Actuant Corporation (NYSE: ATU) today announced results for its
fourth quarter and fiscal year ended August 31, 2015.
Fourth Quarter
Highlights
- Fourth quarter total sales declined 15%
year-over-year with 8% attributable to the strengthening of the US
dollar. Core sales were down 7% (total sales excluding the impact
of acquisitions, divestitures and foreign currency rate
changes).
- Diluted earnings per share (“EPS”) were
$0.37 in the fourth quarter of fiscal 2015 versus $0.47 in the
prior year, which excluded a $0.04 divestiture gain (see
“Consolidated Results” below and attached reconciliation of
earnings).
- Continued tight cost control with the
year-over-year percentage reduction in selling, administrative and
engineering (SA&E) expense exceeding that of the sales decline
for the second consecutive quarter.
- Strong fourth quarter free cash flow
resulting in full year free cash flow conversion of over 100% of
net earnings for the 15th consecutive year.
- Introduced fiscal 2016 full year sales
and EPS guidance of $1.16-1.20 billion and $1.20-1.40,
respectively, excluding restructuring charges associated with
incremental cost reduction actions.
Robert C. Arzbaecher, Chairman, President and CEO of Actuant
commented, “Fourth quarter sales and operating earnings were in
line with our expectations and reflect the continuing impact of the
downturn across key end markets including energy, agriculture and
general industrial. Our focus remains on tightly managing costs
while continuing to fund our best growth initiatives across the
businesses. On the cost front, we again achieved a year-over-year
percentage reduction in SA&E expense greater than the decline
in revenues. However, gross profit and operating margins in the
fourth quarter were down due to the adverse impact of lower
production and absorption levels associated with inventory
destocking, approximately $3 million of downsizing costs,
unfavorable sales mix, and negative purchase price variances driven
by the stronger US dollar. We were especially pleased with the
strong fourth quarter cash flow which drove our 15th consecutive
year of free cash flow conversion of net earnings in excess of
100%, which provides the fuel for future business growth.
Given our expectations of continued sluggish demand in fiscal
2016, we are undertaking actions to further simplify our business
and rationalize the cost structure. This will position Actuant for
stronger profitable growth as end market demand improves. We expect
fiscal 2016 to be a transformative year for Actuant and I am
excited to be able to launch these important actions to help
achieve our vision.”
Consolidated Results
Consolidated sales for the fourth quarter were $300 million, 15%
below the $354 million in the comparable prior year quarter. Core
sales declined 7%, unfavorable foreign currency exchange rate
changes negatively impacted sales by 8% and the net impact of
acquisitions and divestitures was neutral. Fiscal 2015 fourth
quarter earnings and EPS were $22.1 million, or $0.37 per share,
compared to $35.6 million and $0.51 per share, respectively, in the
comparable prior year quarter. The prior year included $2.8
million, or $0.04 per share gain on the sale of the RV business.
Excluding this item, EPS declined 21% to $0.37 from $0.47 in the
comparable prior year quarter (see attached reconciliation of
earnings).
Sales for the fiscal year ended August 31, 2015 were $1,249
million, 11% lower than the $1,400 million in the prior year.
Excluding the 6% decline from the stronger US dollar and neutral
impact of acquisitions and divestitures, full year core sales
declined 5%. Fiscal 2015 earnings from continuing operations were
$19.9 million or $0.32 per diluted share. Excluding the $84 million
($1.33 per share) second quarter non-cash impairment charge,
earnings and EPS from continuing operations in fiscal 2015 were
$102.5 million, or $1.65 per diluted share, compared to $138.6
million, or $1.91 per diluted share for the prior year, excluding
the aforementioned RV gain (see attached reconciliation of
earnings).
