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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Actuant Corp | NYSE:ATU | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 21.87 | 0 | 01:00:00 |
Second Quarter 2019 Highlights*
*This news release contains non-GAAP financial measures in addition to the financial measures in accordance with GAAP. Reconciliations of the GAAP to non-GAAP financial measures can be found in the footnotes to this release.
Actuant Corporation (NYSE: ATU) today announced results for its fiscal 2019 second quarter ended February 28, 2019.
“We continued to execute successfully against our strategic plan, as demonstrated by the strong 12% core growth in our IT&S segment despite weather related challenges in the quarter,” said Randy Baker, President and CEO. “The investments we have made in our commercial processes are yielding results, and we believe IT&S is well positioned for continued growth. Additionally, the restructuring actions we took in 2018, along with the decision to focus solely on standard product in our Heavy Lifting product offering, have provided improved profitability in the current fiscal year. EC&S had a solid quarter as well, driven by solid execution of their plan, core sales growth in the Americas and strong profit improvement.”
Mr. Baker continued, “As we plan for our future as a pure-play industrial tool company, we are focused on delivering world class operating margins aligned with our strategy. To further that objective, we are initiating a restructuring program centered on achieving savings both from the integration of the Enerpac and Hydratight businesses and in our corporate structure by better leveraging and consolidating certain global support functions, facilities and spend. We expect to achieve $12-$15 million of annual savings and anticipate completing these actions within 18-24 months. The one-time total cost of these actions is projected to be $15-$20 million. Additionally, during the quarter, we made significant progress toward optimizing our portfolio of businesses with the announcement of our intent to divest the EC&S segment and closing the sale of Precision-Hayes International and Cortland Fibron. We are confident that focusing on growing our high quality and high margin IT&S business and pursuing this sale is the best way to maximize value for Actuant’s shareholders while securing a positive future for EC&S and its talented employees around the world.”
Consolidated Results
(US$ in millions)
Three Months Ended Feb 28 Six Months Ended Feb 28 2019 2018 2019 2018 Sales $271.9 $275.2 $564.4 $564.1 Operating Profit $16.4 $9.8 $7.0 $24.5 Adjusted Op Profit $23.3 $17.1 $50.8 $38.4 Adjusted Op Profit % 8.6% 6.2% 9.0% 6.8% Earnings (Loss) per Share $0.04 $(0.30) $(0.24) $(0.22) Adjusted Earnings per Share $0.19 $0.13 $0.46 $0.31 Net Income (Loss) $2.8 $(18.2) $(14.7) $(13.0) EBITDA $23.1 $19.5 $21.8 $44.0 Adjusted EBITDA $30.1 $26.8 $65.6 $57.9 EBITDA % 8.5% 7.1% 3.9% 7.8% Adjusted EBITDA % 11.1% 9.7% 11.6% 10.3%
Segment Results
Industrial Tools & Services Segment (IT&S)
(US$ in millions)
Three Months Ended Feb 28 Six Months Ended Feb 28 2019 2018 2019 2018 Sales $149.5 $137.0 $298.2 $279.0 Operating Profit $26.5 $19.0 $52.9 $39.8 Adjusted Op Profit (1) $26.6 $20.5 $52.9 $42.7 Adjusted Op Profit % (1) 17.8% 15.0% 17.8% 15.3%(1) Excludes minimal restructuring charges in fiscal 2019 compared to $1.5 million in the second quarter of fiscal 2018 and $2.9 million in the six months ended February 28, 2018.
Engineered Components & Systems Segment (EC&S)
(US$ in millions)
Three Months Ended Feb 28 Six Months Ended Feb 28 2019 2018 2019 2018 Sales $122.4 $138.2 $266.3 $285.1 Operating Profit (Loss) $(1.4) $(4.4) $(29.7) $(0.4) Adjusted Op Profit (2) $5.5 $1.2 $14.1 $6.3 Adjusted Op Profit % (2) 4.5% 0.9% 5.3% 2.2%(2) The second quarter of fiscal 2019 excludes $6.9 million of impairment and other divestiture charges. The second quarter of 2018 excludes $3.0 million of impairment and other divestiture charges, along with $2.6 million of restructuring charges. The six months ended February 28, 2019 excludes restructuring charges of $0.4 million and impairment and other divestiture charges of $43.3 million. The six months ended February 28, 2018 excludes restructuring charges of $3.7 million and $3.0 million of impairment and other divestiture charges.
