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Share Name | Share Symbol | Market | Type |
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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 |
Actuant Corporation (NYSE: ATU) today announced results for its second quarter ended February 28, 2018.
Highlights
Randy Baker, President and CEO of Actuant commented, “Actuant delivered solid sales growth in the second quarter, but regrettably we continue to experience margin pressures resulting from longstanding specialty projects along with increasing production, commercial and engineering expenses to support high service levels and growth. Many of the core base businesses are seeing good profit traction; however we are disappointed in the number and scale of operational, mix and other issues that are largely offsetting these improvements. We continue to diligently pursue the restructuring and portfolio management actions that are anticipated to simplify and improve the fundamental operating performance of Actuant. In summary, while I am clearly dissatisfied in the pace of overall improvement, I am encouraged that we are getting these issues behind us and that we have a roadmap to ultimately turn the corner and fully capitalize on the broad based strong economic backdrop. I remain appreciative of the commitment and efforts of the Actuant teams across the globe.”
Consolidated Results
Consolidated sales for the second quarter were $275 million, 6% higher than the $259 million in the comparable prior year quarter. Core sales improved 3% year-over-year while foreign currency rate changes increased sales 5% and the net impact from the Mirage acquisition net of the Viking divestiture reduced sales by 2%. Fiscal 2018 second quarter net loss and EPS were $(18.2) million, or $(0.30), compared to $5.1 million or $0.08, respectively, in the comparable prior year quarter. Fiscal 2018 second quarter earnings included restructuring charges of $4.3 million ($3.8 million or $0.06 per share after tax), impairment & divestiture charges of $3.0 million ($12.4 million or $0.21 per share after tax), $8.4 million ($0.14 per share) related to U.S. tax reform and $1.4 million ($0.02 per share) for equity compensation deferred tax adjustments. Second quarter 2017 results included $2.1 million ($1.5 million or $0.03 per share after tax) of restructuring charges. Excluding these items, adjusted EPS for the second quarter of fiscal 2018 was $0.13 compared to $0.11 in the comparable prior year period (see attached reconciliation of earnings).
Consolidated sales for the six months ended February 28, 2018 were $564 million, 8% higher than the $525 million in the comparable prior year period. Core sales improved 5% year-over-year while foreign currency rate changes increased sales 4%, and the net impact of acquisitions and divestitures reduced sales by 1%. Fiscal 2018’s first half net loss and EPS were $(13.0 million), or $(0.22), compared to earnings and EPS of $10.0 million and $0.17, respectively, in the comparable prior year period. Fiscal 2018 included restructuring charges of $10.9 million ($10.0 million or $0.16 per share after tax) along with the aforementioned impairment & divestiture, tax reform and equity compensation items. First half 2017 results included $5.0 million ($3.7 million or $0.07 per share after tax) of restructuring charges and $7.8 million ($4.9 million or $0.08 per share after tax) of director and officer transition charges. Excluding these items, adjusted EPS for the first half of fiscal 2018 was $0.31 which is consistent with the comparable prior year period (see attached reconciliation of earnings).
Tax Reform
As a result of the U.S. Tax Reform signed into law in December 2017, Actuant recognized a one-time tax charge of $8 million in the second quarter of fiscal 2018. This charge is comprised of approximately $16 million in repatriation tax (aka toll charge) on accumulated overseas earnings offset by an $8 million net benefit associated with balance sheet revaluation. These impacts from Tax Reform should be considered provisional and may be subject to further adjustment.
Segment Results
Industrial Segment(US $ in millions)
Three Months Ended Feb 28, Six Months Ended Feb 28, 2018 2017 2018 2017 Sales $99.1 $91.6 $196.0 $178.9 Operating Profit $16.8 $18.3 $35.0 $37.1 Adjusted Op Profit (1) $18.5 $19.0 $38.0 $38.5 Adjusted Op Profit % (1) 18.7% 20.8% 19.4% 21.5%(1) 2018 excludes $1.7 and $3.0 of restructuring charges in the second quarter and first half, respectively. 2017 excludes $0.7 and $1.4 of restructuring charges in the second quarter and first half, respectively.
