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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 third quarter ended May 31, 2016.
Highlights
Randal W. Baker, President and CEO of Actuant commented, “Our third quarter results came in modestly better than expected and I am pleased with the execution by our team. The trends by end market remain largely consistent with prior quarters, with growth in our maintenance-driven Hydratight business as well as European truck being more than offset by upstream oil & gas, agriculture and general industrial weakness. Unfavorable segment sales mix and manufacturing underabsorption negatively impacted margins in the quarter. This year’s strategic tuck-in acquisitions were additive to third quarter sales but neutral to earnings due to related purchase accounting and acquisition transaction costs. End market demand remains sluggish, yet we are focused on the items that we can control, namely accelerating commercial effectiveness, improving operational execution and carefully managing costs to enhance shareholder value.”
Consolidated Results
Consolidated sales for the third quarter were $305 million, 5% lower than the $320 million in the comparable prior year quarter. Core sales declined 6% while acquisitions added 2% and foreign currency exchange rate changes reduced sales 1%. Fiscal 2016 third quarter net earnings were $21.2 million, or $0.36 per share compared to $38.0 million or $0.63 per share in the comparable prior year period. Excluding fiscal 2016 restructuring costs, third quarter fiscal 2016 adjusted EPS was $0.40 compared to $0.63 in the comparable prior year period (see attached reconciliation of earnings).
Sales for the nine months ended May 31, 2016 were $874 million, 8% lower than the $949 million in the comparable prior year period. Excluding the negative 4% impact of foreign currency rate changes, and 1% benefit from acquisitions, fiscal 2016 year-to-date core sales decreased 5% from the prior year. The fiscal 2016 year-to-date net loss was $122.6 million or $2.08 per share, compared to a net loss of $2.2 million or $0.04 per share in the prior year. Excluding impairment charges in both years, as well as fiscal 2016 year-to-date pre-tax restructuring charges of $11.5 million, or $0.14 per share, fiscal 2016 year-to-date adjusted EPS was $0.92 compared to $1.28 in the comparable prior year period (see attached reconciliation of earnings).
Segment Results
Industrial Segment
(US $ in millions)
Three Months Ended May 31, Nine Months Ended May 31, 2016 2015 2016 2015 Sales $95.8 $103.5 $265.8 $302.4 Operating Profit $21.7 $29.2 $59.0 $79.4 Adjusted Op Profit (1) $22.5 $29.2 $60.8 $79.4 Adjusted Op Profit % (1) 23.5% 28.2% 22.9% 26.3%(1) 2016 excludes $0.8 and $1.8 of restructuring charges in the third quarter and nine months, respectively.
Third quarter fiscal 2016 Industrial segment sales were $96 million, 8% lower than the prior year. Unfavorable currency translation was a 1% headwind and the Larzep acquisition added 2%, while core sales declined 9%. Demand remained sluggish globally across nearly all general industrial end markets, most notably in the Americas. Third quarter adjusted operating profit margin of 23.5% was in line with expectations given the impact on absorption of volume declines and inventory reduction efforts, as well as unfavorable sales mix (larger decline in our most profitable product lines).
Energy Segment
(US $ in millions)
Three Months Ended May 31, Nine Months Ended May 31, 2016 2015 2016 2015 Sales $101.3 $99.3 $301.3 $311.0 Operating Profit $10.8 $12.8 $(115.8) $(50.5) Adjusted Op Profit (2) $12.4 $12.8 $29.9 $33.9 Adjusted Op Profit % (2) 12.3% 12.9% 9.9% 10.9%(2) 2016 excludes $1.6 and $4.9 of restructuring charges in the third quarter and nine months, respectively. Nine month results also exclude impairment charges of $140.8 million and $84.4 million in 2016 and 2015, respectively.
