Actuant earnings remain flat in fiscal 1st quarter; reduction in costs offsets drop in sales

Actuant income remains flat in fiscal 1Q

MILWAUKEE — Actuant Corp. said Thursday its profit in its fiscal first quarter remained roughly flat from the year before, as lower costs offset a drop in sales.

The company, which makes industrial products, earned $11.9 million, or 17 cents per share, in the quarter ended Nov. 30. That compares with profit of $11.6 million, or 19 cents per share, in the same period last year, when the company had fewer shares outstanding.

Excluding one-time items related to restructuring, the company said it would have earned 20 cents per share in the latest quarter.

Revenue fell 18 percent to $305.2 million.

Analysts polled by Thomson Reuters expected income of 16 cents per share on revenue of $292.5 million. Analysts typically exclude one-time items from their estimates.

Looking ahead, Actuant said it expects full-year adjusted earnings of 82 cents to 97 cents per share on sales of $1.2 billion to $1.25 billion. Analysts forecast income of 84 cents per share on revenue of $1.18 billion.

The company expects fiscal second-quarter earnings of 12 cents to 17 cents per share and sales of $275 million to $295 million. Analysts predict income of 15 cents per share on revenue of $292.5 million.

Shares rose 55 cents, or 3.1 percent, to $18.15 in premarket trading.