Corporate Expenses and Income Taxes
Balance Sheet and Leverage
(US$ in millions)
Period Ending Feb 28, 2019 Aug 31, 2018 Feb 28, 2018 Cash Balance $170.4 $250.5 $153.6 Debt Balance $485.6 $532.7 $547.3 Net Debt to Adjusted EBITDA 2.1 1.9 3.0Outlook
Mr. Baker concluded, "We are pleased with the strong results we achieved in the first half of fiscal 2019. Going forward, we expect that our ongoing actions to become a world class tool company along with cost reductions achieved through our restructuring program will enable us to drive growth and top-tier profitability. We are also continuing to invest strategically in new product development, commercial effectiveness and operational excellence to further drive value and profitability. We are confident that our strategies will unlock enhanced shareholder value.”
The Company reaffirms its outlook for fiscal year 2019 and provides the following outlook for third quarter 2019:
All guidance excludes restructuring, impairment and divestiture charges, one-time tax adjustments and the impact of potential future acquisitions, dispositions, share repurchases and tariffs.
Conference Call Information
An investor conference call is scheduled for 10am CT today, March 21, 2019. 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 Statement
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. Among other risks and factors, Actuant’s results are 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, tax reform, foreign currency fluctuations and interest rate risk. See the Company’s Form 10-K for the fiscal year ended August 31, 2018 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.
Non-GAAP Financial Information
This press release contains financial measures that are not measures presented in conformity with GAAP. They include EBITDA, Adjusted EBITDA, Adjusted EPS, Adjusted Operating Profit, Free Cash Flow and Net Debt. This press release includes reconciliations of these non-GAAP measures to the most comparable GAAP measure, including in the tables attached to this press release. Management believes these non-GAAP measures are commonly used financial measures for investors to evaluate Actuant’s operating performance and financial position with respect to the periods presented and, when read in conjunction with the condensed consolidated financial statements, present a useful tool to evaluate ongoing operations and provide investors with metrics they can use to evaluate aspects of the Company’s performance from period to period. In addition, these are some of the factors management uses in internal evaluations of the overall performance of the Company’s business. Management acknowledges that there are many items that impact a company’s reported results and the adjustments reflected in these non-GAAP measures are not intended to present all items that may have impacted these results. In addition, these non-GAAP measures are not necessarily comparable to similarly-titled measures used by other companies.
