Actuant Reports Improved Third Quarter Results;
Raises Fiscal 2010 Guidance and Provides Fiscal
June 17, 2010 07:33 AM Eastern Daylight Time
MILWAUKEE--(EON: Enhanced Online News)--Actuant Corporation (NYSE: ATU) today announced results for
its third quarter ended May 31, 2010.
l 45% year-over-year increase in diluted earnings per share from continuing operations (“EPS”) to $0.32
(excluding restructuring costs and impairment charges - see attached reconciliation of earnings.)
l Core revenue growth (total sales less the impact of acquisitions, divestitures and foreign currency rate
changes) of 16%. Significant increase in Industrial and Engineered Solutions segment core sales growth of
20% and 43%, respectively.
l Strong operating profit expansion with highest margin performance of the past six quarters.
l Robust cash flow from operations totaling $52 million.
l Completed four tuck-in acquisitions during the past 90 days (including Selantic AS after quarter end)
deploying approximately $44 million on businesses complementing our Industrial and Energy segments.
l Introduced fiscal 2011 EPS guidance range of $1.20-1.35.
Robert C. Arzbaecher, Chairman and CEO of Actuant commented, “We were pleased with our third quarter
results, performing better than anticipated with broad-based strength in many of our markets. Revenue growth of
17% was above the high-end of our expectations in the face of headwinds from a stronger than planned US dollar.
The sales increase, coupled with solid margin improvement, drove the EPS growth. Cash flow also exceeded
expectations due to strong earnings and effective working capital management. We are pleased to have deployed
this cash into four tuck-in acquisitions which provide strategic growth benefits to our Industrial and Energy
businesses. Overall, our favorable third quarter financial performance highlights improved market demand and strong
execution by our employees.”
Consolidated sales for the th