Segment
Results
Industrial Segment
(US $ in millions)
Three Months Ended Year Ended August 31, August 31, 2015
2014 2015 2014 Sales $100.0 $111.9 $402.5 $413.9
Operating Profit $26.3 $32.8 $105.7 $120.2 Operating Profit % 26.3%
29.3% 26.3% 29.1%
Fourth quarter fiscal 2015 Industrial segment sales were $100
million, 11% lower than the comparable prior year period.
Unfavorable currency translation was a 6% headwind, and core sales
declined 5%. Integrated Solutions sales declined on a
year-over-year basis with the wind-down of certain large project
related activity. Industrial Tool demand increased modestly in
Europe but declined overall due to sluggish activity levels across
industrial markets in China and North America, including the impact
of distributor destocking. Sequentially, the North American sales
rate of change improved modestly while China weakened further.
Fourth quarter margins declined year-over-year due to the lower
sales, reduced overhead absorption associated with inventory
reduction actions, and unfavorable purchase price variances
resulting from the stronger US dollar.
Energy Segment
(US $ in millions)
Three Months Ended Year Ended August 31, August 31, 2015
2014 2015 2014 Sales $100.8 $123.2 $411.9 $462.4
Operating (Loss) Profit $9.1 $18.0 $(41.4) $56.4 Adjusted Operating
Profit (1) $9.1 $18.0 $43.0 $56.4 Adjusted Operating Profit % (1)
9.0% 14.7% 10.4% 12.2%
(1) Excludes second quarter fiscal 2015
pre-tax impairment charge of $84.4 million.
Fiscal 2015 fourth quarter Energy segment sales declined 18%
year-over-year to $101 million. Excluding the unfavorable 10%
foreign currency headwind, the 8% core sales decline was in line
with expectations. Cortland continued to experience the impact of
lower customer upstream capital spending, and posted a core sales
reduction in line with its year-to-date pace. Hydratight’s core
sales grew modestly in the quarter reflecting the commencement of
service work on previously deferred maintenance projects, as well
as solid activity levels in the Middle East. Viking core sales
declined as expected, resulting from lower Asia Pacific activity as
certain large mooring projects were completed. Fourth quarter
operating profit margin declined due primarily to the high
decremental margins at Viking, unfavorable mix at Hydratight (more
service, less product and rental), restructuring costs, and lower
production absorption, all of which were partially offset by cost
reduction actions throughout the segment.
Engineered Solutions Segment
(US $ in millions)
Three Months Ended Year Ended August 31, August 31,
2015 2014 2015 2014 Sales $99.5 $119.3 $434.9 $523.6
Operating Profit $3.2 $5.6 $19.8 $41.9 Operating Profit % 3.2% 4.7%
4.6% 8.0%
Fourth quarter fiscal 2015 Engineered Solutions segment sales
were $100 million, 17% below the prior year. Excluding the 1%
decline from the June 2014 RV product line divestiture and the 8%
decrease from the stronger US dollar, core sales were 8% lower
year-over-year. Stronger year-over-year European OEM heavy-duty
truck production benefited core sales growth, however essentially
all other segment end markets experienced weak fourth quarter
demand, partially the result of customer inventory destocking.
Fourth quarter operating profit margin declined year-over-year on
lower volumes and manufacturing absorption, unfavorable purchase
price variance associated with the stronger US dollar, and
restructuring costs.
Corporate and Income Taxes
Corporate expenses of $9.8 million in the fourth quarter of
fiscal 2015 were $1.5 million above the prior year due to an
adverse legal matter and former CEO separation costs. Fourth
quarter income taxes included the benefit of tax planning projects,
favorable provision to return adjustments and other favorable
income tax adjustments.
Financial Position
Net debt at August 31, 2015 was $419 million (total debt of $588
million less $169 million of cash), which was $73 million lower
than the prior quarter end due to strong fourth quarter cash flow.
Partially offsetting this was $7 million of cash used to repurchase
approximately 0.3 million shares of common stock, as well as the
impact of unfavorable foreign currency movements on net debt. At
August 31, 2015, the Company had a net debt to EBITDA leverage
ratio of 2.2 and nearly $600 million in revolver availability under
the newly amended and extended credit agreement.