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) February 28, August 31, 2019 2018 ASSETS Current assets Cash and cash equivalents $ 170,388 $ 250,490 Accounts receivable, net 210,174 187,749 Inventories, net 161,646 156,356 Assets held for sale 56,113 23,573 Other current assets 54,863 42,732 Total current assets 653,184 660,900 Property, plant and equipment, net 83,132 90,220 Goodwill 480,208 512,412 Other intangible assets, net 150,035 181,037 Other long-term assets 36,498 36,769 Total assets $ 1,403,057 $ 1,481,338 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Trade accounts payable $ 122,486 $ 130,838 Accrued compensation and benefits 37,402 54,508 Current maturities of debt 30,000 30,000 Income taxes payable 8,548 4,091 Liabilities held for sale 20,820 44,225 Other current liabilities 58,871 67,299 Total current liabilities 278,127 330,961 Long-term debt, net 455,573 502,695 Deferred income taxes 18,973 21,933 Pension and postretirement benefit liabilities 14,371 14,869 Other long-term liabilities 50,383 52,168 Total liabilities 817,427 922,626 Shareholders' equity Capital stock 16,364 16,285 Additional paid-in capital 174,418 167,448 Treasury stock (617,731 ) (617,731 ) Retained earnings 1,152,331 1,166,955 Accumulated other comprehensive loss (139,752 ) (174,245 ) Stock held in trust (2,989 ) (2,450 ) Deferred compensation liability 2,989 2,450 Total shareholders' equity 585,630 558,712 Total liabilities and shareholders' equity $ 1,403,057 $ 1,481,338Actuant Corporation Condensed Consolidated Statements of Operations (Dollars in thousands, except per share amounts) (Unaudited) Three Months Ended Six Months Ended February 28, February 28, February 28, February 28, 2019 2018 2019 2018 Net sales $ 271,907 $ 275,165 $ 564,438 $ 564,120 Cost of products sold 174,421 185,469 361,944 373,513 Gross profit 97,486 89,696 202,494 190,607 Selling, administrative and engineering expenses 70,745 68,287 143,936 142,765 Amortization of intangible assets 3,441 5,168 7,720 10,299 Restructuring charges 60 3,450 463 10,079 Impairment & divestiture charges 6,886 2,987 43,339 2,987 Operating profit 16,354 9,804 7,036 24,477 Financing costs, net 7,153 7,604 14,448 15,118 Other expense, net 656 582 1,568 911 Income (loss) before income tax expense 8,545 1,618 (8,980 ) 8,448 Income tax expense 5,792 19,839 5,719 21,443 Net earnings (loss) $ 2,753 $ (18,221 ) $ (14,699 ) $ (12,995 ) Earnings (loss) per share Basic $ 0.04 $ (0.30 ) $ (0.24 ) $ (0.22 ) Diluted 0.04 (0.30 ) (0.24 ) (0.22 ) Weighted average common shares outstanding Basic 61,243 60,318 61,137 60,095 Diluted 61,607 60,318 61,137 60,095
Actuant Corporation Condensed Consolidated Statements of Cash Flows (In thousands) (Unaudited) Three Months Ended Six Months Ended February 28, February 28, February 28, February 28, 2019 2018 2019 2018 Operating Activities Net earnings (loss) $ 2,753 $ (18,221 ) $ (14,699 ) $ (12,995 ) Adjustments to reconcile net earnings (loss) to net cash used in operating activities: Impairment & divestiture charges, net of tax effect 6,688 12,385 40,524 12,385 Depreciation and amortization 7,451 10,295 16,341 20,385 Stock-based compensation expense 3,568 2,872 7,162 8,292 Benefit for deferred income taxes (302 ) (6,817 ) (1,445 ) (7,124 ) Amortization of debt issuance costs 301 413 602 826 Other non-cash adjustments (67 ) 87 