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Actuant profit beats expectations on robust energy segment sales
Sept 27 |
Sept 27 (Reuters) - Diversified manufacturer Actuant Corp posted a better-than-expected quarterly profit, helped by strong sales in its energy segment, and the company raised its full-year outlook.
The company, which makes hydraulic and electrical tools, raised its full-year sales forecast to between $1.68 billion and $1.72 billion from $1.67 billion to $1.70 billion earlier.
Actuant also raised the lower end of its earnings range to $2.20 per share from $2.15 per share.
The company reported a fourth-quarter net loss from continuing operations of $16.5 million, or 23 cents per share, compared with a profit of $37.3 million, or 50 cents per share, a year earlier.
Actuant had this month said fourth-quarter results would include an impairment charge of $60 million related to its acquisition of Dutch solar company Mastervolt.
Excluding items, it earned 55 cents per share.
Revenue was flat at $405 million.
Sales in the energy segment rose 13 percent on higher maintenance spending by its power generation and oil & gas customers, the company said.
Analysts on average expected earnings of 54 cents per share on revenue of $410 million, according to Thomson Reuters I/B/E/S.
Actuant shares, which touched a two-year high last week, closed at $29.85 on the New York Stock Exchange on Wednesday.
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