Outlook
Arzbaecher continued, “Actuant’s fiscal 2016 outlook reflects
the existing weakness in our end markets. The first half in
particular is expected to continue recent core sales trends, but
should give way to sequential improvement in the back half of the
year as well as easier comparisons. In particular, Energy
experienced growth in the first half of fiscal 2015 and is only now
seeing the full brunt of reduced oil & gas prices. We expect
customers in our other segments to exhibit weak first half order
patterns as part of inventory reduction efforts. Finally, foreign
currency headwinds associated with the stronger US dollar will also
be most acute in the early part of the fiscal year due to prior
year comparisons.
We intend to further simplify our business and reduce our cost
structure during the year. We are in the process of taking several
incremental restructuring actions, and the related $25 million of
pre-tax costs will be recognized over the next eighteen months as
we exit certain facilities and reduce organizational complexity.
Given the inherent difficulty in estimating the quarterly timing of
the charges from such actions, we have excluded these charges from
fiscal 2016 earnings guidance, but expect an approximate two year
payback. Our guidance also excludes the impact of potential
acquisitions and stock buybacks, which will be incorporated into
future quarterly guidance updates as they occur.
We currently project full year fiscal 2016 sales in the range of
$1.16 - 1.20 billion, reflecting a core sales decline of 1-4%, and
$40 million of headwind from the stronger US dollar. EPS (excluding
restructuring charges, future stock buybacks and acquisitions) is
expected to be in the range of $1.20-1.40, reflecting the lower
projected sales volume, unfavorable sales mix within the Energy
segment and across our three segments, and a higher effective tax
rate (estimated at 17-19%). Full year free cash flow is expected to
be in the range of $110-120 million. First quarter guidance
includes sales in the $275-285 million range on a 7-9% core sales
decline, and EPS of $0.20-0.25 (excluding restructuring charges,
future stock buybacks and acquisitions).
We are taking specific actions that we expect will help deliver
18% EBITDA margins in fiscal 2018, up from approximately 15% today.
The majority of this improvement will be driven by internal
initiatives such as simplification of organization structures and
the next phase of facility consolidations. In addition, we expect
to benefit from meaningful improvement in end market demand
supplemented by disciplined capital deployment on tuck-in
acquisitions. By focusing on a few critical initiatives, Actuant
should be positioned to achieve double-digit EBITDA CAGR over the
next three years reaching an approximate $300 million run rate by
fiscal 2018.”
In closing, Arzbaecher stated, “Actuant is well-positioned to
provide customers with advanced products and services, while
funding both its internal simplification efforts and growth plans.
The benefit of these actions will become increasingly clear as our
end markets recover. These foundational improvements in our cost
structure, combined with disciplined capital allocation, should
drive increased shareholder value over the long-term.”
Conference Call
Information
An investor conference call is scheduled for 10am CT today,
September 30, 2015. Webcast information and conference call
materials will be made available on the Actuant company website
(www.actuant.com) prior to the start of the call.
Safe Harbor
Certain of the above comments represent forward-looking
statements made pursuant to the provisions of the Private
Securities Litigation Reform Act of 1995. Management cautions that
these statements are based on current estimates of future
performance and are highly dependent upon a variety of factors,
which could cause actual results to differ from these estimates.
Actuant’s results are also subject to general economic conditions,
variation in demand from customers, the impact of geopolitical
activity on the economy, continued market acceptance of the
Company’s new product introductions, the successful integration of
acquisitions, restructuring, operating margin risk due to
competitive pricing and operating efficiencies, supply chain risk,
material and labor cost increases, foreign currency fluctuations
and interest rate risk. See the Company’s Form 10-K filed with the
Securities and Exchange Commission for further information
regarding risk factors. Actuant disclaims any obligation to
publicly update or revise any forward-looking statements as a
result of new information, future events or any other reason.