63 200 Changes in components of working capital and other, excluding acquisitions and divestitures: Accounts receivable (18,760 ) (5,394 ) (36,436 ) (16,872 ) Inventories (6,973 ) (6,805 ) (24,797 ) (18,433 ) Trade accounts payable (3,861 ) (7,957 ) (2,810 ) (1,753 ) Prepaid expenses and other assets (4,423 ) 2,875 (9,421 ) (9,168 ) Income tax accounts 467 19,219 1,531 17,505 Accrued compensation and benefits 104 2,629 (16,440 ) (9,959 ) Other accrued liabilities (9,150 ) (7,229 ) (11,489 ) (5,395 ) Cash used in operating activities (22,204 ) (1,648 ) (51,314 ) (22,106 ) Investing Activities Capital expenditures (8,001 ) (4,643 ) (15,667 ) (12,547 ) Proceeds from sale of property, plant and equipment 41 81 52 113 Rental asset buyout for Viking divestiture - - - (27,718 ) Proceeds from sale of business, net of transaction costs 36,159 8,780 36,159 8,780 Cash paid for business acquisitions, net of cash acquired - (16,517 ) - (16,517 ) Cash provided by (used in) investing activities 28,199 (12,299 ) 20,544 (47,889 ) Financing Activities Principal repayments on term loan (40,000 ) (7,500 ) (47,500 ) (15,000 )
Stock option exercises & other
479 8,074 1,031 10,305 Taxes paid related to the net share settlement of equity awards (1,288 ) (825 ) (1,489 ) (1,107 ) Cash dividend - - (2,439 ) (2,390 ) Cash used in financing activities (40,809 ) (251 ) (50,397 ) (8,192 ) Effect of exchange rate changes on cash 1,759 2,743 1,065 2,211 Net decrease in cash and cash equivalents (33,055 ) (11,455 ) (80,102 ) (75,976 ) Cash and cash equivalents - beginning of period 203,443 165,050 250,490 229,571 Cash and cash equivalents - end of period $ 170,388 $ 153,595 $ 170,388 $ 153,595
ACTUANT CORPORATION
SUPPLEMENTAL UNAUDITED DATA
(Dollars in thousands)
FISCAL 2018 FISCAL 2019 Q1 Q2 Q3 Q4 TOTAL Q1 Q2 Q3 Q4 TOTAL SALES INDUSTRIAL TOOLS & SERVICES SEGMENT $ 141,991 $ 136,986 $ 158,735 $ 153,373 $ 591,085 $ 148,655 $ 149,521 $ - $ - $ 298,176 ENGINEERED COMPONENTS & SYSTEMS SEGMENT 146,964 138,179 158,361 148,022 591,526 143,876 122,386 - - 266,262 TOTAL $ 288,955 $ 275,165 $ 317,096 $ 301,395 $ 1,182,611 $ 292,531 $ 271,907 $ - $ - $ 564,438 % SALES GROWTH INDUSTRIAL TOOLS & SERVICES SEGMENT 2 % 5 % 8 % 12 % 7 % 5 % 9 % - - 7 % ENGINEERED COMPONENTS & SYSTEMS SEGMENT 16 % 7 % 7 % 6 % 9 % -2 % -11 % - - -7 % TOTAL 9 % 6 % 7 % 9 % 8 % 1 % -1 % - - 0 % OPERATING PROFIT (LOSS) INDUSTRIAL TOOLS & SERVICES SEGMENT $ 22,218 $ 20,510 $ 32,206 $ 28,783 $ 103,718 $ 26,345 $ 26,596 $ - $ - $ 52,941 ENGINEERED COMPONENTS & SYSTEMS SEGMENT 5,107 1,177 9,714 8,789 24,787 8,593 5,484 - - 14,077 CORPORATE / GENERAL (6,023 ) (4,612 ) (8,042 ) (5,298 ) (23,976 ) (7,400 ) (8,780 ) - - (16,180 ) ADJUSTED OPERATING PROFIT $ 21,302 $ 17,075 $ 33,878 $ 32,274 $ 104,529 $ 27,538 $ 23,300 $ - $ - $ 50,838 IMPAIRMENT & DIVESTITURE CHARGES - (2,987 ) - (70,071 ) (73,058 ) (36,453 ) (6,886 ) - - (43,339 ) RESTRUCTURING CHARGES (1) (6,629 ) (4,284 ) (1,186 ) (746 ) (12,845 ) (403 ) (60 ) - - (463 ) OPERATING PROFIT (LOSS) $ 14,673 $ 9,804 $ 32,692 $ (38,543 ) $ 18,626 $ (9,318 ) $ 16,354 $ - $ - $ 7,036 ADJUSTED OPERATING PROFIT % INDUSTRIAL TOOLS & SERVICES SEGMENT 15.6 % 