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Actuant Corp (ATU) SEC Filing 10-Q Quarterly report for the period ending Wednesday, May 31, 2017

Actuant Corp

CIK: 6955 Ticker: ATU

Exhibit 99.1

Actuant Reports Third Quarter Results; Revises Fiscal 2017 Guidance

MILWAUKEE--(BUSINESS WIRE)--June 21, 2017--Actuant Corporation (NYSE: ATU) today announced results for its third quarter ended May 31, 2017.

Highlights

  • Consolidated sales were 3% below the comparable prior year quarter. Foreign currency rate changes reduced sales 2% and net acquisition & divestitures were a 1% headwind. The flat third quarter core sales rate of change reflected solid core growth in both the Industrial and Engineered Solutions segments, offset by difficult market conditions in the Energy segment.
  • GAAP diluted earnings per share (“EPS”) were $0.37 in the third quarter of fiscal 2017 versus $0.36 in the prior year. Adjusted EPS was $0.32, which excludes third quarter fiscal 2017 restructuring charges and one-time income tax benefit of $0.05, compared to adjusted EPS of $0.40 in the comparable prior year period (see Consolidated Results below and the attached reconciliation of earnings).
  • Strong cash flow and good working capital management provide ample liquidity.
  • Implementing significant restructuring activities within the maintenance-driven portion of the Energy segment, and actively pursuing strategic alternatives for energy-related offshore mooring business.
  • Full year sales and adjusted EPS guidance revised to $1.080-1.090 billion and $0.82-$0.87 respectively, reflective of lower energy maintenance activity.

Randy Baker, President and CEO of Actuant, commented, “We had many positive market and strategy execution advancements in the third quarter, but they were not able to offset the difficult conditions that persist within the global energy market. Core sales in the Energy segment declined double digits given continued weak offshore upstream spending, and deterioration in maintenance related activity as customers strive to reduce cash outflows. In contrast, both Industrial and Engineered Solutions grew nicely with improvements in end market demand and customer production levels, along with the benefit of strategic efforts to improve sales effectiveness. These higher volumes delivered solid incremental profits within both growth segments. Adjusted EPS of $0.32, excluding restructuring and one-time tax benefits, was below our original guidance as previously communicated, with weak energy maintenance activity and unfavorable segment mix being the primary drivers. In summary, despite the challenges that persist in Energy, I am pleased with the progress we are making on our commercial, operational, and portfolio management strategies.”


The following information was filed by Actuant Corp (ATU) on Wednesday, June 21, 2017 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Comprehensive Income (loss)
Condensed Consolidated Statements Of Operations
Acquisitions
Acquisitions Acquisitions (details)
Acquisitions Acquisitions - Pro Forma Results Of Operations (tables)
Basis Of Presentation
Basis Of Presentation Basis Of Presentation (details)
Basis Of Presentation Basis Of Presentation (policies)
Capital Stock (details)
Capital Stock And Share Repurchase
Capital Stock And Share Repurchase (tables)
Capital Stock And Share Repurchase Share Repurchase (details)
Changes In Carrying Value Of Goodwill (details)
Condensed Consolidating Balance Sheets (details)
Condensed Consolidating Statements Of Cash Flows (details)
Condensed Consolidating Statements Of Earnings And Comprehensive Income (details)
Contingencies And Litigation
Contingencies And Litigation - Additional Information (details)
Debt
Debt (tables)
Debt - Additional Information (details)
Derivatives
Derivatives Derivatives (tables)
Derivatives Narrative (details)
Director & Officer Transition Charges (details)
Director & Officer Transition Charges (notes)
Divestiture Activities (details)
Divestiture Activities Divestiture Activities (notes)
Fair Value Measurement
Fair Value Measurement - Additional Information (details)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (tables)
Goodwill And Other Intangible Assets - Additional Information (details)
Gross Carrying Amount And Accumulated Amortization Of Other Intangible Assets (details)
Guarantor Subsidiaries
Guarantor Subsidiaries (tables)
Guarantor Subsidiaries - Additional Information (details)
Income Taxes
Income Taxes - Additional Information (details)
Income Taxes Income Taxes (tables)
Long-term Indebtedness (details)
Product Warranty Costs
Product Warranty Costs (tables)
Restructuring Charges (details)
Restructuring Charges (notes)
Restructuring Charges (tables)
Rollforward Of Accrued Product Warranty Reserve (details)
Segment Information
Segment Information (tables)
Summary Of Financial Information By Reportable Segment And Product Line (details)
Ticker: ATU
CIK: 6955
Form Type: 10-Q Quarterly Report
Accession Number: 0000006955-17-000029
Submitted to the SEC: Fri Jul 07 2017 4:08:18 PM EST
Accepted by the SEC: Fri Jul 07 2017
Period: Wednesday, May 31, 2017
Industry: Misc Industrial And Commercial Machinery And Equipment

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