Actuant Reports Fourth Quarter and Full Year 2018 Results; Initiated Fiscal 2019 Guidance MILWAUKEE
Actuant Corporation (NYSE: ATU) today announces results for its fourth
quarter and fiscal year ended August 31, 2018.
Highlights
-
Consolidated sales of $301 million increased 9% over the comparable
prior year quarter. Core sales increased 10% on a year-over-year
basis, including a 1% decline on sales from foreign currency and a net
negligible impact on sales from acquisitions and divestitures. Strong
double-digit growth in the Industrial and Energy segments and solid
growth in the Engineered Solutions segment all contributed.
-
GAAP diluted earnings per share (“EPS”) was a loss of $0.62 in the
fourth quarter of fiscal 2018 versus a loss of $1.65 in the prior
year. Excluding fourth quarter fiscal 2018 one-time items, adjusted
EPS was $0.39 (see Consolidated Results below, along with the attached
reconciliation of earnings).
-
Progress continues on portfolio management actions; Cortland Fibron
(upstream oil & gas) was moved to Assets Held for Sale as the business
is prepared for divestiture.
-
Very strong operating cash flow generation drove further reduction in
net debt to proforma EBITDA leverage, ending the year at 1.9 times.
-
Full year fiscal 2019 sales and adjusted diluted EPS guidance of
$1.21-1.24 billion and $1.09-1.20 (excluding one-time items),
respectively, inclusive of significant headwinds from higher taxes
related to Tax Reform.
-
Estimated headwinds of approximately $3-4 million from recently
enacted Section 301 List 3 tariffs. Mitigation efforts to reduce these
headwinds are currently being assessed.
Randy Baker, President and CEO of Actuant Corporation remarked, “Actuant
performed exceptionally well in the quarter, where we saw 10% core sales
growth and outstanding operating margin expansion over the prior year.
Solid above-market growth in our Industrial segment and continued steady
growth in our Engineered Solutions segment were coupled with
double-digit core sales growth in our Energy segment, the first growth
in the segment in more than a year. I also am very pleased with our
progress on new product development, as that will allow us to continue
to outpace the market growth as we go forward. In summary, we had a
strong finish to our year. Our initiatives to enhance top-line growth,
restructure certain businesses, drive operational efficiency and manage
our business portfolio have laid the ground work to continue positive
momentum into 2019. Thank you to all of our employees worldwide for
their significant efforts this year and commitment to Actuant.”
Consolidated Results
Consolidated sales for the fourth quarter were $301 million, 9% higher
than the $276 million recorded in the comparable prior year quarter.
Core sales improved 10% year-over-year, while foreign currency rate
changes reduced sales by 1% and the net impact from the Mirage and
Equalizer acquisitions, net of the Viking divestiture, increased sales
by less than 1%. Fiscal 2018 fourth quarter net loss and EPS were
$(37.7) million and $(0.62), compared to $(98.8) million and $(1.65),
respectively, in the comparable prior year quarter. Fiscal 2018 fourth
quarter earnings included impairment & divestiture charges of $46.3
million ($45.0 million or $0.74 per share, after tax) related to the
anticipated sale of the Cortland Fibron business and impairment charges
of $23.7 million ($18.0 million or $0.29 per share, after tax) on our
Precision-Hayes International business. Additionally, fourth quarter
2018 results included restructuring charges of $0.7 million (benefit of
$0.3 million and $0.01 per share, after tax), a $1.8 million or $0.02
per share benefit related to impacts of US Tax Reform and benefits from
the release of valuation allowances, and a $0.8 million charge ($0.6
million or $0.01 per share, after tax) associated with the acceleration
of the amortization of debt issuance costs resulting from the
intentional reduction in the borrowing capacity under our Credit
Facility. Fiscal 2017 fourth quarter included restructuring charges of
$1.8 million ($1.3 million or $0.02 per share, after tax), as well as
$117.0 million ($108.9 million or $1.82 per share, after tax) in
impairment & divestiture charges related to the then-pending sale of the
Viking SeaTech business. Excluding these items, adjusted EPS for the
fourth quarter of fiscal 2018 was $0.39, compared to $0.19 in the
comparable prior year period (see attached reconciliation of earnings).
Consolidated sales for the twelve months ended August 31, 2018 were
$1,183 million, 8% higher than the $1,096 million in the prior year.
