Sept 18 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
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
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
Actuant shares were up nearly 2 percent at $30.77 on the New
York Stock Exchange on Tuesday morning.