Fiscal 2016 third quarter Energy segment sales increased 2% year-over-year to $101 million. Excluding the 3% unfavorable impact of the stronger US dollar, and 5% benefit from the pipeline & process services acquisition, third quarter year-over-year core sales were flat. Core sales from our maintenance related business (Hydratight) increased at a double digit rate against easier comparisons on a year-over-year basis due to higher MRO and pipeline connector activity. Other Energy segment sales declined significantly due to the continued impact of low upstream capital spending on exploration, drilling, and field development. Third quarter Energy segment adjusted operating profit margin of 12.3% declined modestly from the prior year due to both pricing pressures and underabsorbed costs in our capital spending related product lines, partially offset by the benefit of cost reduction actions.
Engineered Solutions Segment
(US $ in millions)
Three Months Ended May 31, Nine Months Ended May 31, 2016 2015 2016 2015 Sales $108.3 $117.3 $306.5 $335.4 Operating Profit $3.7 $8.3 $(37.9) $16.6 Adjusted Op Profit (3) $4.8 $8.3 $12.3 $16.6 Adjusted Op Profit % (3) 4.4% 7.1% 4.0% 4.9%(3) 2016 excludes $1.1 and $4.5 of restructuring charges in the third quarter and nine months, respectively. Nine month results also exclude 2016 impairment charges of $45.7 million.
Third quarter fiscal 2016 Engineered Solutions segment sales were $108 million, 8% below the prior year due entirely to the core sales decline. Heavy duty truck sales into Europe and China experienced continued modest growth. However, agriculture and off-highway equipment sales were impacted by low end-user demand as well as ongoing OEM destocking efforts, and saw sequential declines in the year-over-year rate of change from second quarter levels. Third quarter adjusted operating profit declined due to the impact on absorption of volume declines and inventory reduction efforts, as well as unfavorable sales mix (larger decline in our most profitable product lines).
Corporate and Income Taxes
Corporate expenses for the third quarter of fiscal 2016 were $7.9 million, or $0.6 million higher than the prior year due to incremental acquisition costs partially offset by the benefit of cost reduction actions. The effective income tax rate of approximately 1% for the third quarter of fiscal 2016 (excluding the tax benefit on restructuring charges) was in line with expectations and higher than the prior year’s negative 8% which included the benefit of larger foreign tax credits and favorable audit resolutions.
Financial Position
Net debt at May 31, 2016 was $451 million (total debt of $588 million less $137 million of cash). The increase in net debt of approximately $18 million during the quarter was due to $65 million of cash deployed on acquisitions, coupled with $5 million used to repurchase 0.2 million shares of common stock, partially offset by strong third quarter free cash flow. At May 31, 2016, the Company had net leverage of 2.7X for bank reporting purposes.
Outlook
Baker continued, "We have seen stabilization in several of our end markets, yet upstream oil & gas and agriculture, in particular, continue to experience reduced spending, pricing and unpredictable demand levels. In addition, while our maintenance driven energy offerings have performed above expectations throughout the first nine months of fiscal 2016, we caution that demand is lumpy by region and end customer and we are currently expecting a lower level of activity in the fiscal fourth quarter than contemplated in our prior outlook. We are now projecting fourth quarter sales to be in the $270-280 million range, with adjusted EPS of $0.28-0.33 based on an anticipated 9-10% consolidated core sales decline. For the full year, sales are expected to be approximately $1.150 billion and adjusted EPS in the range of $1.20-1.25. Our adjusted EPS guidance excludes charges associated with the previously announced impairment and restructuring. We are confident in our ability to generate fiscal 2016 free cash flow in excess of 100% of net earnings, and anticipate free cash flow of approximately $105 million.
Consistent with past practice, all guidance excludes the impact of potential future acquisitions and share repurchases. I believe we have significant opportunities within Actuant to enhance operations, commercial effectiveness and shareholder value. These are all things we are actively working on and plan to review in detail with the investment community at our October Investor Day."