Foreign currency rate changes increased sales 3%, and the net impact of
acquisitions and divestitures reduced sales by 1% year-over-year,
resulting in 6% core sales growth. Fiscal year 2018 net loss and EPS
were $(21.6) million and $(0.36), respectively, compared to a net loss
and EPS of $(66.2) million and $(1.11), respectively, in the prior
fiscal year. Fiscal year 2018 results include impairment & divestiture
charges of $73.1 million ($75.3 million or $1.24 per share, after tax),
restructuring charges of $12.8 million ($9.5 million or $0.15 per share,
after tax), tax charges related to US Tax Reform, the release of
valuation allowances and stock compensation of $3.0 million or $0.05 per
share, and accelerated debt issuance amortization costs of $0.8 million
($0.6 million or $0.01 per share, after tax). Fiscal year 2017 net loss
included impairment & divestiture charges related to the then-pending
sale of the Viking SeaTech business of $117.0 million ($108.9 million or
$1.82 per share, after tax), restructuring charges of $7.2 million ($5.3
million or $0.09 per share, after tax), director and officer transition
charges of $7.8 million ($4.9 million or $0.08 per share, after tax) and
one-time tax benefits of $3.2 million or $0.05 per share. Excluding
these items, adjusted EPS for fiscal year 2018 was $1.09, compared to
$0.83 in fiscal year 2017.
Segment Results
|
Industrial Segment
|
(US $ in millions)
|
|
|
Three Months Ended August 31,
|
|
|
Twelve Months Ended August 31,
|
|
|
2018
|
|
2017
|
|
|
2018
|
|
2017
|
Sales
|
|
$111.6
|
|
$100.3
|
|
|
$415.9
|
|
$379.8
|
Operating Profit
|
|
$2.8
|
|
$24.1
|
|
|
$63.8
|
|
$84.9
|
Adjusted Op Profit (1)
|
|
$26.6
|
|
$24.1
|
|
|
$90.4
|
|
$86.6
|
Adjusted Op Profit % (1)
|
|
23.8%
|
|
24.0%
|
|
|
21.7%
|
|
22.8%
|
|
|
|
|
|
|
|
|
|
|
(1) 2018 excludes restructuring charges of $0.1 and $2.9 in
the fourth quarter and twelve months, respectively, and $23.7 of
impairment & divestiture charges in the fourth quarter and twelve
months. 2017 excludes $1.7 of restructuring charges in the twelve months.
Fourth quarter fiscal 2018 Industrial segment sales were $111.6 million,
11% higher than the prior year. The impact of foreign currency exchange
rates was a slight disadvantage year-over-year coupled with a 1%
increase in sales due to the Equalizer acquisition, resulting in a 10%
year-over-year core sales increase. Despite difficult comparisons, sales
improved broadly across the industrial tools business in the quarter and
heavy lifting technology sales improved by double-digits. Concrete
tensioning products improved modestly. Fourth quarter adjusted operating
profit margin was level with the prior year. Segment incremental profit
flow-through from industrial tools was solid.
|
|
|
|
|
|
|
|
|
Energy Segment
|
|
|
|
|
|
|
|
|
(US $ in millions)
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended August 31,
|
|
|
Twelve Months Ended August 31,
|
|
|
2018
|
|
2017
|
|
|
2018
|
|
2017
|
Sales
|
|
$77.5
|
|
$68.6
|
|
|
$303.1
|
|
$309.6
|
Operating (Loss)
|
|
$(43.7)
|
|
$(122.6)
|
|
|
$(41.7)
|
|
$(119.0)
|
Adjusted Op Profit (Loss) (2)
|
|
$3.3
|
|
$(3.7)
|
|
|
$12.3
|
|
$(0.1)
|
Adjusted Op Profit (Loss) % (2)
|
|
4.3%
|
|
-5.4%
|
|
|
4.1%
|
|
0.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) 2018 excludes $0.7 and $4.7 of restructuring charges and
$46.3 and $49.3 in impairment & divestiture charges in the fourth
quarter and twelve months, respectively. 2017 excludes $1.9 and $117.0
of restructuring and impairment & divestiture charges, respectively, in
the fourth quarter and for the twelve months.
Fiscal 2018 fourth quarter Energy segment sales of $77.5 million grew
double digits over prior year sales of $68.6 million. Excluding a 2%
negative impact from foreign currency exchange rates and a negligible
net impact from the Viking divestiture and Mirage acquisition on sales,
core sales grew by 15%. Hydratight grew in the quarter as maintenance
activity continued to be solid in the North Sea and Middle East.