Second quarter fiscal 2018 Industrial segment sales were $99 million or 8% higher than the prior year. The impact of foreign currency exchange rates was a 4% benefit resulting in a 4% year-over-year core sales increase. Overall demand for standard industrial tools remained strong globally and across the diverse set of end markets served, with particular strength in the bolting and OEM service tool categories. Their double digit growth represents both broad market strength and the impact of new product and commercial coverage activities. The segment’s overall core growth rate includes lower heavy lifting technology and concrete tensioning volumes which both declined in the mid-teens on a percentage basis. Second quarter adjusted operating profit margin declined to 18.7% as the incremental volumes were more than offset by approximately $2 million in specialty heavy lifting project cost overruns, production inefficiencies and lower volumes in concrete tensioning, and higher year-over-year commercial and engineering investments to support growth.
Energy Segment(US $ in millions)
Three Months Ended Feb 28,Six Months Ended Feb 28,
2018 20172018
2017 Sales $66.0 $72.9 $141.8 $157.5 Operating (Loss) Profit $(4.5) $(0.6) $(4.2) $2.6 Adjusted Op (Loss) Profit (2) $0.7 $(0.6) $2.0 $2.7 Adjusted Op (Loss) Profit % (2) 1.1% (0.9)% 1.4% 1.7%(2) 2018 excludes $2.3 and $3.2 of restructuring charges in the second quarter and first half, respectively. Both 2018 periods also exclude $3.0 in impairment & divestiture charges. 2017 excludes $0.1 of restructuring charges in the first half.
Fiscal 2018 second quarter Energy segment sales declined 9% year-over-year to $66 million. Excluding the 4% favorable impact of the weaker US dollar and 5% headwind from the net of the Viking divestiture and Mirage acquisition, core sales declined 8%. Hydratight continued to experience maintenance deferrals and scope reductions; however the core sales rate of change improved sequentially. The weakness remains most pronounced in the Asia Pacific region with modestly improving activity levels within the Middle East region. Cortland sales grew mid-single digits on higher medical demand along with improving offshore oil & gas rope and cable activity. Energy segment adjusted operating profit margin was 1.1% in the seasonally weak second quarter on lower Hydratight volumes partially offset by the absence of Viking losses and the benefit of cost reductions actions.
Engineered Solutions Segment(US $ in millions)
Three Months Ended Feb 28, Six Months Ended Feb 28, 2018 2017 2018 2017 Sales $110.1 $94.3 $226.3 $188.2 Operating Profit (Loss) $2.2 $1.8 $8.5 $2.6 Adjusted Op Profit (3) $2.4 $3.3 $9.0 $6.1 Adjusted Op Profit % (3) 2.2% 3.5% 4.0% 3.2%(3) 2018 excludes $0.2 and $0.5 of restructuring charges in the second quarter and first half, respectively. 2017 excludes $1.5 and $3.5 of restructuring charges in the second quarter and first half, respectively.
Second quarter fiscal 2018 Engineered Solutions segment sales were $110 million or 17% above the prior year. Excluding the 7% benefit of the weaker US dollar, year-over-year core sales increased 10%. Strong sales growth continued across the agriculture and other off-highway equipment markets globally, while truck sales were modestly higher as growth in Europe production was partially offset by anticipated lower China volumes. Second quarter adjusted operating profit margin declined 130 basis points from the comparable prior year quarter as the higher volumes were more than offset by warranty costs, unfavorable mix, material and labor inflation and higher engineering expenses.
Corporate Expenses and Income Taxes (excluding restructuring, transition, and one-time tax items)
Corporate expenses for the second quarter of fiscal 2018 were $4.8 million, or $1.6 million lower than the comparable prior year period due primarily to the benefit of cost reduction actions and lower incentive compensation. The effective income tax rate of approximately 14% was in line with expectations and modestly higher than the prior year’s 10% rate.
