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Actuant Corp (ATU) SEC Filing 10-K Annual report for the fiscal year ending Thursday, August 31, 2017

Actuant Corp

CIK: 6955 Ticker: ATU

Exhibit 99.1

Actuant Reports Fourth Quarter and Full Year Fiscal 2017 Results; Provides Fiscal 2018 Guidance

MILWAUKEE--(BUSINESS WIRE)--September 27, 2017--Actuant Corporation (NYSE: ATU) today announced results for its fourth quarter and fiscal year ended August 31, 2017.

Highlights

  • Consolidated sales and core sales were flat with the comparable prior year quarter as foreign currency rate changes increased sales 1% and net acquisition & divestitures were a 1% headwind. Solid core sales growth in both the Industrial and Engineered Solutions segments was offset by difficult market conditions in the Energy segment.
  • GAAP diluted earnings (loss) per share (“EPS”) was $(1.65) in the fourth quarter of fiscal 2017 versus $0.29 in the comparable prior year period. Adjusted EPS was $0.19, which excludes fourth quarter fiscal 2017 restructuring charges as well as impairment and divestiture charges associated with the planned Viking SeaTech sale, compared to adjusted EPS of $0.30 in the comparable prior year period (see Consolidated Results below and the attached reconciliation of earnings).
  • Strong cash flow resulting in the 17th consecutive year of free cash flow conversion in excess of 100% of adjusted net earnings.
  • Signed definitive agreements to sell the Viking SeaTech business to Acteon, a global subsea services provider and acquire Mirage Machines, a $12 million revenue provider of industrial and energy maintenance tools, from Acteon.
  • Introduced fiscal 2018 sales and adjusted EPS guidance in the range of $1.100-1.130 billion and $1.05-$1.15, respectively.

Randy Baker, President and CEO of Actuant, commented, “The fourth quarter came in largely as expected, with continued positive momentum within industrial tools, broad-based OEM production increases within Engineered Solutions, offset by persistent challenges within the served energy markets. The higher volumes delivered solid incremental profits within both Industrial and Engineered Solutions, however, Energy decrementals more than offset these gains. Adjusted EPS of $0.19 was in line with the previously provided guidance range. Most importantly, we delivered strong fourth quarter cash flow, extending our track record of cash conversion in excess of 100% of adjusted net earnings. Also significant was the action taken on reshaping the portfolio, reaching an agreement to divest the offshore mooring business and acquire an attractive tool tuck-in for Hydratight. In summary, while many challenges remain, I am confident in the progress we are making on our commercial, operational, and portfolio management strategies and I want to extend my appreciation to the entire Actuant organization for their hard work and accomplishments in 2017.”


The following information was filed by Actuant Corp (ATU) on Wednesday, September 27, 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-K Annual 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-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Cash Flows (parenthetical)
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Operations
Consolidated Statements Of Shareholders' Equity
Consolidated Statements Of Shareholders' Equity (parenthetical)
Acquisitions
Acquisitions (tables)
Acquisitions - Additional Information (detail)
Basis Of Presentation
Business Segment, Geographic And Customer Information
Business Segment, Geographic And Customer Information (tables)
Business Segment, Geographic And Customer Information - Additional Information (detail)
Capital Stock (tables)
Capital Stock And Share Repurchases
Capital Stock Share Repurchases - Additional Information (details)
Capital Stock(detail)
Changes In Carrying Value Of Goodwill (detail)
Changes In Gross Liability For Unrecognized Tax Benefits, Excluding Interest And Penalties (detail)
Changes In Projected Benefit Obligations, Fair Value Of Plan Assets And Funded Status Of Defined Benefit Pension Plans (detail)
Comitments And Contingencies
Commitments And Contingencies - Additional Information (detail)
Condensed Consolidating Balance Sheets (detail)
Condensed Consolidating Statements Of Cash Flows (detail)
Condensed Consolidating Statements Of Earnings (detail)
Debt
Debt (tables)
Debt - Additional Information (detail)
Derivatives
Derivatives - Additional Information (details)
Derivatives Gain (loss) (tables)
Director & Officer Transition Charges (details)
Director & Officer Transition Charges (notes)
Divestiture Activities
Divestiture Activities- Additional Information (detail)
Divestitures Activities Schedule Of Assets And Liabilities Held For Sale (tables)
Earnings Before Income Taxes, Including Both Continuing And Discontinued Operations (detail)
Employee Benefit Plans
Employee Benefit Plans (tables)
Employee Benefit Plans Employee Benefit Plans - Additional Information (details)
Fair Value Measurements
Fair Value Measurements - Additional Information (detail)
Financial Information From Continuing Operations By Geographic Region (detail)
Funded Status Of Defined Benefit Pension Plans (detail)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (tables)
Goodwill And Other Intangible Assets - Additional Information(detail)
Gross Carrying Value And Accumulated Amortization Of Intangible Assets (detail)
Guarantor Subsidiaries
Guarantor Subsidiaries (tables)
Guarantor Subsidiaries - Additional Information (detail)
Income Tax Expense From Continuing Operations (detail)
Income Taxes
Income Taxes (tables)
Income Taxes - Additional Information (detail)
Leases
Leases - Additional Information (detail)
Long-term Indebtedness (detail)
Net Periodic Benefit Costs (detail)
Proforma Results Of Operations (detail)
Quarterly Financial Data (detail)
Quarterly Financial Data (unaudited)
Quarterly Financial Data (unaudited) (tables)
Quarterly Financial Data - Additional Information (detail)
Reconciliation Of Changes In Accrued Product Warranty And Restructuring (detail)
Reconciliation Of Income Taxes At Federal Statutory Rate To Effective Tax Rate (detail)
Restructuring Charges (details)
Restructuring Charges (notes)
Restructuring Charges (tables)
Stock Plans
Stock Plans (tables)
Stocks Plans - Additional Information (detail)
Summary Of Financial Information By Reportable Segment And Product Line (detail)
Summary Of Restricted Stock Activity (detail)
Summary Of Significant Accounting Policies (policies)
Summary Of Significant Accounting Policies (tables)
Summary Of Significant Accounting Policies - Additional Information (detail)
Summary Of Stock Option Activity (detail)
Summary Of Weighted-average Grant-date Fair Value Of Options, Total Intrinsic Value Of Options Exercised, And Cash Receipts From Options Exercised (detail)
Temporary Differences And Carryforwards Of Deferred Tax Assets And Liabilities (detail)
U.s. Pension Plan Investment Allocations By Asset Category (detail)
Valuation And Qualifying Accounts
Valuation And Qualifying Accounts (detail)
Weighted Average Assumptions Used To Determine Benefit Obligations And Net Periodic Benefit Cost (detail)
Weighted-average Assumptions (detail)
Ticker: ATU
CIK: 6955
Form Type: 10-K Annual Report
Accession Number: 0000006955-17-000038
Submitted to the SEC: Thu Oct 26 2017 5:14:40 PM EST
Accepted by the SEC: Thu Oct 26 2017
Period: Thursday, August 31, 2017
Industry: Misc Industrial And Commercial Machinery And Equipment

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