Cortland experienced strong double-digit sales growth across oil & gas,
medical and non-energy as market activity increased. Energy segment
adjusted operating profit margin improvement resulted from incremental
flow-through on higher sales, the benefit of restructuring actions,
one-time items in 2017 that did not repeat in 2018 and the elimination
of Viking losses.
|
Engineered Solutions Segment
|
(US $ in millions)
|
|
|
Three Months Ended August 31,
|
|
|
Twelve Months Ended August 31,
|
|
|
2018
|
|
2017
|
|
|
2018
|
|
2017
|
Sales
|
|
$112.3
|
|
$106.8
|
|
|
$463.6
|
|
$406.4
|
Operating Profit
|
|
$7.7
|
|
$6.2
|
|
|
$25.2
|
|
$16.9
|
Adjusted Op Profit (3)
|
|
$7.6
|
|
$6.1
|
|
|
$25.7
|
|
$20.4
|
Adjusted Op Profit % (3)
|
|
6.8%
|
|
5.7%
|
|
|
5.5%
|
|
5.0%
|
|
|
|
|
|
|
|
|
|
|
(3) 2018 excludes $0.5 of restructuring charges for the
twelve months. 2017 excludes $(0.1) and $3.5 of restructuring charges in
the fourth quarter and twelve months, respectively.
Fourth quarter fiscal 2018 Engineered Solutions segment sales were
$112.3 million, a 5% increase over the prior year. Excluding a 1%
decline in sales due to a stronger US dollar, year-over-year core sales
increased 6%. Sales growth was broad-based in off-highway markets,
including agriculture, mining and forestry. Europe truck sales continued
to be solid and were partially offset by an anticipated continued
decline in China volumes. Fourth quarter adjusted operating profit
margins improved significantly over the prior year due to favorable mix
and pricing.
Corporate Expenses and Income Taxes (excluding impairment &
divestiture charges, restructuring, transition, and one-time tax items)
Corporate expenses for the fourth quarter of fiscal 2018 were $5.4
million or $1.6 million less than the comparable prior year period, due
primarily to lower insurance costs and compensation expense. The fourth
quarter effective income tax rate of approximately 7% was in line with
expectations but higher than the prior year’s -10% rate.
Financial Position
Net debt at August 31, 2018 was approximately $282 million (total debt
of $533 million less $250 million of cash), which declined approximately
$69 million from the prior quarter end. Strong cash flow was used to
reduce net debt, and the ratio of net debt to proforma EBITDA leverage
declined to 1.9 times.
Outlook
"We believe fiscal 2018 has been a turning point for Actuant. The strong
momentum we have established over the last several quarters from a
higher level of focus on our customers, improvements in operations, and
commercializing new products has allowed us to grow our top line in
excess of our markets and drive solid incremental profitability. We
expect that momentum to continue into 2019, and our sales and EPS
guidance reflect continued growth from our own actions and the global
economy,” stated Baker.
He continued, “As we initiate our guidance for 2019, we anticipate sales
growth of between 3% and 5%, resulting in expected annual sales of $1.21
to $1.24 billion. We anticipate first quarter sales between $295 and
$305 million and expect to see normal seasonality, with our strongest
quarters in the back half of our fiscal year. Full year adjusted EPS is
projected between $1.09 and $1.20, which includes an expected tax rate
increase to 20% from 10% in 2018 (a $0.12 per share impact). First
quarter adjusted EPS is projected to be in the range of $0.20 to 0.25.
Free cash flow is anticipated to be solid again and in the $80 to $85
million range.
We are confident the actions we have taken over the last several
quarters are delivering sustainable results and position us well to
continue to grow our top line greater than the markets we serve and
deliver strong incremental profitability. Continued solid cash flow
generation and the expected reduction in net debt should provide us
greater flexibility to invest in profitable growth opportunities to
drive superior returns to our shareholders.”
All guidance excludes restructuring, impairment & divestiture charges,
one-time tax adjustments as well as the impact of potential future
tariffs, acquisitions, dispositions and share repurchases.
Conference Call Information
An investor conference call is scheduled for 10am CT today, September
26, 2018. Webcast information and conference call materials will be made
available on the Actuant company website (www.actuant.com)
prior to the start of the call.
