Actuant forecasts first-quarter profit largely below estimates
(Reuters) - Diversified manufacturer Actuant Corp (ATU.N) forecast current-quarter profit below analysts' estimates as the company expects lower demand for its business that caters to the automobile and agricultural markets.
Shares of the company fell 6.6 percent to $27.89 on the New York Stock Exchange.
"Our outlook for fiscal 2013 assumes that the global economy and worldwide industrial activity continue to reflect uncertainty," CEO Robert Arzbaecher said in a statement.
Actuant said it expects to earn between 48 cents and 52 cents per share for the quarter ending November, on revenue of between $390 million and $395 million.
Analysts on average were expecting earnings of 52 cents per share, excluding items, on revenue of $404 million, according to Thomson Reuters I/B/E/S.
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 said last week it would take an impairment charge of about $60 million in the quarter ended August related to its Mastervolt buy.
Excluding charges, the company earned 55 cents per share, beating analysts' estimates by a cent.
Revenue was flat at $405 million, missing expectations of $410 million.
(Reporting by Mridhula Raghavan in Bangalore; Editing by Sriraj Kalluvila)
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