Conference Call Information
An investor conference call is scheduled for 10am CT today, June 22, 2016. 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. The terms “may,” “should,” “could,” “anticipate,” “believe,” “estimate,” “expect,” “objective,” “plan,” “project” and similar expressions are intended to identify forward-looking statements. Such forward-looking statements are subject to inherent risks and uncertainties that may cause actual results or events to differ materially from those contemplated by such forward-looking statements. 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) May 31, August 31, 2016 2015 ASSETS Current assets Cash and cash equivalents $ 137,089 $ 168,846 Accounts receivable, net 200,102 193,081 Inventories, net 138,456 142,752 Deferred income taxes - 12,922 Other current assets 60,086 42,788 Total current assets 535,733 560,389 Property, plant and equipment, net 118,228 142,458 Goodwill 529,421 608,256 Other intangible assets, net 255,921 308,762 Other long-term assets 28,117 17,052 Total assets $ 1,467,420 $ 1,636,917 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Trade accounts payable $ 120,100 $ 118,115 Accrued compensation and benefits 47,432 43,707 Current maturities of debt and short-term borrowings 15,000 3,969 Income taxes payable 1,249 14,805 Other current liabilities 58,880 54,460 Total current liabilities 242,661 235,056 Long-term debt 573,059 584,309 Deferred income taxes 55,532 72,941 Pension and postretirement benefit accruals 15,689 17,828 Other long-term liabilities 56,630 53,782 Total liabilities 943,571 963,916 Shareholders' equity Capital stock 15,870 15,787 Additional paid-in capital 111,535 104,308 Treasury stock (614,755 ) (600,630 ) Retained earnings 1,244,602 1,367,176 Accumulated other comprehensive loss (233,403 ) (213,640 ) Stock held in trust (2,963 ) (4,292 ) Deferred compensation liability 2,963 4,292 Total shareholders' equity 523,849 673,001 Total liabilities and shareholders' equity $ 1,467,420 $ 1,636,917Actuant Corporation Condensed Consolidated Statements of Operations (Dollars in thousands except per share amounts) (Unaudited) Three Months Ended Nine Months Ended May 31, May 31, May 31, May 31, 2016 2015 2016 2015 Net sales $ 305,341 $ 320,100 $ 873,641 $ 948,870 Cost of products sold 197,815 201,540 566,524 593,573 Gross profit 107,526 118,560 307,117 355,297 Selling, administrative and engineering expenses 70,120 69,569 210,202 227,809 Amortization of intangible assets 5,567 5,989 17,347 18,362 Restructuring charges 3,496 - 11,458 - Impairment charges - - 186,511 84,353 Operating profit (loss) 28,343 43,002 (118,401 ) 24,773 Financing costs, net 7,253 7,462 21,236 20,683 Other expense (income), net 751 569 1,605 (489 ) Income (loss) before income tax expense 20,339 34,971 (141,242 ) 4,579 Income tax (benefit) expense (827 ) (2,987 ) (18,666 ) 6,785 Net income (loss) $ 21,166 $ 37,958 $ (122,576 ) $ (2,206 ) Earnings (loss) per share Basic $ 0.36 $ 0.64 $ (2.08 ) $ (0.04 ) Diluted 0.36 0.63 (2.08 ) (0.04 ) Weighted average common shares outstanding Basic 58,923 59,617 59,034 61,911 Diluted 59,589 60,243 59,034 61,911