About Actuant
Corporation
Actuant Corporation is a diversified industrial company serving
customers from operations in more than 30 countries. The Actuant
businesses are leaders in a broad array of niche markets including
branded hydraulic tools and solutions, specialized products and
services for energy markets and highly engineered position and
motion control systems. The Company was founded in 1910 and is
headquartered in Menomonee Falls, Wisconsin. Actuant trades on the
NYSE under the symbol ATU. For further information on Actuant and
its businesses, visit the Company's website at www.actuant.com.
(tables follow)
Actuant Corporation Condensed Consolidated Balance
Sheets (Dollars in thousands) (Unaudited)
August 31,
August 31, 2015 2014 ASSETS
Current assets Cash and cash equivalents $ 168,846 $ 109,012
Accounts receivable, net 193,081 227,008 Inventories, net 142,752
162,620 Deferred income taxes 12,922 11,050 Other current assets
42,788 33,300 Total current assets
560,389 542,990 Property, plant and equipment, net 142,458
169,101 Goodwill 608,256 742,770 Other intangible assets, net
308,762 365,177 Other long-term assets 17,052
36,841 Total assets $ 1,636,917 $ 1,856,879
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities Trade accounts payable $ 118,115 $ 145,798
Accrued compensation and benefits 43,707 52,964 Current maturities
of debt and short-term borrowings 3,969 4,500 Income taxes payable
14,805 38,347 Other current liabilities 54,460
57,512 Total current liabilities 235,056 299,121
Long-term debt 584,309 385,500 Deferred income taxes 72,941 96,970
Pension and postretirement benefit accruals 17,828 15,699 Other
long-term liabilities 53,782 57,878
Total liabilities 963,916 855,168 Shareholders' equity
Capital stock 15,787 15,695 Additional paid-in capital 104,308
93,449 Treasury stock (600,630 ) (388,627 ) Retained earnings
1,367,176 1,349,602 Accumulated other comprehensive loss (213,640 )
(68,408 ) Stock held in trust (4,292 ) (4,083 ) Deferred
compensation liability 4,292 4,083
Total shareholders' equity 673,001 1,001,711
Total liabilities and shareholders' equity $
1,636,917 $ 1,856,879
Actuant
Corporation Condensed Consolidated Statements of
Earnings (Dollars in thousands except per share amounts)
(Unaudited)
Three Months Ended Twelve Months Ended August
31, August 31, August 31, August 31,
2015 2014 2015 2014
Net sales $ 300,384 $ 354,349 $ 1,249,254 $ 1,399,862 Cost
of products sold 193,841 212,253
787,414 852,990 Gross profit 106,543
142,096 461,840 546,872 Selling, administrative and
engineering expenses 71,792 87,438 299,601 332,093 Gain on product
line divestiture - (13,495 ) - (13,495 ) Amortization of intangible
assets 5,970 6,453 24,332 25,166 Impairment charge -
- 84,353 -
Operating profit 28,781 61,700 53,554 203,108 Financing