Safe Harbor Statement
Certain of the above comments represent forward-looking statements made
pursuant to the provisions of the Private Securities Litigation Reform
Act of 1995. Management cautions that these statements are based on
current estimates of future performance and are highly dependent upon a
variety of factors, which could cause actual results to differ from
these estimates. Among other risks and factors, Actuant’s results are
subject to general economic conditions, variation in demand from
customers, the impact of geopolitical activity on the economy, continued
market acceptance of the Company’s new product introductions, the
successful integration of acquisitions, restructuring, operating margin
risk due to competitive pricing and operating efficiencies, supply chain
risk, material and labor cost increases, tax reform, foreign currency
fluctuations and interest rate risk. See the Company’s Form 10-K filed
with the Securities and Exchange Commission for further information
regarding risk factors. Actuant disclaims any obligation to publicly
update or revise any forward-looking statements as a result of new
information, future events or any other reason.
About Actuant Corporation
Actuant Corporation is a diversified industrial company serving
customers from operations in more than 30 countries. The Actuant
businesses are leaders in a broad array of niche markets including
branded hydraulic tools and solutions; specialized products and services
for energy markets and highly engineered position and motion control
systems. The Company was founded in 1910 and is headquartered in
Menomonee Falls, Wisconsin. Actuant trades on the NYSE under the symbol
ATU. For further information on Actuant and its businesses, visit the
Company's website at www.actuant.com.
|
Actuant Corporation
|
Condensed Consolidated Balance Sheets
|
(Dollars in thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
August 31,
|
|
|
August 31,
|
|
|
|
|
|
|
|
2018
|
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
250,490
|
|
|
|
$
|
229,571
|
|
|
Accounts receivable, net
|
|
|
187,749
|
|
|
|
|
190,206
|
|
|
Inventories, net
|
|
|
156,356
|
|
|
|
|
143,651
|
|
|
Assets held for sale
|
|
|
23,573
|
|
|
|
|
21,835
|
|
|
Other current assets
|
|
|
42,732
|
|
|
|
|
61,663
|
|
|
Total current assets
|
|
|
660,900
|
|
|
|
|
646,926
|
|
|
|
|
|
|
|
|
|
|
|
|
Property, plant and equipment, net
|
|
|
90,220
|
|
|
|
|
94,521
|
|
Goodwill
|
|
|
512,412
|
|
|
|
|
530,081
|
|
Other intangible assets, net
|
|
|
181,037
|
|
|
|
|
220,489
|
|
Other long-term assets
|
|
|
35,967
|
|
|
|
|
24,938
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$
|
1,480,536
|
|
|
|
$
|
1,516,955
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
|
|
Trade accounts payable
|
|
$
|
130,838
|
|
|
|
$
|
133,387
|
|
|
Accrued compensation and benefits
|
|
|
54,508
|
|
|
|
|
50,939
|
|
|
Current maturities of debt and short-term borrowings
|
|
|
30,000
