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Enerpac Tool Group Reports Fourth Quarter 2019 Results
Fourth Quarter 2019 Highlights*
- Net sales from continuing operations were $158 million for the quarter. Core sales decreased 3% on a year-over-year basis resulting from planned strategic exits as well as softening in certain markets and geographies. Foreign currency decreased net sales an additional 2%.
- GAAP operating margin from continuing operations was 5.1% for the quarter versus 11.7% in the fourth quarter 2018. Adjusted operating margin from continuing operations was flat year-over-year at 12.1%.
- Adjusted EBITDA margin from continuing operations was 14.8% in the fourth quarter of 2019 compared to 15.3% in the comparable prior year period.
- GAAP diluted earnings (loss) per share (“EPS”) from continuing operations was ($0.01) in the fourth quarter of fiscal 2019, versus $0.18 in the comparable period in 2018. Adjusted EPS from continuing operations was $0.21, in both the fourth quarter of fiscal 2019 and 2018.
- Repurchased approximately one million shares of common stock for approximately $22 million and reduced debt in the quarter approximately $15 million, consistent with capital allocation priorities.
- Continued reduction in year-over-year leverage (Net Debt to Adjusted EBITDA), achieving 1.7x at the end of fourth quarter 2019, down from 1.9x at the end of fourth quarter 2018.
- Earlier in the quarter, announced the signing of a definitive agreement with One Rock Capital Partners to sell the Engineered Components & Systems (“EC&S”) segment (excluding Cortland U.S.), which is reflected as discontinued
operations. Continue to expect a calendar 2019 fourth quarter close.
*This news release contains financial measures in accordance with US Generally Accepted Accounting Principles (“GAAP”) in addition to non-GAAP financial measures. Reconciliations of the GAAP to non-GAAP financial measures can be found in the tables accompanying this release.
MILWAUKEE--(BUSINESS WIRE)--September 26, 2019--Enerpac Tool Group, which is the doing business name of Actuant Corporation, (NYSE: ATU) (the “Company”) today announced results for its fiscal 2019 fourth quarter ended August 31, 2019.
The following information was filed by Actuant Corp (EPAC) on Thursday, September 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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