costs, net 7,374 6,101 28,057 25,045 Other expense, net 595
950 106 4,037
Earnings from continuing operations before income tax
expense 20,812 54,649 25,391 174,026 Income tax expense
(benefit) (1,266 ) 19,062 5,519
32,573 Earnings from continuing operations
22,078 35,587 19,872 141,453 Earnings from discontinued operations,
net of income taxes - - -
22,120 Net earnings $ 22,078 $
35,587 $ 19,872 $ 163,573
Earnings
from continuing operations per share Basic $ 0.37 $ 0.52 $ 0.32
$ 1.99 Diluted 0.37 0.51 0.32 1.95
Earnings per share
Basic $ 0.37 $ 0.52 $ 0.32 $ 2.31 Diluted 0.37 0.51 0.32 2.26
Weighted average common shares outstanding Basic
59,314 68,025 61,262 70,942 Diluted 59,897 69,391 62,055 72,486
Actuant Corporation
Condensed Consolidated Statements of Cash Flows (In
thousands) (Unaudited)
Three Months Ended
Twelve Months Ended August 31, August 31,
August 31, August 31, 2015 2014
2015 2014 Operating Activities Net
earnings $ 22,078 $ 35,587 $ 19,872 $ 163,573
Adjustments to reconcile net earnings to
net cash provided by operating activities:
Depreciation and amortization 13,004 13,701 53,239 60,635 Net gain
on disposal of businesses - (2,813 ) - (29,152 ) Stock-based
compensation expense 2,809 3,109 12,046 17,115 Provision (benefit)
for deferred income taxes (15,887 ) 4,272 (13,939 ) (7,273 )
Impairment charge - - 84,353 - Amortization of debt discount and
debt issuance costs 568 423 1,897 1,829 Other non-cash adjustments
392 178 805 (168 ) Changes in components of working capital and
other: Accounts receivable 24,142 27,607 12,827 1,336 Inventories
11,684 3,761 6,608 (21,915 ) Prepaid expenses and other assets
6,832 5,618 (8,761 ) 4,276 Trade accounts payable (11,523 ) (21,296
) (19,801 ) (19,832 ) Income taxes payable/refundable 36,354
(12,881 ) (11,629 ) (38,820 ) Accrued compensation and benefits
2,620 3,226 (8,944 ) 11,779 Other accrued liabilities (5,385
) (8,444 ) 395 (18,149 ) Cash provided
by operating activities 87,688 52,048 128,968 125,234
Investing Activities Proceeds from sale of property, plant
and equipment 358 238 1,244 44,274 Proceeds from sale of
businesses, net of transaction costs - 36,817 - 289,590 Capital
expenditures (5,282 ) (8,018 ) (22,516 ) (41,857 ) Business
acquisitions, net of cash acquired - -
- (30,500 ) Cash (used in) provided by
investing activities (4,924 ) 29,037 (21,272 ) 261,507
Financing Activities Net borrowings (repayments) on
revolving credit facility 220 - 220 (125,000 ) Principal repayments
on term loan - - (3,375 ) - Proceeds from term loan - - 213,375 -
Redemption of 5.625% Senior Notes (11,941 ) - (11,941 ) - Purchase
of treasury shares (7,376 ) (100,560 ) (212,003 ) (283,712 )
Payment of contingent acquisition consideration - - - (1,585 ) Debt
issuance costs (150 ) - (2,025 ) - Stock option exercises, related
