Actuant (ATU) Tops Q1 EPS by 3c; Bumps Outlook Higher

Actuant (NYSE: ATU) reported Q1 EPS of $0.20, $0.03 better than the analyst estimate of $0.17. Revenue for the quarter came in at $266 million versus the consensus estimate of $267.86 million.

GUIDANCE:

Actuant sees FY2017 EPS of $1.10-$1.30, versus prior guidance of $1.10-$1.20 and the consensus of $1.05. Actuant sees FY2017 revenue of $1.075-1.125 billion.

Randy Baker, President and CEO of Actuant commented, “I’m pleased we met our financial commitments for the first quarter given continued weak conditions in most of our end markets. Core sales comparisons were difficult in Energy given last year’s large Middle East maintenance job, while the other segments experienced tepid but stable demand in the general industrial, agriculture and off-highway markets. Margins reflect the impact of the volume declines, and were in line with our outlook. Excluding restructuring and the previously announced transition charges, EPS of $0.20 modestly exceeded our guidance due to a lower effective income tax rate which we expect to also benefit the remainder of the year. First quarter cash flow was on track and our net debt leverage remains at a reasonable level. In summary, a solid start to the fiscal year. I am proud and appreciative of the efforts and execution of Actuant employees to meet our financial commitments.”

For earnings history and earnings-related data on Actuant (ATU) click here.

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