15.0 % 20.3 % 18.8 % 17.5 % 17.7 % 17.8 % - - 17.8 % ENGINEERED COMPONENTS & SYSTEMS SEGMENT 3.5 % 0.9 % 6.1 % 5.9 % 4.2 % 6.0 % 4.5 % - - 5.3 % ADJUSTED OPERATING PROFIT % 7.4 % 6.2 % 10.7 % 10.7 % 8.8 % 9.4 % 8.6 % - - 9.0 % EBITDA INDUSTRIAL TOOLS & SERVICES SEGMENT $ 25,567 $ 24,594 $ 36,394 $ 32,763 $ 119,318 $ 30,038 $ 30,153 $ - $ - $ 60,191 ENGINEERED COMPONENTS & SYSTEMS SEGMENT 11,004 7,267 15,093 15,114 48,478 12,841 8,486 - - 21,327 CORPORATE / GENERAL (5,508 ) (5,073 ) (7,113 ) (4,672 ) (22,366 ) (7,362 ) (8,544 ) - - (15,907 ) ADJUSTED EBITDA $ 31,063 $ 26,788 $ 44,374 $ 43,205 $ 145,430 $ 35,517 $ 30,095 $ - $ - $ 65,611 IMPAIRMENT & DIVESTITURE CHARGES - (2,987 ) - (70,071 ) (73,058 ) (36,453 ) (6,886 ) - - (43,339 ) RESTRUCTURING CHARGES (1) (6,629 ) (4,284 ) (1,186 ) (746 ) (12,845 ) (403 ) (60 ) - - (463 ) EBITDA $ 24,434 $ 19,517 $ 43,188 $ (27,612 ) $ 59,527 $ (1,339 ) $ 23,149 $ - $ - $ 21,809 ADJUSTED EBITDA % INDUSTRIAL TOOLS & SERVICES SEGMENT 18.0 % 18.0 % 22.9 % 21.4 % 20.2 % 20.2 % 20.2 % - - 20.2 % ENGINEERED COMPONENTS & SYSTEMS SEGMENT 7.5 % 5.3 % 9.5 % 10.2 % 8.2 % 8.9 % 6.9 % - - 8.0 % ADJUSTED EBITDA % 10.8 % 9.7 % 14.0 % 14.3 % 12.3 % 12.1 % 11.1 % - - 11.6 % Note: (1) Approximately $0.8 million of the Q2 fiscal 2018 restructuring charges were recorded in cost of products sold. De minimis restructuring charges were also recorded in cost of products sold in Q3 fiscal 2018.
ACTUANT CORPORATION
SUPPLEMENTAL UNAUDITED DATA
RECONCILIATION OF GAAP MEASURES TO NON-GAAP MEASURES(Dollars in thousands, except for per share amounts)
FISCAL 2018 FISCAL 2019 Q1 Q2 Q3 Q4 TOTAL Q1 Q2 Q3 Q4 TOTAL ADJUSTED EARNINGS (1) NET EARNINGS (LOSS) (GAAP MEASURE) $ 5,226 $ (18,221 ) $ 29,012 $ (37,664 ) $ (21,648 ) $ (17,452 ) $ 2,753 $ - $ - $ (14,699 ) IMPAIRMENT & DIVESTITURE CHARGES, NET OF TAX EFFECT - 12,385 - 62,949 75,334 33,836 6,688 - - 40,524 RESTRUCTURING CHARGES, NET OF TAX EFFECT (1) 6,254 3,784 (249 ) (337 ) 9,452 300 (191 ) - - 109 ACCELERATED DEBT ISSUANCES COSTS, NET OF TAX EFFECT - - - 601 601 - - - - - OTHER INCOME TAX (BENEFIT) EXPENSE - 9,705 (4,891 ) (1,831 ) 2,983 - 2,258 - - 2,258 ADJUSTED EARNINGS $ 11,480 $ 7,653 $ 23,872 $ 23,718 $ 66,722 $ 16,684 $ 11,508 $ - $ - $ 28,192 ADJUSTED DILUTED EARNINGS PER SHARE (2) NET EARNINGS (LOSS) (GAAP MEASURE) $ 0.09 $ (0.30 ) $ 0.48 $ (0.62 ) $ (0.36 ) $ (0.29 ) $ 0.04 $ - $ - $ (0.24 ) IMPAIRMENT & DIVESTITURE CHARGES, NET OF TAX EFFECT - 0.21 - 1.03 1.24 0.55 0.11 - - 0.66 RESTRUCTURING CHARGES, NET OF TAX EFFECT (1) 0.10 0.06 - (0.01 ) 0.15 0.01 - - - - ACCELERATED DEBT ISSUANCES COSTS, NET OF TAX EFFECT - - - 0.01 0.01 - - - - - OTHER INCOME TAX (BENEFIT) EXPENSE - 0.16 (0.09 ) (0.02 ) 0.05 - 0.04 - - 0.04 ADJUSTED DILUTED EARNINGS PER SHARE $ 0.19 $ 0.13 $ 0.39 $ 0.39 $ 1.09 $ 0.27 $ 0.19 $ - $ - $ 0.46 ADJUSTED EBITDA (3) NET EARNINGS (LOSS) (GAAP MEASURE) $ 5,226 $ (18,221 ) $ 29,012 $ (37,664 ) $ (21,648 ) $ (17,452 ) $ 2,753 $ - $ - $ (14,699 ) FINANCING COSTS, NET 7,514 7,604 7,756 8,617 31,491 7,295 7,153 - - 14,448 INCOME TAX (BENEFIT) EXPENSE 1,604 19,839 (3,995 ) (8,472 ) 8,976 (72 ) 5,792 - - 5,719 DEPRECIATION & AMORTIZATION 10,090 