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Actuant Reports Fourth Quarter and Full Year Fiscal 2016 Results; Provides 2017 Guidance
MILWAUKEE--(BUSINESS WIRE)--September 28, 2016--Actuant Corporation (NYSE: ATU) today announced results for its fourth quarter and fiscal year ended August 31, 2016.
Fourth Quarter Highlights
- Fourth quarter total sales declined 8% year-over-year with unfavorable foreign currency exchange rate changes negatively impacting sales by 1%, and the net benefit of acquisitions and divestitures adding 4%. Core sales were 11% lower year-over-year (total sales excluding the impact of acquisitions, divestitures and foreign currency rate changes).
- GAAP diluted earnings per share (“EPS”) were $0.29 in the fourth quarter of fiscal 2016 versus $0.37 in the prior year. Excluding fourth quarter fiscal 2016 restructuring charges of $0.03 per share, and a net $0.02 per share divestiture gain, adjusted EPS was $0.30 (see “Consolidated Results” below and the attached reconciliation of earnings).
- Restructuring activities continued with $3.1 million of pre-tax charges ($0.03 per share) incurred in the fourth quarter related to facility consolidations, structural changes and staffing reductions.
- Divested Sanlo, a $10 million product line in the Engineered Solutions segment, to simplify the portfolio.
- Strong fourth quarter GAAP cash flow from operating activities of $43 million, bringing the full year to $118 million.
- Introduced fiscal 2017 full year sales and EPS guidance of $1.075-1.125 billion and $1.00-1.20, respectively, excluding restructuring charges.
Randy Baker, President and CEO of Actuant, commented, “Fourth quarter sales and adjusted operating results were in line with our expectations. End user demand across our diverse industrial markets appears to be stable at near trough levels. As anticipated, the fourth quarter core sales rate of change was weaker than the third quarter due to further customer destocking within Engineered Solutions and the conclusion of certain large projects within Energy. Margins continued to be adversely impacted by reduced sales volumes, unfavorable business mix and lower production and absorption levels. The pace of restructuring actions remains on track and we have been accelerating lean manufacturing efforts within the businesses to drive additional savings. Our recent acquisitions contributed nicely to the quarter’s financial results. We were especially pleased with the strong fourth quarter cash flow driving our 16th consecutive year of free cash flow conversion of net earnings in excess of 100%, which provides the capital for future growth investments. The divestiture of the Sanlo product line in the quarter demonstrates the measured portfolio shifts we expect to continue in order to build a more resilient Actuant. In summary, in this tepid demand environment our focus remains on tightly managing costs while continuing to invest in our best businesses.”
The following information was filed by Actuant Corp (ATU) on Wednesday, September 28, 2016 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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