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Actuant Corp (ATU) SEC Filing 10-Q Quarterly report for the period ending Friday, May 31, 2019

Actuant Corp

CIK: 6955 Ticker: ATU
Exhibit 99.1

Actuant Reports Third Quarter 2019 Results

Third Quarter 2019 Highlights*

  • Total net sales were $295 million for the quarter.  Core sales increased 3% on a year-over-year basis while foreign currency decreased net sales 4% and the impact from acquisitions and divestitures decreased net sales by 6%.
  • The Industrial Tools & Services (“IT&S”) segment achieved third quarter revenues of $167 million and delivered a core net sales increase of 8% year-over-year.
  • The Engineered Components & Systems (“EC&S”) segment achieved revenues of $129 million with a core net sales decrease of 2%.
  • GAAP Operating Margin was 16.0% versus 10.3% in third quarter 2018 (see Consolidated Results below, along with the attached reconciliation of earnings).  Adjusted Operating Margin expanded 280bps over third quarter 2018 to 13.5%, from 10.7%.
  • Adjusted EBITDA Margin increased by 190bps with sustained improvement in operating leverage over the third quarter of 2018.
  • GAAP diluted earnings per share (“EPS”) was $0.52 in the third quarter of fiscal 2019, versus $0.48 in the comparable period in 2018.  Adjusted EPS was $0.45, a 15% improvement over third quarter 2018 adjusted EPS of $0.39.
  • Continued reduction in year-over-year leverage (Net Debt to Adjusted EBITDA), achieving 1.8x at the end of third quarter 2019, down from 2.6x at the end of third quarter 2018.
  • Retaining the remaining Cortland business following a comprehensive sale process and strategic review of Cortland’s future growth opportunities, specifically in the medical business.

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

MILWAUKEE--(BUSINESS WIRE)--June 26, 2019--Actuant Corporation (NYSE: ATU) today announced results for its fiscal 2019 third quarter ended May 31, 2019.


The following information was filed by Actuant Corp (ATU) on Wednesday, June 26, 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)
Basis Of Presentation Schedule Of Property, Plant And Equipment (Details)
Capital Stock (Details)
Capital Stock And Share Repurchase
Capital Stock And Share Repurchase (Tables)
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)
Earnings Per Share And Shareholders' Equity Share Repurchase (Details)
Earnings Per Share And Shareholders' Equity Shareholders' Equity (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)
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)
Ticker: ATU
CIK: 6955
Form Type: 10-Q Quarterly Report
Accession Number: 0000006955-19-000020
Submitted to the SEC: Fri Jun 28 2019 6:32:48 PM EST
Accepted by the SEC: Mon Jul 01 2019
Period: Friday, May 31, 2019
Industry: Misc Industrial And Commercial Machinery And Equipment

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