10,295 10,415 9,907 40,708 8,890 7,451 - - 16,341 EBITDA $ 24,434 $ 19,517 $ 43,188 $ (27,612 ) $ 59,527 $ (1,339 ) $ 23,149 $ - $ - $ 21,809 IMPAIRMENT & OTHER DIVESTITURE CHARGES - 2,987 - 70,071 73,058 36,453 6,886 - - 43,339 RESTRUCTURING CHARGES 6,629 4,284 1,186 746 12,845 403 60 - - 463 ADJUSTED EBITDA $ 31,063 $ 26,788 $ 44,374 $ 43,205 $ 145,430 $ 35,517 $ 30,095 $ - $ - $ 65,611 FOOTNOTES NOTE: The total of the individual quarters may not equal the annual total due to rounding. (1) Approximately $0.8 million of Q2 fiscal 2018 restructuring charges were recorded in cost of products sold. De minimis restructuring charges were also recorded in cost of products sold in Q3 fiscal 2018. (2) Adjusted earnings and adjusted diluted earnings per share represent net earnings (loss) and diluted earnings (loss) per share per the Condensed Consolidated Statements of Operations 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 or 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. (3) EBITDA represents net earnings (loss) before financing costs, net, income tax (benefit) expense, and depreciation & amortization. EBITDA is not a calculation based upon generally accepted accounting principles (GAAP). The amounts included in the EBITDA and Adjusted EBITDA calculation, however, are derived from amounts included in the Condensed Consolidated Statements of Operations. EBITDA should not be considered as an alternative to net earnings (loss), operating profit (loss) or operating cash flows. Actuant has presented EBITDA because it regularly reviews this performance measure. In addition, EBITDA is used by many of our investors and lenders, and is presented as a convenience to them. 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.ACTUANT CORPORATION SUPPLEMENTAL UNAUDITED DATA RECONCILIATION OF GAAP TO NON-GAAP GUIDANCE (Dollars in millions, except for per share amounts) Q3 FISCAL 2019 FISCAL 2019 LOW HIGH LOW HIGH RECONCILIATION OF GAAP DILUTED EARNINGS PER SHARE TO ADJUSTED DILUTED EARNINGS PER SHARE GUIDANCE GAAP DILUTED EARNINGS PER SHARE $ 0.40 $ 0.45 $ 1.09 $ 1.20
IMPAIRMENT & OTHER DIVESTITURE CHARGES, NET OF TAX EFFECT
TBD TBD TBD TBD RESTRUCTURING CHARGES, NET OF TAX EFFECT TBD TBD TBD TBD OTHER INCOME TAX (BENEFIT) EXPENSE TBD TBD TBD TBD ADJUSTED DILUTED EARNINGS PER SHARE GUIDANCE $ 0.40 $ 0.45 $ 1.09 $ 1.20 RECONCILIATION OF GAAP CASH FLOW FROM OPERATIONS TO FREE CASH FLOW CASH FLOW FROM OPERATIONS $ 105 $ 115 CAPITAL EXPENDITURES (25 ) (30 ) OTHER - - FREE CASH FLOW GUIDANCE $ 80 $ 85 FOOTNOTES NOTE: Management does not provide guidance on GAAP financial measures as we are unable to predict and estimate with certainty items such as potential impairments, refinancing costs, business divestiture gains/losses, discrete tax adjustments, or other items impacting GAAP financial metrics. As a result, we have included above only those items about which we are aware and are reasonably likely to occur during the guidance period covered.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190321005146/en/
Barb BolensVP Corporate Strategy & Investor Relations262-293-1562
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