Financial Position
Net debt at February 28, 2018 was approximately $394 million (total debt of $548 million less $154 million of cash) essentially unchanged from the prior quarter end and represents a net debt to proforma EBITDA leverage ratio of approximately 3.0 times.
Outlook
Baker continued, "Actuant’s commercial actions including investing in organic growth, new products and sales coverage are delivering the intended results. This, combined with improving market conditions, is translating to strong top line performance. However, this has also put pressure on margins from commercial & engineering investments, raw material inflation, and other costs related to maintaining service levels with higher-than-expected demand including overtime and wage inflation, and expedited freight. We must continue to put the longstanding issues behind us, and aggressively pursue the restructuring, operational and portfolio actions necessary to improve the overall trajectory of the earnings.
For the full year, we are increasing our sales guidance to the $1.140-1.160 billion range with core sales growth now anticipated at 2-4%, along with the benefit of increased tailwind from currency translation. However, we are modestly lowering the full year adjusted EPS guidance to a range of $1.00-1.10 reflective of the legacy cost issues and incremental margin performance to date. This adjusted EPS guidance includes an unchanged expected effective income tax rate in the 5-10% range for the year. Free cash flow is now expected to be in the $70-75 million range. The free cash flow reduction reflects lower earnings combined with modestly higher levels of working capital to support the sales growth.
We expect third quarter sales to be in the $300-310 million range, with adjusted EPS of $0.33-0.38. The third quarter outlook incorporates the normal seasonal sequential improvement across the portfolio.
All guidance excludes restructuring, divestiture & impairment charges, one-time tax adjustments as well as the impact of potential future acquisitions and share repurchases.
Baker concluded, “The majority of our markets continue to show strength, and our growth initiatives are taking hold. By working on the new product and lean revitalization initiatives, we have put the foundation in place to generate further margin improvement. I believe these actions and the portfolio simplification plans we have in place, will ultimately result in strengthening margins as we move in a disciplined manner to our 2021 vision."
Conference Call Information
An investor conference call is scheduled for 10am CT today, March 21, 2018. 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. Actuant’s results are also 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, foreign currency fluctuations and interest rate risk. See the Company’s Form 10-K 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.