Actuant Corporation Condensed Consolidated Statements of Cash Flows (In thousands) (Unaudited) Three Months Ended Nine Months Ended May 31, May 31, May 31, May 31, 2016 2015 2016 2015 Operating Activities Net earnings (loss) $ 21,166 $ 37,958 $ (122,576 ) $ (2,206 ) Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation and amortization 11,361 13,295 36,219 40,235 Stock-based compensation expense 1,790 3,364 7,568 9,237 Benefit (provision) for deferred income taxes (2,645 ) 3,841 (2,225 ) 3,666 Impairment charges net of deferred tax benefits - - 169,056 82,635 Amortization of debt issuance costs 413 483 1,239 1,329 Other non-cash adjustments 159 (44 ) (460 ) 413 Changes in components of working capital and other: Accounts receivable (682 ) (17,219 ) 7,755 (11,315 ) Inventories 10,835 6,086 5,436 (5,076 ) Prepaid expenses and other assets 422 (2,240 ) (7,982 ) (15,593 ) Trade accounts payable 1,428 4,129 (3,498 ) (8,278 ) Income taxes payable/refundable (8,671 ) (9,950 ) (26,108 ) (47,983 ) Accrued compensation and benefits 6,011 1,218 3,730 (9,220 ) Other accrued liabilities 4,541 (448 ) 6,837 5,780 Cash provided by operating activities 46,128 40,473 74,991 43,624 Investing Activities Proceeds from sale of property, plant and equipment 3,999 179 8,635 886 Capital expenditures (4,619 ) (4,357 ) (15,623 ) (17,234 ) Business acquisitions, net of cash acquired (65,648 ) - (80,674 ) - Cash used in investing activities (66,268 ) (4,178 ) (87,662 ) (16,348 ) Financing Activities Net borrowings on revolving credit facility - (199,000 ) (210 ) - Principal repayments on term loan - (1,125 ) - (3,375 ) Proceeds from term loan - 213,375 - 213,375 Purchase of treasury shares (4,773 ) (24,115 ) (14,125 ) (204,627 ) Debt issuance costs - (1,875 ) - (1,875 ) Taxes paid related to the net share settlement of equity awards (12 ) (19 ) (1,344 ) (2,344 ) Stock option exercises, related tax benefits and other 3,484 293 5,729 5,046 Cash dividend - - (2,376 ) (2,598 ) Cash provided by (used in) financing activities (1,301 ) (12,466 ) (12,326 ) 3,602 Effect of exchange rate changes on cash 3,859 (3,201 ) (6,760 ) (31,765 ) Net increase (decrease) in cash and cash equivalents (17,582 ) 20,628 (31,757 ) (887 ) Cash and cash equivalents - beginning of period 154,671 87,497 168,846 109,012 Cash and cash equivalents - end of period $ 137,089 $ 108,125 $ 137,089 $ 108,125
