Enerpac Tool Group (EPAC) Misses Q3 EPS by 18c
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Enerpac Tool Group Reports Third Quarter 2020 Results
June 25, 2020 8:30 AM EDTThird Quarter of Fiscal 2020 Highlights*
Third quarter fiscal 2020 results were heavily impacted by the global economic shutdown (late March, April and May) during the heart of the COVID-19 pandemic and were exacerbated by the oil and gas pricing shock. Liquidity remained intact, leverage (Net Debt to Adjusted EBITDA) at 1.8x, consistent with prior year, interest coverage ratio at 3.6x and available cash unchanged from the previous quarter. Completed the voluntary early redemption of the 5.625% Senior Notes due 2022, announced during the quarter on June 15, 2020, reducing annual interest expense by $10 million at... More