Skip to main content

Decline in boat sales affects Actuant's outlook

Actuant Corp. says it will report lower-than-expected earnings for the fiscal third quarter due to a recently announced impairment charge, restructuring activities and weaker-than-expected sales.

"Current economic conditions have significantly impacted consumer discretionary spending, resulting in a substantial reduction in recreational boating industry sales," the company said in a statement. "OEM boatbuilders have responded to the sharp drop in end-market demand and high levels of finished goods inventory by temporarily suspending operations as well as eliminating brands and permanently closing facilities."

As a result, Actuant had sales of $290 million and earnings of 6 cents to 8 cents per share (excluding the impairment charge) in the third quarter. This compares to its previously issued guidance of $300 million to $320 million and 12 cents to 20 cents per share, respectively.

Actuant also said its previously issued full-year earnings guidance of 85 cents to $1 per share is no longer applicable. The company will provide an update on its expectations for the year and further information on its third fiscal quarter results, restructuring actions and credit facility amendments, in conjunction with its third-quarter earnings release on June 17.

Headquartered in Butler, Wis., Actuant manufactures hydraulic and electrical tools and supplies, umbilical, rope and cable solutions as well as highly engineered position and motion control systems.

Click here for the full release.

Related

BOB-CONFERENCE

MMTA Sets Date for Conference

The educational Business of Boating Conference will be held in Foxboro, Mass., with in-person and remote attendance options.

AKZONOBEL

AkzoNobel Nominates Board Member

Ben Noteboom is expected to be elected chair to succeed the retiring Nils Andersen.

MARINE-MARKETERS

Neptune Awards Adds Category

“Boat Show Marketing” will recognize promotional efforts for shows, and entries will be accepted until Dec. 18.

WOMEN-SAILING

Sailing Convention for Women Returns

Postponed during Covid, the event will include on-water training, networking opportunities and workshops.

Norm

MBIA Names Board Members

The Michigan Boating Industries Association elected four new directors and named the officers who will serve next year. Also, the 2023 schedule for “Ladies Let’s Go Fishing!” is taking shape.

CL.YACHTS

CL Yachts Expands Dealer Network

The Hong Kong-based builder added retail locations in Australia, Dubai, Singapore and Macau.

LEGEND.BOAT.FIX

Legend Boats Partners With Boat Fix

The Canadian builder will offer the telematics system, which provides tracking, monitoring and 24-7 service, on new models starting next year.

MARINEMAX

MarineMax Establishes Technology Division

The company’s Boatyard and Boatzon units will operate under the new entity, New Wave Innovations.