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, 2018 2017 ASSETS Current assets Cash and cash equivalents $ 153,595 $ 229,571 Accounts receivable, net 210,650 190,206 Inventories, net 166,227 143,651 Assets held for sale - 21,835 Other current assets 60,569 61,663 Total current assets 591,041 646,926 Property, plant and equipment, net 102,411 94,521 Goodwill 546,135 530,081 Other intangible assets, net 216,370 220,489 Other long-term assets 24,348 24,938 Total assets $ 1,480,305 $ 1,516,955 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Trade accounts payable $ 136,941 $ 133,387 Accrued compensation and benefits 41,518 50,939 Current maturities of debt and short-term borrowings 30,000 30,000 Income taxes payable 7,687 6,080 Liabilities held for sale - 101,083 Other current liabilities 58,368 57,445 Total current liabilities 274,514 378,934 Long-term debt, net 517,318 531,940 Deferred income taxes 23,262 29,859 Pension and postretirement benefit liabilities 19,338 19,862 Other long-term liabilities 56,592 55,821 Total liabilities 891,024 1,016,416 Shareholders' equity Capital stock 16,218 16,040 Additional paid-in capital 155,974 138,449 Treasury stock (617,731 ) (617,731 ) Retained earnings 1,178,047 1,191,042 Accumulated other comprehensive loss (143,227 ) (227,261 ) Stock held in trust (2,848 ) (2,696 ) Deferred compensation liability 2,848 2,696 Total shareholders' equity 589,281 500,539 Total liabilities and shareholders' equity $ 1,480,305 $ 1,516,955Actuant 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, 2018 2017 2018 2017 Net sales $ 275,165 $ 258,869 $ 564,120 $ 524,662 Cost of products sold 185,469 171,543 373,513 344,269 Gross profit 89,696 87,326 190,607 180,393 Selling, administrative and engineering expenses 68,502 66,957 142,980 135,561 Amortization of intangible assets 5,168 5,069 10,299 10,330 Director & officer transition charges - - - 7,784 Restructuring charges 3,450 2,101 10,079 5,048 Impairment & divestiture charges 2,987 - 2,987 - Operating profit 9,589 13,199 24,262 21,670 Financing costs, net 7,604 7,334 15,118 14,467 Other expense (income), net 367 591 696 (38 ) Earnings before income tax expense (benefit) 1,618 5,274 8,448 7,241 Income tax expense (benefit) 19,839 200 21,443 (2,798 ) Net (loss) earnings $ (18,221 ) $ 5,074 $ (12,995 ) $ 10,039 (Loss) earnings per share Basic $ (0.30 ) $ 0.09 $ (0.22 ) $ 0.17 Diluted (0.30 ) 0.08 (0.22 ) 0.17 Weighted average common shares outstanding Basic 60,318 59,368 60,095 59,170 Diluted 60,318 60,146 60,095 59,881
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, 2018 2017 2018 2017 Operating Activities Net (loss) earnings $ (18,221 ) $ 5,074 $ (12,995 ) $ 10,039 Adjustments to reconcile net (loss) earnings to net cash (used in) provided by operating activities: Impairment & other divestiture charges, including tax expense 12,385 - 12,385 - Depreciation and amortization 10,295 10,729 20,385 21,625 Stock-based compensation expense 2,872 2,623 8,292 12,177 (Benefit) expense for