|
|
|
|
|
30,000
|
|
|
Income taxes payable
|
|
|
4,091
|
|
|
|
|
6,080
|
|
|
Liabilities held for sale
|
|
|
44,225
|
|
|
|
|
101,083
|
|
|
Other current liabilities
|
|
|
67,299
|
|
|
|
|
57,445
|
|
|
Total current liabilities
|
|
|
330,961
|
|
|
|
|
378,934
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term debt, net
|
|
|
502,695
|
|
|
|
|
531,940
|
|
Deferred income taxes
|
|
|
21,933
|
|
|
|
|
29,859
|
|
Pension and postretirement benefit liabilities
|
|
|
14,067
|
|
|
|
|
19,862
|
|
Other long-term liabilities
|
|
|
52,168
|
|
|
|
|
55,821
|
|
|
Total liabilities
|
|
|
921,824
|
|
|
|
|
1,016,416
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity
|
|
|
|
|
|
|
Capital stock
|
|
|
16,285
|
|
|
|
|
16,040
|
|
|
Additional paid-in capital
|
|
|
167,448
|
|
|
|
|
138,449
|
|
|
Treasury stock
|
|
|
(617,731
|
)
|
|
|
|
(617,731
|
)
|
|
Retained earnings
|
|
|
1,166,955
|
|
|
|
|
1,191,042
|
|
|
Accumulated other comprehensive loss
|
|
|
(174,245
|
)
|
|
|
|
(227,261
|
)
|
|
Stock held in trust
|
|
|
(2,450
|
)
|
|
|
|
(2,696
|
)
|
|
Deferred compensation liability
|
|
|
2,450
|
|
|
|
|
2,696
|
|
|
Total shareholders' equity
|
|
|
558,712
|
|
|
|
|
500,539
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and shareholders' equity
|
|
$
|
1,480,536
|
|
|
|
$
|
1,516,955
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actuant Corporation
|
Condensed Consolidated Statements of Operations
|
(Dollars in thousands, except per share amounts)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Twelve Months Ended
|
|
|
|
|
August 31,
|
August 31,
|
|
|
August 31,
|
August 31,
|
|
|
|
|
2018
|
2017
|
|
|
2018
|
2017
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
$
|
301,395
|
|
$
|
275,695
|
|
|
|
$
|
1,182,611
|
|
$
|
1,095,784
|
|
Cost of products sold
|
|
|
193,251
|
|
|
179,175
|
|
|
|
|
767,351
|
|
|
716,067
|
|
Gross profit
|
|
|
108,144
|
|
|
96,520
|
|
|
|
|
415,260
|
|
|
379,717
|
|
|
|
|
|
|
|
|
|
|
|
Selling, administrative and engineering expenses
|
|
|
70,893
|
|
|
71,879
|
|
|
|
|
291,444
|
|
|
277,488
|
|
Amortization of intangible assets
|
|
|
5,083
|
|
|
5,106
|
|
|
|
|
20,565
|
|
|
20,474
|
|
Director & officer transition charges
|
|
|
-
|
|
|
-
|
|
|
|
|
-
|
|
|
7,784
|
|
Restructuring charges
|
|
|
746
|
|
|
1,795
|
|
|
|
|
11,995
|
|
|
7,228
|
|
Impairment & divestiture charges
|
|
|
70,071
|
|
|
116,979
|
|
|
|
|
73,058
|
|
|
116,979
|
|
Operating (loss) profit
|
|
|
(38,649
|
)
|
|
(99,239
|
)
|
|
|
|
18,198
|
|
|
(50,236
|
)
|
|
|
|
|
|
|
|
|
|
|
Financing costs, net
|
|
|
8,617
|
|
|
7,683
|
|
|
|
|
31,491
|
|
|
29,703
|
|
Other (income) expense, net
|
|
|
(1,130
|
)
|
|
1,493
|
|
|
|
|
(621
|
)
|
|
2,752
|
|
Loss before income tax (benefit) expense
|
|
|
(46,136
|
)
|
|
(108,415
|
)
|
|
|
|
(12,672
|
)
|
|
(82,691
|
)
|
|
|
|
|
|
|
|
|
|
|
Income tax (benefit) expense
|
|
|
(8,472
|
)
|
|
(9,651
|
)
|
|
|
|
8,976
|
|
|
(16,478
|
)
|
Net loss
|
|
$
|
