Actuant Corp (ATU) SEC Filing 10-Q Quarterly report for the period ending Thursday, May 31, 2018

Actuant Corp

CIK: 6955 Ticker: ATU

Exhibit 99.1

Actuant Reports Third Quarter Results; Updates Fiscal 2018 Guidance

MILWAUKEE--(BUSINESS WIRE)--June 20, 2018--Actuant Corporation (NYSE: ATU) today announced results for its third quarter ended May 31, 2018.


  • Consolidated sales increased 7% over the comparable prior year quarter with a 4% benefit from foreign currency rate changes and a 1% reduction associated with net acquisitions and divestitures. Third quarter core sales (total sales excluding the impact of acquisitions, divestitures and foreign currency rate changes) increased 4% on a year-over-year basis with strong volumes in both the Engineered Solutions and Industrial segments.
  • GAAP diluted earnings per share (“EPS”) was $0.48 in the third quarter of fiscal 2018 versus $0.37 in the prior year. Excluding third quarter fiscal 2018 one-time items, adjusted EPS was $0.39 (see Consolidated Results below, along with the attached reconciliation of earnings).
  • Strong operating cash flow generation and reduction in net leverage improves capital allocation liquidity.
  • Acquired Equalizer, a small tool product line tuck-in to expand pipe and flange alignment capabilities.
  • Full year fiscal 2018 sales and adjusted EPS guidance updated to $1.17-1.18 billion and $1.03-1.08 (excluding one-time items), respectively.

Randy Baker, President and CEO of Actuant commented, “I’m pleased with Actuant’s performance in the third quarter, delivering both solid sales and earnings growth. We continue to see strong momentum in the industrial tools and OEM component businesses, and global Energy maintenance activity appears to have stabilized. While we continue to experience some pressures from inflation along with commercial and engineering investments to support high service levels and growth, we are realizing the incremental margin benefits of higher volumes and restructuring actions. In summary, I am encouraged by this quarter’s performance and our team’s ability to capitalize on the broad based strong economic backdrop. I want to thank our employees across the globe for their continued commitment and execution.”

Consolidated Results

Consolidated sales for the third quarter were $317 million, 7% higher than the $295 million in the comparable prior year quarter. Core sales improved 4% year-over-year while foreign currency rate changes increased sales 4% and the net impact from the Mirage acquisition net of the Viking divestiture reduced sales by 1%. Fiscal 2018 third quarter net earnings and EPS were $29.0 million, or $0.48, compared to $22.5 million, or $0.37, respectively, in the comparable prior year quarter. Fiscal 2018 third quarter earnings included restructuring charges of $1.2 million (benefit of $0.2 million and zero EPS, after tax) and a $4.9 million ($0.09 per share) benefit related to an adjustment to the original provision for U.S. tax reform based on further IRS clarification. (Note that impacts from tax reform remain provisional and subject to further adjustment.) Third quarter 2017 results included $0.4 million ($0.2 million and zero EPS, after tax) of restructuring charges and a $3.2 million income tax benefit ($0.05 per share). Excluding these items, adjusted EPS for the third quarter of fiscal 2018 was $0.39 compared to $0.32 in the comparable prior year period (see attached reconciliation of earnings).

The following information was filed by Actuant Corp (ATU) on Wednesday, June 20, 2018 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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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 (details)
Acquisitions Schedule Of Assets Acquired And Liabilities Assumed For Business Acquisition (details)
Basis Of Presentation
Basis Of Presentation Basis Of Presentation (details)
Basis Of Presentation Basis Of Presentation (policies)
Basis Of Presentation Schedule Of Accumulated Other Comprehensive Income (loss) (tables)
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 (tables)
Debt - Additional Information (details)
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: 0000006955-18-000027
Submitted to the SEC: Mon Jul 09 2018 5:14:34 PM EST
Accepted by the SEC: Mon Jul 09 2018
Period: Thursday, May 31, 2018
Industry: Misc Industrial And Commercial Machinery And Equipment

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