Actuant expects results at upper half of forecast range
Sept 18 (Reuters) - Diversified manufacturer Actuant Corp said its fourth-quarter results would be at the upper half of its forecast, and it would record an acquisition-related impairment charge.
The maker of hydraulic and electrical tools said, excluding the charge, fourth-quarter results are expected to be at the upper half of its forecast of earnings between 50 and 55 cents per share on revenue of $400 million to $410 million.
Analysts on average expect the company to earn 54 cents per share on revenue of $410 million, according to Thomson Reuters I/B/E/S.
Actuant said it would take the non-cash pretax goodwill charge of about $60 million in the fourth quarter related to its Mastervolt buy, as the Dutch solar company failed to perform as expected due to weak economic conditions in Europe.
Brokerage UBS raised its price target on the stock to $34 from $30.
Actuant shares were up nearly 2 percent at $30.77 on the New York Stock Exchange on Tuesday morning.
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