tax benefits and other 350 2,375 5,396 32,224 Cash dividend
- - (2,598 ) (2,919 ) Cash used
in financing activities (18,897 ) (98,185 ) (12,951 ) (380,992 )
Effect of exchange rate changes on cash (3,146 )
(3,513 ) (34,911 ) (723 ) Net increase
(decrease) in cash and cash equivalents 60,721 (20,613 ) 59,834
5,026 Cash and cash equivalents - beginning of period
108,125 129,625 109,012
103,986 Cash and cash equivalents - end of period $ 168,846
$ 109,012 $ 168,846 $ 109,012
ACTUANT CORPORATION SUPPLEMENTAL UNAUDITED DATA FROM
CONTINUING OPERATIONS (Dollars in thousands)
FISCAL 2014 FISCAL 2015 Q1
Q2 Q3 Q4 TOTAL
Q1 Q2 Q3 Q4
TOTAL SALES INDUSTRIAL SEGMENT $ 98,641 $ 93,571 $
109,809 $ 111,880 $ 413,901 $ 102,413 $ 96,488 $ 103,546 $ 100,016
$ 402,463 ENERGY SEGMENT 107,925 106,031 125,231 123,181 462,368
111,522 100,211 99,296 100,846 411,875 ENGINEERED SOLUTIONS SEGMENT
132,990 128,168
143,147 119,288 523,593
113,830 104,306
117,258 99,522
434,916 TOTAL $ 339,556 $ 327,770
$ 378,187 $ 354,349 $ 1,399,862
$ 327,765 $ 301,005 $ 320,100
$ 300,384 $ 1,249,254
% SALES GROWTH INDUSTRIAL SEGMENT -2 % -5 % -1 % 1 % -2 % 4
% 3 % -6 % -11 % -3 % ENERGY SEGMENT 19 % 31 % 26 % 33 % 27 % 3 %
-5 % -21 % -18 % -11 % ENGINEERED SOLUTIONS SEGMENT 15 % 6 % 7 % -3
% 6 % -14 % -19 % -18 % -17 % -17 % TOTAL 10 % 9 % 10 % 8 % 9 % -3
% -8 % -15 % -15 % -11 %
OPERATING PROFIT (LOSS)
INDUSTRIAL SEGMENT $ 26,897 $ 26,477 $ 34,123 $ 32,752 $ 120,249 $
26,705 $ 23,517 $ 29,165 $ 26,267 $ 105,654 ENERGY SEGMENT 8,923
9,504 19,936 18,049 56,412 12,442 8,680 12,774 9,106 43,002
ENGINEERED SOLUTIONS SEGMENT 13,190 9,548 13,560 5,638 41,936 6,278
2,010 8,313 3,188 19,789 CORPORATE / GENERAL (5,363 )
(6,548 ) (8,839 ) (8,234 )
(28,984 ) (7,207 ) (6,301 )
(7,250 ) (9,780 ) (30,538
) TOTAL - EXCLUDING GAIN ON PRODUCT LINE DIVESTITURE AND IMPAIRMENT
CHARGE $ 43,647 $ 38,981 $ 58,780 $ 48,205 $ 189,613 $ 38,218 $
27,906 $ 43,002 $ 28,781 $ 137,907 GAIN ON PRODUCT LINE DIVESTITURE
- - - 13,495 13,495 - - - - - IMPAIRMENT CHARGE -
- - -
- - (84,353
) - -
(84,353 ) TOTAL $ 43,647 $ 38,981 $
58,780 $ 61,700 $ 203,108 $
38,218 $ (56,447 ) $ 43,002 $
28,781 $ 53,554
OPERATING PROFIT
% INDUSTRIAL SEGMENT 27.3 % 28.3 % 31.1 % 29.3 % 29.1 % 26.1 %
24.4 % 28.2 % 26.3 % 26.3 % ENERGY SEGMENT 8.3 % 9.0 % 15.9 % 14.7
% 12.2 % 11.2 % 8.7 % 12.9 % 9.0 % 10.4 % ENGINEERED SOLUTIONS
SEGMENT 9.9 % 7.4 % 9.5 % 4.7 % 8.0 % 5.5 % 1.9 % 7.1 % 3.2 % 4.6 %
TOTAL (INCLUDING CORPORATE) - EXCLUDING GAIN ON PRODUCT LINE
DIVESTITURE AND IMPAIRMENT CHARGE 12.9 % 11.9 % 15.5 % 13.6 % 13.5
% 11.7 % 9.3 % 13.4 % 9.6 % 11.0 %
EBITDA INDUSTRIAL
SEGMENT $ 28,657 $ 27,907 $ 35,426 $ 35,017 $ 127,007 $ 28,715 $
25,534 $ 31,194 $ 27,968 $ 113,411 ENERGY SEGMENT 17,923 18,130
27,898 24,809 88,760 20,011 15,732 19,278 15,348 70,369 ENGINEERED
