Actuant fiscal 2013 revenue forecast below estimates
(Reuters) - Diversified manufacturer Actuant Corp (ATU.N) forecast fiscal 2013 revenue below analysts' expectations, saying weak demand in Europe and China is likely to continue, sending its shares down 5 percent in early trade.
For fiscal 2013, Actuant said it expects to earn between $2.15 and $2.30 per share on revenue of $1.67 to $1.70 billion.
Analysts on average were expecting earnings of $2.27 per share, excluding items, on revenue of $1.71 billion, according to Thomson Reuters I/B/E/S.
The company, which makes wire and pipeline connectors, switches, transformers and cables, said end markets in Europe and China softened in the third quarter.
"Our growth rates moderated from the strong pace of the past nine quarters," CEO Robert Arzbaecher said in a statement.
For March-May, net income from continuing operations fell to $34.4 million, or 45 cents per share, from $38.4 million, or 51 cents per share, a year earlier.
Excluding items, Actuant earned 60 cents per share.
Shares of the company, which has a market value of about $2 billion, fell 5 percent to $26.00 on Wednesday on the New York Stock Exchange.
(Reporting by Sagarika Jaisinghani in Bangalore; Editing by Don Sebastian)