MILWAUKEE--(BUSINESS WIRE)--
Actuant Corporation (NYSE:ATU) will conduct and webcast its quarterly
earnings conference call for the fiscal 2016 second quarter on
Wednesday, March 16, 2016 beginning at 10:00 a.m. CT.
The Company will record a net impairment charge of approximately $170
million ($2.86 per diluted share) in its second quarter financial
results due to further weakening of near-term capital spending in the
global oil & gas market, as well as ongoing weakness in off-highway
equipment markets. This non-cash charge was not included in the
previously provided earnings guidance.
In addition, the Company stated that its revenue for the second fiscal
quarter of approximately $263 million (versus guidance of $270-280
million) was negatively impacted by greater than expected declines
across a number of industrial end markets. This includes capital
spending based energy markets, general industrial markets, as well as
off-highway markets where customers continue to reduce inventory via
production cuts in excess of end market demand declines. The Company is
currently evaluating its full year guidance in light of this weakness,
and updated expectations and commentary will be provided in its second
quarter earnings release.
Finally, the Company completed the acquisition of Larzep S.A., based in
Mallabia Spain. Larzep, with annual sales of approximately $7 million,
provides hydraulic tools, pumps and accessories for MRO applications
predominately in the European region.
About Actuant
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.
Safe Harbor
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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160307006476/en/
Actuant Corporation
Karen Bauer, 262-293-1562
Communications &
Investor Relations Leader
Source: Actuant Corporation
Released March 7, 2016