SOLUTIONS SEGMENT 17,365 13,581 18,464 9,046 58,456 11,514 5,603
12,294 6,635 36,046 CORPORATE / GENERAL (5,235 )
(6,202 ) (8,659 ) (7,916 )
(28,012 ) (7,875 ) (5,111 )
(7,037 ) (8,770 ) (28,793
) TOTAL - EXCLUDING GAIN ON PRODUCT LINE DIVESTITURE AND IMPAIRMENT
CHARGE $ 58,710 $ 53,416 $ 73,129 $ 60,956 $ 246,211 $ 52,365 $
41,758 $ 55,729 $ 41,181 $ 191,033 GAIN ON PRODUCT LINE DIVESTITURE
- - - 13,495 13,495 - - - - - IMPAIRMENT CHARGE -
- - -
- - (84,353
) - -
(84,353 ) TOTAL $ 58,710 $ 53,416 $
73,129 $ 74,451 $ 259,706 $
52,365 $ (42,595 ) $ 55,729 $
41,181 $ 106,680
EBITDA %
INDUSTRIAL SEGMENT 29.1 % 29.8 % 32.3 % 31.3 % 30.7 % 28.0 % 26.5 %
30.1 % 28.0 % 28.2 % ENERGY SEGMENT 16.6 % 17.1 % 22.3 % 20.1 %
19.2 % 17.9 % 15.7 % 19.4 % 15.2 % 17.1 % ENGINEERED SOLUTIONS
SEGMENT 13.1 % 10.6 % 12.9 % 7.6 % 11.2 % 10.1 % 5.4 % 10.5 % 6.7 %
8.3 % TOTAL (INCLUDING CORPORATE) - EXCLUDING GAIN ON PRODUCT LINE
DIVESTITURE AND IMPAIRMENT CHARGE 17.3 % 16.3 % 19.3 % 17.2 % 17.6
% 16.0 % 13.9 % 17.4 % 13.7 % 15.3 %
ACTUANT
CORPORATION SUPPLEMENTAL UNAUDITED DATA
RECONCILIATION OF GAAP MEASURE TO NON-GAAP MEASURES
(Dollars in thousands, except for per share amounts)
FISCAL 2014 FISCAL 2015 Q1
Q2 Q3 Q4 TOTAL
Q1 Q2 Q3 Q4
TOTAL EARNINGS BEFORE SPECIAL ITEMS (1) NET EARNINGS
(LOSS) $ 36,037 $ 41,392 $ 50,557 $ 35,587 $ 163,573 $ 24,674 $
(64,838 ) $ 37,958 $ 22,078 $ 19,872 EARNINGS FROM DISCONTINUED
OPERATIONS, NET OF INCOME TAX (3,032 ) (19,088
) - - (22,120 )
- - -
- - EARNINGS (LOSS) FROM CONTINUING
OPERATIONS 33,005 22,304 50,557 35,587 141,453 24,674 (64,838 )
37,958 22,078 19,872 GAIN ON PRODUCT LINE DIVESTITURE, NET OF
INCOME TAX - - - (2,813 ) (2,813 ) - - - - - IMPAIRMENT CHARGE, NET
OF INCOME TAX - -
- - - -
82,636 - -
82,636 TOTAL $ 33,005 $ 22,304
$ 50,557 $ 32,774 $ 138,640 $
24,674 $ 17,798 $ 37,958 $
22,078 $ 102,508
DILUTED EARNINGS PER SHARE, BEFORE
SPECIAL ITEMS (1)
NET EARNINGS (LOSS) $ 0.48 $ 0.56 $ 0.70 $ 0.51 $ 2.26 $ 0.38 $
(1.05 ) $ 0.63 $ 0.37 $ 0.32 EARNINGS FROM DISCONTINUED OPERATIONS,
NET OF INCOME TAX (0.04 ) (0.26 )
- - (0.31 ) -
- - -
- EARNINGS (LOSS) FROM CONTINUING OPERATIONS
0.44 0.30 0.70 0.51 1.95 0.38 (1.05 ) 0.63 0.37 0.32 GAIN ON
PRODUCT LINE DIVESTITURE, NET OF INCOME TAX - - - (0.04 ) (0.04 ) -
- - - - IMPAIRMENT CHARGE, NET OF INCOME TAX -
- - -
- - 1.33 -
- 1.33 TOTAL $ 0.44
$ 0.30 $ 0.70 $ 0.47
$ 1.91 $ 0.38 $ 0.28 $ 0.63
$ 0.37 $ 1.65
EBITDA
(2) NET EARNINGS (LOSS) (GAAP MEASURE) $ 36,037 $ 41,392 $
50,557 $ 35,587 $ 163,573 $ 24,674 $ (64,838 ) $ 37,958 $ 22,078 $
19,872 EARNINGS FROM DISCONTINUED OPERATIONS, NET OF INCOME TAX
(3,032 ) (19,088 ) -
- (22,120 ) - -
- -
- EARNINGS (LOSS) FROM CONTINUING OPERATIONS 33,005 22,304 50,557
35,587 141,453 24,674 (64,838 ) 37,958 22,078 19,872 FINANCING
COSTS, NET 6,750 6,262 5,932 6,101 25,045 6,191 7,030 7,462 7,374
