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

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 17^th 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.”