(37,664
|
)
|
$
|
(98,764
|
)
|
|
|
$
|
(21,648
|
)
|
$
|
(66,213
|
)
|
|
|
|
|
|
|
|
|
|
|
Loss per share
|
|
|
|
|
|
|
|
Basic
|
|
$
|
(0.62
|
)
|
$
|
(1.65
|
)
|
|
|
$
|
(0.36
|
)
|
$
|
(1.11
|
)
|
Diluted
|
|
|
(0.62
|
)
|
|
(1.65
|
)
|
|
|
|
(0.36
|
)
|
|
(1.11
|
)
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding
|
|
|
|
|
|
|
|
Basic
|
|
|
60,893
|
|
|
59,726
|
|
|
|
|
60,441
|
|
|
59,436
|
|
Diluted
|
|
|
60,893
|
|
|
59,726
|
|
|
|
|
60,441
|
|
|
59,436
|
|
|
|
|
|
|
|
|
|
|
|
|
Actuant Corporation
|
Condensed Consolidated Statements of Cash Flows
|
(In thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Twelve Months Ended
|
|
|
August 31,
|
|
August 31,
|
|
|
August 31,
|
|
August 31,
|
|
|
|
2018
|
|
|
|
2017
|
|
|
|
|
2018
|
|
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
Operating Activities
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
$
|
(37,664
|
)
|
|
$
|
(98,764
|
)
|
|
|
$
|
(21,648
|
)
|
|
$
|
(66,213
|
)
|
Adjustments to reconcile net loss to net cash provided by operating
activities:
|
|
|
|
|
|
|
|
Impairment & other divestiture charges, net of tax effect
|
|
|
62,949
|
|
|
|
108,860
|
|
|
|
|
75,334
|
|
|
|
108,860
|
|
Depreciation and amortization
|
|
|
9,907
|
|
|
|
10,848
|
|
|
|
|
40,707
|
|
|
|
43,110
|
|
Stock-based compensation expense
|
|
|
2,506
|
|
|
|
1,881
|
|
|
|
|
14,457
|
|
|
|
16,733
|
|
Expense (benefit) for deferred income taxes
|
|
|
3,689
|
|
|
|
(10,320
|
)
|
|
|
|
(6,890
|
)
|
|
|
(8,956
|
)
|
Amortization of debt issuance costs
|
|
|
1,160
|
|
|
|
413
|
|
|
|
|
2,399
|
|
|
|
1,657
|
|
Other non-cash adjustments
|
|
|
272
|
|
|
|
179
|
|
|
|
|
619
|
|
|
|
1,202
|
|
Changes in components of working capital and other, excluding
acquisitions and divestitures
|
|
|
|
|
|
|
Accounts receivable
|
|
|
18,363
|
|
|
|
19,143
|
|
|
|
|
(3,093
|
)
|
|
|
(3,475
|
)
|
Inventories
|
|
|
3,886
|
|
|
|
(10,958
|
)
|
|
|
|
(18,704
|
)
|
|
|
(11,277
|
)
|
Trade accounts payable
|
|
|
(2,569
|
)
|
|
|
4,660
|
|
|
|
|
2,593
|
|
|
|
18,117
|
|
Prepaid expenses and other assets
|
|
|
3,067
|
|
|
|
1,745
|
|
|
|
|
(10,625
|
)
|
|
|
(5,367
|
)
|
Income tax accounts
|
|
|
(9,204
|
)
|
|
|
8,627
|
|
|
|
|
16,785
|
|
|
|
(10,646
|
)
|
Accrued compensation and benefits
|
|
|
7,008
|
|
|
|
(17
|
)
|
|
|
|
4,827
|
|
|
|
3,752
|
|
Other accrued liabilities
|
|
|
7,134
|
|
|
|
140
|
|
|
|
|
9,332
|
|
|
|
1,002
|
|
Cash provided by operating activities
|
|
|
70,504
|
|
|
|
36,437
|
|
|
|
|
106,093
|
|
|
|
88,499
|
|
|
|
|
|
|
|
|
|
|
|
Investing Activities
|
|
|
|
|
|
|
|
|
|
Capital expenditures
|
|
|
(2,154
|
)
|
|
|
(5,276
|
)
|
|
|
|
(20,870
|
)
|
|
|
(28,195
|
)
|
Proceeds from sale of property, plant and equipment
|
|
|
5
|
|
|
|
326
|
|
|
|
|
153
|
|
|
|
570
|
|
Rental asset buyout for Viking divestiture
|
|
|
-
|
|
|
|
-
|
|
|
|
|
(27,718
|
)
|
|
|
-
|
|
Proceeds from sale of business, net of transaction costs
|
|
|
122
|
|
|
|
-
|
|
|
|
|
8,902
|
|
|
|
-
