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Actuant forecasts first-quarter profit largely below estimates
September 27, 2012 / 12:41 PM / 5 years ago

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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