JPMorgan Downgrades Actuant (ATU) to Underweight
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Actuant Reports Third Quarter Results; Updates Fiscal 2016 Guidance
June 22, 2016 8:00 AM EDTMILWAUKEE--(BUSINESS WIRE)-- Actuant Corporation (NYSE: ATU) today announced results for its third quarter ended May 31, 2016.
Highlights
Consolidated sales were 5% below the comparable prior year quarter, including a positive 2% impact from acquisitions offset by a 1% decline from the stronger US dollar. Core sales declined 6% on a year-over-year basis (total sales excluding the impact of acquisitions, divestitures and foreign currency exchange rates). GAAP diluted earnings per share (EPS) were $0.36 compared to $0.63 in the prior year. Excluding third quarter fiscal 2016 restructuring charges, adjusted EPS was $0.40 (see... More