|
|
Cash paid for business acquisitions, net of cash acquired
|
|
|
(892
|
)
|
|
|
-
|
|
|
|
|
(23,218
|
)
|
|
|
-
|
|
Cash used in investing activities
|
|
|
(2,919
|
)
|
|
|
(4,950
|
)
|
|
|
|
(62,751
|
)
|
|
|
(27,625
|
)
|
|
|
|
|
|
|
|
|
|
|
Financing Activities
|
|
|
|
|
|
|
|
|
|
Principal repayments on term loan
|
|
|
(7,500
|
)
|
|
|
(7,500
|
)
|
|
|
|
(30,000
|
)
|
|
|
(18,750
|
)
|
Stock option excercises & other
|
|
|
5,246
|
|
|
|
951
|
|
|
|
|
15,681
|
|
|
|
8,265
|
|
Redemption of 5.625% senior notes
|
|
|
-
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
(500
|
)
|
Taxes paid related to the net share settlement of equity awards
|
|
|
(5
|
)
|
|
|
(66
|
)
|
|
|
|
(1,284
|
)
|
|
|
(1,065
|
)
|
Payment of deferred acquisition consideration
|
|
|
-
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
(742
|
)
|
Cash dividend
|
|
|
-
|
|
|
|
-
|
|
|
|
|
(2,390
|
)
|
|
|
(2,358
|
)
|
Cash used in financing activities
|
|
|
(2,259
|
)
|
|
|
(6,615
|
)
|
|
|
|
(17,993
|
)
|
|
|
(15,150
|
)
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash
|
|
|
(4,326
|
)
|
|
|
5,745
|
|
|
|
|
(4,430
|
)
|
|
|
4,243
|
|
Net increase in cash and cash equivalents
|
|
|
61,000
|
|
|
|
30,617
|
|
|
|
|
20,919
|
|
|
|
49,967
|
|
Cash and cash equivalents - beginning of period
|
|
|
189,490
|
|
|
|
198,954
|
|
|
|
|
229,571
|
|
|
|
179,604
|
|
Cash and cash equivalents - end of period
|
|
$
|
250,490
|
|
|
$
|
229,571
|
|
|
|
$
|
250,490
|
|
|
$
|
229,571
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACTUANT CORPORATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL UNAUDITED DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FISCAL 2017
|
|
|
FISCAL 2018
|
|
|
|
|
Q1
|
Q2
|
Q3
|
Q4
|
TOTAL
|
|
|
Q1
|
Q2
|
Q3
|
Q4
|
TOTAL
|
SALES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INDUSTRIAL SEGMENT
|
|
$
|
87,290
|
|
$
|
91,648
|
|
$
|
100,503
|
|
$
|
100,315
|
|
$
|
379,756
|
|
|
|
$
|
96,916
|
|
$
|
99,081
|
|
$
|
108,297
|
|
$
|
111,603
|
|
$
|
415,897
|
|
|
ENERGY SEGMENT
|
|
|
84,646
|
|
|
72,884
|
|
|
83,480
|
|
|
68,584
|
|
|
309,594
|
|
|
|
|
75,841
|
|
|
65,992
|
|
|
83,857
|
|
|
77,454
|
|
|
303,144
|
|
|
ENGINEERED SOLUTIONS SEGMENT
|
|
|
93,857
|
|
|
94,337
|
|
|
111,444
|
|
|
106,796
|
|
|
406,434
|
|
|
|
|
116,198
|
|
|
110,092
|
|
|
124,942
|
|
|
112,338
|
|
|
463,570
|
|
|
TOTAL
|
|
$
|
265,793
|
|
$
|
258,869
|
|
$
|
295,427
|
|
$
|
275,695
|
|
$
|
1,095,784
|
|
|
|
$
|
288,955
|
|
$
|
275,165
|
|
$
|
317,096
|
|
$
|
301,395
|
|
$
|
1,182,611
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% SALES GROWTH
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INDUSTRIAL SEGMENT
|
|
|
-2
|
%
|
|
13
|
%
|
|
5
|
%
|
|
7
|
%
|
|
6
|
%
|
|
|
|
11
|
%
|
|
8
|
%
|
|
8
|
%
|
|
11
|
%
|
|
10
|
%
|
|
ENERGY SEGMENT
|
|
|
-26
|
%
|
|
-15
|
%
|
|
-18
|
%
|
|
-25
|
%
|
|
-21
|
%
|
|
|
|
-10
|
%
|
|
-9
|
%
|
|
0
|
%
|
|
13
|
%
|
|
-2
|
%
|
|
ENGINEERED SOLUTIONS SEGMENT
|
|
|
-8
|
