopping tool that will help match customers with vessels as most boat shows are cancelled or moved online in the pandemic.

Quick Hits: December 3, 2020

Walter Meloon inducted into Wakeboarding Hall of Fame, and AMI announces virtual conference.