Actuant Schedules Third Quarter Earnings; Provides Acquisition and Other Updates
MILWAUKEE--(BUSINESS WIRE)-- Actuant Corporation (NYSE:ATU) announced today that it will conduct and webcast its quarterly earnings conference call for the fiscal 2014 third quarter on Wednesday, June 18, 2014 beginning at 10:00 a.m. CT.
The Company also announced that it has completed the acquisition of Hayes Industries, Ltd (“Hayes”) for approximately $31 million, plus potential future performance related consideration. Privately held Hayes, based in Sugar Land, Texas, generated approximately $25 million of sales in the most recent year and maintains a leading U.S. position in the concrete pre- and post-tensioning products market. Complementing the Industrial segment’s existing Precision Sure-Lock business, its products include patented encapsulated anchor systems and wedges that are used in the residential, commercial, and public-works concrete construction and ground stabilization markets. Hayes also provides customized extruded cables for the energy and chemical markets.
Finally, the Company announced that it will be changing its timing for providing earnings guidance. While it will continue to provide annual and quarterly sales and earnings guidance, it will first provide initial annual guidance with its fiscal year-end earnings release, as is common practice in the industry, and not with its third quarter earnings, which has been its historical practice. This decision was made to eliminate duplicate forecasting processes and to more closely align the timing with the annual planning process. As such, the Company plans to provide its fiscal 2015 guidance on its year-end earnings release which is scheduled for October 2, 2014.
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.
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 activities, 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.
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Source: Actuant Corporation
Released May 30, 2014