deferred income taxes (6,817 ) 3,416 (7,124 ) 551 Amortization of debt issuance costs 413 413 826 826 Other non-cash adjustments 87 251 200 715 Changes in components of working capital and other: Accounts receivable (5,394 ) (12,645 ) (16,872 ) (20,897 ) Inventories (6,805 ) 7,748 (18,433 ) (394 ) Trade accounts payable (7,957 ) 5,508 (1,753 ) 12,276 Prepaid expenses and other assets 2,875 (5,334 ) (9,168 ) (10,819 ) Income tax accounts 19,219 (4,972 ) 17,505 (6,918 ) Accrued compensation and benefits 2,629 (947 ) (9,959 ) (3,704 ) Other accrued liabilities (7,229 ) (9,645 ) (5,395 ) (795 ) Cash (used in) provided by operating activities (1,648 ) 2,219 (22,106 ) 14,682 Investing Activities Capital expenditures (4,643 ) (9,556 ) (12,547 ) (14,695 ) Proceeds from sale of property, plant and equipment 81 114 113 244 Rental asset buyout for Viking divestiture - - (27,718 ) - Proceeds from sale of business, net of transaction costs 8,780 - 8,780 - Cash paid for business acquisitions, net of cash acquired (16,517 ) - (16,517 ) - Cash used in investing activities (12,299 ) (9,442 ) (47,889 ) (14,451 ) Financing Activities Principal repayments on term loan (7,500 ) (3,750 ) (15,000 ) (7,500 ) Stock option excercises & other 8,074 4,985 10,305 5,949 Taxes paid related to the net share settlement of equity awards (825 ) (697 ) (1,107 ) (920 ) Cash dividend - - (2,390 ) (2,358 ) Cash (used in) provided by financing activities (251 ) 538 (8,192 ) (4,829 ) Effect of exchange rate changes on cash 2,743 1,704 2,211 (3,116 ) Net decrease in cash and cash equivalents (11,455 ) (4,981 ) (75,976 ) (7,714 ) Cash and cash equivalents - beginning of period 165,050 176,871 229,571 179,604 Cash and cash equivalents - end of period $ 153,595 $ 171,890 $ 153,595 $ 171,890
ACTUANT CORPORATION SUPPLEMENTAL UNAUDITED DATA (Dollars in thousands) FISCAL 2017 FISCAL 2018 Q1 Q2 Q3 Q4 TOTAL Q1 Q2 Q3 Q4 TOTAL SALES INDUSTRIAL SEGMENT $ 87,290 $ 91,648 $ 100,503 $ 100,315 $ 379,756 $ 96,916 $ 99,081 $ - $ - $ 195,997 ENERGY SEGMENT 84,646 72,884 83,480 68,584 309,594 75,841 65,992 - - 141,833 ENGINEERED SOLUTIONS SEGMENT 93,857 94,337 111,444 106,796 406,434 116,198 110,092 - - 226,290 TOTAL $ 265,793 $ 258,869 $ 295,427 $ 275,695 $ 1,095,784 $ 288,955 $ 275,165 $ - $ - $ 564,120 % SALES GROWTH INDUSTRIAL SEGMENT -2 % 13 % 5 % 7 % 6 % 11 % 8 % - - 10 % ENERGY SEGMENT -26 % -15 % -18 % -25 % -21 % -10 % -9 % - - -10 % ENGINEERED SOLUTIONS SEGMENT -8 % -2 % 3 % 18 % 2 % 24 % 17 % - - 20 % TOTAL -13 % -2 % -3 % 0 % -5 % 9 % 6 % - - 8 % OPERATING PROFIT (LOSS) INDUSTRIAL SEGMENT $ 19,491 $ 19,037 $ 24,019 $ 24,076 $ 86,623 $ 19,482 $ 18,493 $ - $ - $ 37,975 ENERGY SEGMENT 3,328 (647 ) 895 (3,675 ) (99 ) 1,224 747 - - 1,971 ENGINEERED SOLUTIONS SEGMENT 2,834 3,282 8,174 6,069 20,359 6,618 2,409 - - 9,027 CORPORATE / GENERAL (6,450 ) (6,372 ) (5,372 ) (6,935 ) (25,128 ) (6,022 ) (4,789 ) - - (10,811 ) ADJUSTED OPERATING PROFIT $ 19,203 $ 15,300 $ 27,716 $ 19,535 $ 81,755 $ 21,302 $ 16,860 $ - $ - $ 38,162 IMPAIRMENT & DIVESTITURE CHARGES - - - (116,979 ) (116,979 ) - (2,987 ) - - (2,987 ) RESTRUCTURING CHARGES (1) (2,948 ) (2,101 ) (384 ) (1,795 ) (7,228 ) (6,629 ) (4,284 ) - - (10,913 ) DIRECTOR & OFFICER TRANSITION CHARGES (7,784 ) - - - (7,784 ) - - - - - OPERATING PROFIT (LOSS) $ 8,471 $ 13,199 $ 27,332 $ (99,239 ) $ (50,236 ) $ 14,673 $ 9,589 $ - $ - $ 24,262 ADJUSTED OPERATING PROFIT % INDUSTRIAL SEGMENT 22.3 % 20.8 % 23.9 % 24.0 % 22.8 % 20.1 % 18.7 % - - 19.4 % ENERGY SEGMENT 3.9 % -0.9 % 1.1 % -5.4 % 0.0 % 1.6 % 1.1 % - - 1.4 % ENGINEERED SOLUTIONS SEGMENT 3.0 % 3.5 % 7.3 % 5.7 % 5.0 % 5.7 % 2.2 % - - 4.0 % ADJUSTED OPERATING PROFIT % 7.2 % 5.9 % 9.4 % 7.1 % 7.5 % 7.4 % 6.1 % - - 6.8 % EBITDA INDUSTRIAL SEGMENT $ 21,217 $ 21,064 $ 25,575 $ 25,851 $ 93,707 $ 21,202 $ 21,034 $ - $ - $ 42,236 ENERGY SEGMENT 9,108 2,943 4,633 142 16,826 5,125 4,533 - - 9,658 ENGINEERED SOLUTIONS SEGMENT 6,281 7,277 11,716 9,533 34,807 10,254 6,020 - - 16,274 CORPORATE / GENERAL (5,879 ) (5,846 ) (4,868 ) (6,637 ) (23,230 ) (5,518 ) (4,799 ) - - (10,317 ) ADJUSTED EBITDA $ 30,727 $ 25,438 $ 37,056 $ 28,889 $ 122,110 $ 31,063 $ 26,788 $ - $ - $ 57,851 IMPAIRMENT & DIVESTITURE CHARGES - - - (116,979 ) (116,979 ) - (2,987 ) - - (2,987 ) RESTRUCTURING CHARGES (1) (2,948 ) (2,101 ) (384 ) (1,795 ) (7,228 ) (6,629 ) (4,284 ) - - (10,913 ) DIRECTOR & OFFICER TRANSITION CHARGES (7,784 ) - - - (7,784 ) - - - - - EBITDA $ 19,995 $ 23,337 $ 36,672 $ (89,885 ) $ (9,881 ) $ 24,434 $ 19,517 $ - $ - $ 43,951 ADJUSTED EBITDA % INDUSTRIAL SEGMENT 24.3 % 23.0 % 25.4 % 25.8 % 24.7 % 21.9 % 21.2 % - - 21.5 % ENERGY SEGMENT 10.8 % 4.0 % 5.5 % 0.2 % 5.4 % 6.8 % 6.9 % - - 6.8 % ENGINEERED SOLUTIONS SEGMENT 6.7 % 7.7 % 10.5 % 8.9 % 8.6 % 8.8 % 5.5 % - - 7.2 % ADJUSTED EBITDA % 11.6 % 9.8 % 12.5 % 10.5 % 11.1 % 10.8 % 9.7 % - - 10.3 % Note: (1) Approximately $0.8 million of the Q2 fiscal 2018 restructuring charges were recorded in cost of products sold
ACTUANT CORPORATION SUPPLEMENTAL UNAUDITED DATA RECONCILIATION OF GAAP MEASURES TO NON-GAAP MEASURES (Dollars in thousands, except for per share amounts) FISCAL 2017 FISCAL 2018 Q1 Q2 Q3 Q4 TOTAL Q1 Q2 Q3 Q4 TOTAL ADJUSTED EARNINGS (1) NET EARNINGS (LOSS) (GAAP MEASURE) $ 4,965 $ 5,074 $ 22,511 $ (98,764 ) $ (66,213 ) $ 5,226 $ (18,221 ) $ - $ - $ (12,995 ) IMPAIRMENT & DIVESTITURE CHARGES - - - 116,979 116,979 - 2,987 - - 2,987 INCOME TAX (BENEFIT) EXPENSE ON IMPAIRMENT & DIVESTITURE CHARGES - - - (8,119 ) (8,119 ) - 9,398 - - 9,398 DIRECTOR & OFFICER TRANSITION CHARGES 7,784 - - - 7,784 - - - - - INCOME TAX BENEFIT ON DIRECTOR & OFFICER TRANSITION CHARGES (2,880 ) - - - (2,880 ) - - - - - RESTRUCTURING CHARGES (1) 2,948 2,101 384 1,795 7,228 6,629 4,284 - - 10,913 INCOME TAX BENEFIT ON RESTRUCTURING CHARGES (777 ) (564 ) (124 ) (494 ) (1,959 ) (375 ) (500 ) - - (875 ) INCOME TAX EXPENSE FROM U.S. TAX REFORM - - - - - - 8,367 - - 8,367 INCOME