ACTUANT CORPORATION SUPPLEMENTAL UNAUDITED DATA FROM CONTINUING OPERATIONS (Dollars in thousands) FISCAL 2015 FISCAL 2016 Q1 Q2 Q3 Q4 TOTAL Q1 Q2 Q3 Q4 TOTAL SALES INDUSTRIAL SEGMENT $ 102,413 $ 96,488 $ 103,546 $ 100,016 $ 402,463 $ 88,870 $ 81,189 $ 95,750 $ 265,809 ENERGY SEGMENT 111,522 100,211 99,296 100,846 411,875 113,763 86,224 101,300 301,287 ENGINEERED SOLUTIONS SEGMENT 113,830 104,306 117,258 99,522 434,916 102,378 95,876 108,291 306,545 TOTAL $ 327,765 $ 301,005 $ 320,100 $ 300,384 $ 1,249,254 $ 305,011 $ 263,289 $ 305,341 $ 873,641 % SALES GROWTH INDUSTRIAL SEGMENT 4 % 3 % -6 % -11 % -3 % -13 % -16 % -8 % -12 % ENERGY SEGMENT 3 % -5 % -21 % -18 % -11 % 2 % -14 % 2 % -3 % ENGINEERED SOLUTIONS SEGMENT -14 % -19 % -18 % -17 % -17 % -10 % -8 % -8 % -9 % TOTAL -3 % -8 % -15 % -15 % -11 % -7 % -13 % -5 % -8 % OPERATING PROFIT (LOSS) INDUSTRIAL SEGMENT $ 26,705 $ 23,517 $ 29,165 $ 26,267 $ 105,654 $ 21,263 $ 17,003 $ 22,519 $ 60,785 ENERGY SEGMENT 12,442 8,680 12,774 9,106 43,002 12,124 5,348 12,438 29,910 ENGINEERED SOLUTIONS SEGMENT 6,278 2,010 8,313 3,188 19,789 4,937 2,555 4,768 12,260 CORPORATE / GENERAL (7,207 ) (6,301 ) (7,250 ) (9,780 ) (30,538 ) (8,573 ) (6,928 ) (7,886 ) (23,387 ) ADJUSTED OPERATING PROFIT $ 38,218 $ 27,906 $ 43,002 $ 28,781 $ 137,907 $ 29,751 $ 17,978 $ 31,839 $ 79,568 IMPAIRMENT CHARGES - (84,353 ) - - (84,353 ) - (186,511 ) - (186,511 ) RESTRUCTURING CHARGES - - - - - (4,380 ) (3,582 ) (3,496 ) (11,458 ) OPERATING PROFIT $ 38,218 $ (56,447 ) $ 43,002 $ 28,781 $ 53,554 $ 25,371 $ (172,115 ) $ 28,343 $ (118,401 ) OPERATING PROFIT % INDUSTRIAL SEGMENT 26.1 % 24.4 % 28.2 % 26.3 % 26.3 % 23.9 % 20.9 % 23.5 % 22.9 % ENERGY SEGMENT 11.2 % 8.7 % 12.9 % 9.0 % 10.4 % 10.7 % 6.2 % 12.3 % 9.9 % ENGINEERED SOLUTIONS SEGMENT 5.5 % 1.9 % 7.1 % 3.2 % 4.6 % 4.8 % 2.7 % 4.4 % 4.0 % ADJUSTED OPERATING PROFIT % 11.7 % 9.3 % 13.4 % 9.6 % 11.0 % 9.8 % 6.8 % 10.4 % 9.1 % EBITDA INDUSTRIAL SEGMENT $ 28,715 $ 25,534 $ 31,194 $ 27,968 $ 113,411 $ 22,959 $ 18,829 $ 24,686 $ 66,474 ENERGY SEGMENT 20,011 15,732 19,278 15,348 70,369 18,348 10,968 16,819 46,135 ENGINEERED SOLUTIONS SEGMENT 11,514 5,603 12,294 6,635 36,046 8,498 6,882 8,504 23,884 CORPORATE / GENERAL (7,875 ) (5,111 ) (7,037 ) (8,770 ) (28,793 ) (8,201 ) (6,552 ) (7,560 ) (22,313 ) ADJUSTED EBITDA $ 52,365 $ 41,758 $ 55,729 $ 41,181 $ 191,033 $ 41,604 $ 30,127 $ 42,449 $ 114,180 IMPAIRMENT CHARGES - (84,353 ) - - (84,353 ) - (186,511 ) - (186,511 ) RESTRUCTURING CHARGES - - - - - (4,380 ) (3,582 ) (3,496 ) (11,458 ) EBITDA $ 52,365 $ (42,595 ) $ 55,729 $ 41,181 $ 106,680 $ 37,224 $ (159,966 ) $ 38,953 $ (83,789 ) EBITDA % INDUSTRIAL SEGMENT 28.0 % 26.5 % 30.1 % 28.0 % 28.2 % 25.8 % 23.2 % 25.8 % 25.0 % ENERGY SEGMENT 17.9 % 15.7 % 19.4 % 15.2 % 17.1 % 16.1 % 12.7 % 16.6 % 15.3 % ENGINEERED SOLUTIONS SEGMENT 10.1 % 5.4 % 10.5 % 6.7 % 8.3 % 8.3 % 7.2 % 7.9 % 7.8 % ADJUSTED EBITDA % 16.0 % 13.9 % 17.4 % 13.7 % 15.3 % 13.6 % 11.4 % 13.9 % 13.1 %
