Actuant (ATU) Announces Date of Q216 Report; Prelim. Q2 Revenue Lighter than Expected
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Actuant Corporation (NYSE: ATU) will conduct and webcast its quarterly earnings conference call for the fiscal 2016 second quarter on Wednesday, March 16, 2016 beginning at 10:00 a.m. CT.
The Company will record a net impairment charge of approximately $170 million ($2.86 per diluted share) in its second quarter financial results due to further weakening of near-term capital spending in the global oil & gas market, as well as ongoing weakness in off-highway equipment markets. This non-cash charge was not included in the previously provided earnings guidance.
In addition, the Company stated that its revenue for the second fiscal quarter of approximately $263 million (versus guidance of $270-280 million) was negatively impacted by greater than expected declines across a number of industrial end markets. (Consensus estimates called for revenue of $274.5 million.) This includes capital spending based energy markets, general industrial markets, as well as off-highway markets where customers continue to reduce inventory via production cuts in excess of end market demand declines. The Company is currently evaluating its full year guidance in light of this weakness, and updated expectations and commentary will be provided in its second quarter earnings release.
Finally, the Company completed the acquisition of Larzep S.A., based in Mallabia Spain. Larzep, with annual sales of approximately $7 million, provides hydraulic tools, pumps and accessories for MRO applications predominately in the European region.
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