TAX EXPENSE FROM EQUITY VESTING/EXERCISES - - - - - - 1,338 - - 1,338 OTHER INCOME TAX BENEFIT - - (3,193 ) - (3,193 ) - - - - - ADJUSTED EARNINGS $ 12,040 $ 6,611 $ 19,578 $ 11,397 $ 49,627 $ 11,480 $ 7,653 $ - $ - $ 19,133 ADJUSTED DILUTED EARNINGS PER SHARE (2) NET EARNINGS (LOSS) (GAAP MEASURE) $ 0.08 $ 0.08 $ 0.37 $ (1.65 ) $ (1.11 ) $ 0.09 $ (0.30 ) $ - $ - $ (0.22 ) IMPAIRMENT & DIVESTITURE CHARGES - - - 1.96 1.96 - 0.05 - - 0.05 INCOME TAX (BENEFIT) EXPENSE ON IMPAIRMENT & DIVESTITURE CHARGES - - - (0.14 ) (0.14 ) - 0.16 - - 0.16 DIRECTOR & OFFICER TRANSITION CHARGES 0.13 - - - 0.13 - - - - - INCOME TAX BENEFIT ON DIRECTOR & OFFICER TRANSITION CHARGES (0.05 ) - - - (0.05 ) - - - - - RESTRUCTURING CHARGES (1) 0.05 0.04 0.01 0.03 0.12 0.11 0.07 - - 0.18 INCOME TAX BENEFIT ON RESTRUCTURING CHARGES (0.01 ) (0.01 ) (0.01 ) (0.01 ) (0.03 ) (0.01 ) (0.01 ) - - (0.02 ) INCOME TAX EXPENSE FROM US TAX REFORM - - - - - - 0.14 - - 0.14 INCOME TAX EXPENSE FROM EQUITY VESTING/EXERCISES - - - - - - 0.02 - - 0.02 OTHER INCOME TAX BENEFIT - - (0.05 ) - (0.05 ) - - - - - ADJUSTED DILUTED EARNINGS PER SHARE $ 0.20 $ 0.11 $ 0.32 $ 0.19 $ 0.83 $ 0.19 $ 0.13 $ - $ - $ 0.31 ADJUSTED EBITDA (3) NET EARNINGS (LOSS) (GAAP MEASURE) $ 4,965 $ 5,074 $ 22,511 $ (98,764 ) $ (66,213 ) $ 5,226 $ (18,221 ) $ - $ - $ (12,995 ) FINANCING COSTS, NET 7,132 7,334 7,553 7,683 29,703 7,514 7,604 - - 15,118 INCOME TAX (BENEFIT) EXPENSE (2,998 ) 200 (4,029 ) (9,651 ) (16,478 ) 1,604 19,839 - - 21,443 DEPRECIATION & AMORTIZATION 10,896 10,729 10,637 10,847 43,108 10,090 10,295 - - 20,385 EBITDA $ 19,995 $ 23,337 $ 36,672 $ (89,885 ) $ (9,881 ) $ 24,434 $ 19,517 $ - $ - $ 43,951 IMPAIRMENT & OTHER DIVESTITURE CHARGES - - - 116,979 116,979 - 2,987 - - 2,987 DIRECTOR & OFFICER TRANSITION CHARGES 7,784 - - - 7,784 - - - - - RESTRUCTURING CHARGES 2,948 2,101 384 1,795 7,228 6,629 4,284 - - 10,913 ADJUSTED EBITDA $ 30,727 $ 25,438 $ 37,056 $ 28,889 $ 122,110 $ 31,063 $ 26,788 $ - $ - $ 57,851 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. (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 2018 FISCAL 2018 LOW HIGH LOW HIGH RECONCILIATION OF GAAP DILUTED EARNINGS PER SHARE TO ADJUSTED DILUTED EARNINGS PER SHARE GUIDANCE GAAP DILUTED EARNINGS PER SHARE $ 0.31 $ 0.36 $ 0.47 $ 0.57 IMPAIRMENT & DIVESTITURE CHARGES - - 0.21 0.21 RESTRUCTURING CHARGES 0.02 0.02 0.16 0.16 INCOME TAX EXPENSE FROM U.S. TAX REFORM - - 0.14 0.14 INCOME TAX EXPENSE FROM EQUITY VESTING/EXERCISES - - 0.02 0.02 ADJUSTED DILUTED EARNINGS PER SHARE GUIDANCE $ 0.33 $ 0.38 $ 1.00 $ 1.10 RECONCILIATION OF GAAP CASH FLOW FROM OPERATIONS TO FREE CASH FLOW CASH FLOW FROM OPERATIONS $ 90 $ 95 CAPITAL EXPENDITURES (30 ) (30 ) OTHER 10 10 FREE CASH FLOW GUIDANCE $ 70 $ 75 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/20180321005165/en/
Actuant CorporationKaren BauerCommunications & Investor Relations Leader262-293-1562
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