28,057 INCOME TAX EXPENSE (BENEFIT) 2,751 9,089 1,671 19,062 32,573
7,792 1,980 (2,987 ) (1,266 ) 5,519 DEPRECIATION & AMORTIZATION
16,204 15,761
14,969 13,701 60,635
13,708 13,233 13,296
12,995 53,232 EBITDA -
EXCLUDING DISCONTINUED OPERATIONS (NON-GAAP MEASURE) $ 58,710 $
53,416 $ 73,129 $ 74,451 $ 259,706 $ 52,365 $ (42,595 ) $ 55,729 $
41,181 $ 106,680 GAIN ON PRODUCT LINE DIVESTITURE - - - (13,495 )
(13,495 ) - - - - - IMPAIRMENT CHARGE -
- - - -
- 84,353 -
- 84,353 EBITDA - EXCLUDING GAIN
ON PRODUCT LINE DIVESTITURE AND IMPAIRMENT CHARGE (NON-GAAP
MEASURE) $ 58,710 $ 53,416 $ 73,129
$ 60,956 $ 246,211 $ 52,365 $
41,758 $ 55,729 $ 41,181
$ 191,033
FOOTNOTES NOTE: The total of the
individual quarters may not equal the annual total due to rounding.
(1) Earnings and diluted earnings per share, excluding
special items (discontinued operations, gain on product line
divestiture and impairment charge), represent net earnings (loss)
and diluted earnings (loss) per share per the Condensed
Consolidated Statements of Earnings net of charges or credits for
items to be highlighted for comparability purposes. These measures
should not be considered as an alternative to net earnings (loss)
or diluted earnings (loss) per share as an indicator of the
Company's operating performance. However, this presentation is
important to investors for understanding the operating results of
the current portfolio of Actuant companies. The total of the
individual components may not equal due to rounding. (2)
EBITDA represents net earnings before financing costs, net, income
tax expense, discontinued operations and depreciation &
amortization. EBITDA is not a calculation based upon generally
accepted accounting principles (GAAP). The amounts included in the
EBITDA calculation, however, are derived from amounts included in
the Condensed Consolidated Statements of Earnings data. EBITDA
should not be considered as an alternative to net earnings (loss)
or operating profit (loss) as an indicator of the Company's
operating performance, or as an alternative to operating cash flows
as a measure of liquidity. Actuant has presented EBITDA because it
regularly reviews this as a measure of the Company's ability to
incur and service debt. In addition, EBITDA is used by many of our
investors and lenders, and is presented as a convenience to them.
However, the EBITDA measure presented may not always be comparable
to similarly titled measures reported by other companies due to
differences in the components of the calculation.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20150930005875/en/
Actuant CorporationKaren BauerCommunications & Investor
Relations Leader262-293-1562
Actuant (NYSE:ATU)
Historical Stock Chart
From Apr 2024 to May 2024
Actuant (NYSE:ATU)
Historical Stock Chart
From May 2023 to May 2024