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Actuant Corp (ATU) SEC Filing 10-Q Quarterly report for the period ending Thursday, February 28, 2019

Actuant Corp

CIK: 6955 Ticker: ATU

Exhibit 99.1

Actuant Reports Second Quarter 2019 Results

Second Quarter 2019 Highlights*

  • Completed sale of Precision-Hayes International business on December 31, 2018.
  • Announced intent to divest EC&S segment on January 24, 2019.
  • Total net sales were $272 million for the quarter. Core sales increased 7% on a year-over-year basis net of the impact of foreign currency and divestitures, each of which decreased net sales by 4%.
  • The Industrial Tools & Services (“IT&S”) segment achieved second quarter revenues of $150 million and delivered a core sales increase of 12% year-over-year.
  • The Engineered Components & Systems (“EC&S”) segment achieved revenues of $122 million with flat core sales, net of divestitures.
  • GAAP Operating Margin was 6.0% versus 3.6% in second quarter 2018 (see Consolidated Results below, along with the attached reconciliation of earnings). Adjusted Operating Margin expanded 240bps over second quarter 2018, to 8.6% from 6.2%.
  • Adjusted EBITDA Margin increased by 140bps with significant improvement in operating leverage over the second quarter of 2018 resulting in incremental margins in line with our expectations.
  • GAAP diluted earnings per share (“EPS”) was $0.04 in the second quarter of fiscal 2019, versus a diluted loss per share of $0.30 in the comparable period in 2018. Adjusted EPS was $0.19, a 46% improvement over second quarter 2018 adjusted EPS of $0.13.
  • Significant year-over-year reduction of leverage (Net Debt to Adjusted EBITDA) from 3.0x at the end of second quarter 2018 to 2.1x at the end of second quarter 2019.

*This news release contains non-GAAP financial measures in addition to the financial measures in accordance with GAAP. Reconciliations of the GAAP to non-GAAP financial measures can be found in the footnotes to this release.

MILWAUKEE--(BUSINESS WIRE)--March 21, 2019--Actuant Corporation (NYSE: ATU) today announced results for its fiscal 2019 second quarter ended February 28, 2019.

“We continued to execute successfully against our strategic plan, as demonstrated by the strong 12% core growth in our IT&S segment despite weather related challenges in the quarter,” said Randy Baker, President and CEO. “The investments we have made in our commercial processes are yielding results, and we believe IT&S is well positioned for continued growth. Additionally, the restructuring actions we took in 2018, along with the decision to focus solely on standard product in our Heavy Lifting product offering, have provided improved profitability in the current fiscal year. EC&S had a solid quarter as well, driven by solid execution of their plan, core sales growth in the Americas and strong profit improvement.”

Mr. Baker continued, “As we plan for our future as a pure-play industrial tool company, we are focused on delivering world class operating margins aligned with our strategy. To further that objective, we are initiating a restructuring program centered on achieving savings both from the integration of the Enerpac and Hydratight businesses and in our corporate structure by better leveraging and consolidating certain global support functions, facilities and spend. We expect to achieve $12-$15 million of annual savings and anticipate completing these actions within 18-24 months. The one-time total cost of these actions is projected to be $15-$20 million. Additionally, during the quarter, we made significant progress toward optimizing our portfolio of businesses with the announcement of our intent to divest the EC&S segment and closing the sale of Precision-Hayes International and Cortland Fibron. We are confident that focusing on growing our high quality and high margin IT&S business and pursuing this sale is the best way to maximize value for Actuant’s shareholders while securing a positive future for EC&S and its talented employees around the world.”

Consolidated Results

(US$ in millions)

  Three Months Ended Feb 28   Six Months Ended Feb 28
2019   2018 2019   2018
Sales $271.9 $275.2 $564.4 $564.1
Operating Profit $16.4 $9.8 $7.0 $24.5
Adjusted Op Profit $23.3 $17.1 $50.8 $38.4
Adjusted Op Profit % 8.6% 6.2% 9.0% 6.8%
Earnings (Loss) per Share $0.04 $(0.30) $(0.24) $(0.22)
Adjusted Earnings per Share $0.19 $0.13 $0.46 $0.31
Net Income (Loss) $2.8 $(18.2) $(14.7) $(13.0)
EBITDA $23.1 $19.5 $21.8 $44.0
Adjusted EBITDA $30.1 $26.8 $65.6 $57.9
EBITDA % 8.5% 7.1% 3.9% 7.8%
Adjusted EBITDA % 11.1% 9.7% 11.6% 10.3%

The following information was filed by Actuant Corp (ATU) on Thursday, March 21, 2019 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)
Basis Of Presentation
Basis Of Presentation Accounting Policies (Details)
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
Debt (Tables)
Debt - Additional Information (Details)
Derivatives
Derivatives Derivatives (Tables)
Derivatives Narrative (Details)
Divestiture Activities (Details)
Divestiture Activities Assets And Liabilities Held For Sale (Tables)
Divestiture Activities Divestiture Activities (Notes)
Divestiture Activities Schedule Of Assets And Liabilities Held For Sale (Details)
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)
Goodwill And Other Intangible Assets Summary Of Asset Impairment Charges (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)
Restructuring Charges Future Restructuring (Details)
Revenue Recognition Contract With Customer, Asset And Liability (Details)
Revenue Recognition Contract With Customer, Assets And Liabilities (Tables)
Revenue Recognition Disaggregation Of Revenue (Details)
Revenue Recognition Disaggregation Of Revenues (Tables)
Revenue Recognition Revenue From Contract Customers (Notes)
Rollforward Of Accrued Product Warranty Reserve (Details)
Segment Information
Segment Information (Tables)
Summary Of Financial Information By Reportable Segment And Product Line (Details)

Material Contracts, Statements, Certifications & more

Actuant Corp provided additional information to their SEC Filing as exhibits

Ticker: ATU
CIK: 6955
Form Type: 10-Q Quarterly Report
Accession Number: 0000006955-19-000014
Submitted to the SEC: Fri Apr 05 2019 5:18:13 PM EST
Accepted by the SEC: Fri Apr 05 2019
Period: Thursday, February 28, 2019
Industry: Misc Industrial And Commercial Machinery And Equipment

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