ACTUANT CORPORATION SUPPLEMENTAL UNAUDITED DATA RECONCILIATION OF GAAP MEASURE TO NON-GAAP MEASURES (Dollars in thousands, except for per share amounts) FISCAL 2015 FISCAL 2016 Q1 Q2 Q3 Q4 TOTAL Q1 Q2 Q3 Q4 TOTAL ADJUSTED EARNINGS (1) NET EARNINGS (LOSS) $ 24,674 $ (64,838 ) $ 37,958 $ 22,078 $ 19,872 $ 15,448 $ (159,190 ) $ 21,166 $ (122,576 ) IMPAIRMENT CHARGES - 84,353 - - 84,353 - 186,511 - 186,511 INCOME TAX ON IMPAIRMENT CHARGES - (1,717 ) - - (1,717 ) - (17,455 ) - (17,455 ) RESTRUCTURING CHARGES - - - - - 4,380 3,582 3,496 11,458 INCOME TAX ON RESTRUCTURING CHARGES - - - - - (1,182 ) (1,185 ) (994 ) (3,361 ) ADJUSTED EARNINGS $ 24,674 $ 17,798 $ 37,958 $ 22,078 $ 102,508 $ 18,646 $ 12,263 $ 23,668 $ 54,577 ADJUSTED EARNINGS PER SHARE (1) NET EARNINGS (LOSS) $ 0.38 $ (1.05 ) $ 0.63 $ 0.37 $ 0.32 $ 0.26 $ (2.70 ) 0.36 $ (2.08 ) IMPAIRMENT CHARGES - 1.33 - - 1.33 - 3.16 - 3.16 INCOME TAX ON IMPAIRMENT CHARGES - - - - - - (0.30 ) - (0.30 ) RESTRUCTURING CHARGES - - - - - 0.07 0.06 0.06 0.19 INCOME TAX ON RESTRUCTURING CHARGES - - - - - (0.02 ) (0.02 ) (0.02 ) (0.06 ) ADJUSTED EARNINGS PER SHARE $ 0.38 $ 0.28 $ 0.63 $ 0.37 $ 1.65 $ 0.31 $ 0.21 $ 0.40 $ 0.92 EBITDA (2) NET EARNINGS (LOSS) (GAAP MEASURE) $ 24,674 $ (64,838 ) $ 37,958 $ 22,078 $ 19,872 $ 15,448 $ (159,190 ) $ 21,166 $ (122,576 ) FINANCING COSTS, NET 6,191 7,030 7,462 7,374 28,057 7,117 6,866 7,253 21,236 INCOME TAX EXPENSE (BENEFIT) 7,792 1,980 (2,987 ) (1,266 ) 5,519 2,187 (20,026 ) (827 ) (18,666 ) DEPRECIATION & AMORTIZATION 13,708 13,233 13,296 12,995 53,232 12,472 12,384 11,361 36,217 EBITDA $ 52,365 $ (42,595 ) $ 55,729 $ 41,181 $ 106,680 $ 37,224 $ (159,966 ) $ 38,953 $ (83,789 ) IMPAIRMENT CHARGES - 84,353 - - 84,353 - 186,511 - 186,511 RESTRUCTURING CHARGES - - - - - 4,380 3,582 3,496 11,458 ADJUSTED EBITDA $ 52,365 $ 41,758 $ 55,729 $ 41,181 $ 191,033 $ 41,604 $ 30,127 $ 42,449 $ 114,180
FOOTNOTES
NOTE: The total of the individual quarters may not equal the annual total due to rounding. (1) Adjusted earnings and adjusted earnings per share represent net earnings (loss) and earnings (loss) per share per the Condensed Consolidated Statements of Earnings 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 earnings (loss) per share 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. (2) EBITDA represents net earnings before financing costs, net, income tax expense, and depreciation & amortization. EBITDA is not a calculation based upon generally accepted accounting principles (GAAP). The amounts included in the EBITDA calculation, however, are derived from amounts included in the Condensed Consolidated Statements of Operations data. 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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160622005226/en/
Actuant CorporationKaren BauerCommunications & Investor Relations Leader262-293-1562
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