%
|
|
-2
|
%
|
|
3
|
%
|
|
18
|
%
|
|
2
|
%
|
|
|
|
24
|
%
|
|
17
|
%
|
|
12
|
%
|
|
5
|
%
|
|
14
|
%
|
|
TOTAL
|
|
|
-13
|
%
|
|
-2
|
%
|
|
-3
|
%
|
|
0
|
%
|
|
-5
|
%
|
|
|
|
9
|
%
|
|
6
|
%
|
|
7
|
%
|
|
9
|
%
|
|
8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING PROFIT (LOSS)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INDUSTRIAL SEGMENT
|
|
$
|
19,491
|
|
$
|
19,037
|
|
$
|
24,019
|
|
$
|
24,076
|
|
$
|
86,623
|
|
|
|
$
|
19,482
|
|
$
|
18,493
|
|
$
|
25,845
|
|
$
|
26,576
|
|
$
|
90,396
|
|
|
ENERGY SEGMENT
|
|
|
3,328
|
|
|
(647
|
)
|
|
895
|
|
|
(3,675
|
)
|
|
(99
|
)
|
|
|
|
1,224
|
|
|
747
|
|
|
7,033
|
|
|
3,336
|
|
|
12,340
|
|
|
ENGINEERED SOLUTIONS SEGMENT
|
|
|
2,834
|
|
|
3,282
|
|
|
8,174
|
|
|
6,069
|
|
|
20,359
|
|
|
|
|
6,618
|
|
|
2,409
|
|
|
9,038
|
|
|
7,633
|
|
|
25,698
|
|
|
CORPORATE / GENERAL
|
|
|
(6,450
|
)
|
|
(6,372
|
)
|
|
(5,372
|
)
|
|
(6,935
|
)
|
|
(25,128
|
)
|
|
|
|
(6,022
|
)
|
|
(4,789
|
)
|
|
(8,145
|
)
|
|
(5,377
|
)
|
|
(24,333
|
)
|
|
ADJUSTED OPERATING PROFIT
|
|
$
|
19,203
|
|
$
|
15,300
|
|
$
|
27,716
|
|
$
|
19,535
|
|
$
|
81,755
|
|
|
|
$
|
21,302
|
|
$
|
16,860
|
|
$
|
33,771
|
|
$
|
32,168
|
|
$
|
104,101
|
|
|
IMPAIRMENT & DIVESTITURE CHARGES
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(116,979
|
)
|
|
(116,979
|
)
|
|
|
|
-
|
|
|
(2,987
|
)
|
|
-
|
|
|
(70,071
|
)
|
|
(73,058
|
)
|
|
RESTRUCTURING CHARGES (1)
|
|
|
(2,948
|
)
|
|
(2,101
|
)
|
|
(384
|
)
|
|
(1,795
|
)
|
|
(7,228
|
)
|
|
|
|
(6,629
|
)
|
|
(4,284
|
)
|
|
(1,186
|
)
|
|
(746
|
)
|
|
(12,845
|
)
|
|
DIRECTOR & OFFICER TRANSITION CHARGES
|
|
|
(7,784
|
)
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(7,784
|
)
|
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
OPERATING PROFIT (LOSS)
|
|
$
|
8,471
|
|
$
|
13,199
|
|
$
|
27,332
|
|
$
|
(99,239
|
)
|
$
|
(50,236
|
)
|
|
|
$
|
14,673
|
|
$
|
9,589
|
|
$
|
32,585
|
|
$
|
(38,649
|
)
|
$
|
18,198
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED OPERATING PROFIT %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INDUSTRIAL SEGMENT
|
|
|
22.3
|
%
|
|
20.8
|
%
|
|
23.9
|
%
|
|
24.0
|
%
|
|
22.8
|
%
|
|
|
|
20.1
|
%
|
|
18.7
|
%
|
|
23.9
|
%
|
|
23.8
|
%
|
|
21.7
|
%
|
|
ENERGY SEGMENT
|
|
|
3.9
|
%
|
|
-0.9
|
%
|
|
1.1
|
%
|
|
-5.4
|
%
|
|
0.0
|
%
|
|
|
|
1.6
|
%
|
|
1.1
|
%
|
|
8.4
|
%
|
|
4.3
|
%
|
|
4.1
|
%
|
|
ENGINEERED SOLUTIONS SEGMENT
|
|
|
3.0
|
%
|
|
3.5
|
%
|
|
7.3
|
%
|
|
5.7
|
%
|
|
5.0
|
%
|
|
|
|
5.7
|
%
|
|
2.2
|
%
|
|
7.2
|
%
|
|
6.8
|
%
|
|
5.5
|
%
|
|
ADJUSTED OPERATING PROFIT %
|
|
|
7.2
|
%
|
|
5.9
|
%
|
|
9.4
|
%
|
|
7.1
|
%
|
|
7.5
|
%
|
|
|
|
7.4
|
%
|
|
6.1
|
%
|
|
10.7
|
%
|
|
10.7
|
%
|
|
8.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INDUSTRIAL SEGMENT
|
|
$
|
21,217
|
|
$
|
21,064
|
|
$
|
25,575
|
|
$
|
25,851
|
|
$
|
93,707
|
|
|
|
$
|
21,202
|
|
$
|
21,034
|
|
$
|
27,823
|
|
$
|
28,312
|
|
$
|
98,371
|
|
|
ENERGY SEGMENT
|
|
|
9,108
|
|
|
2,943
|
|
|
4,633
|
|
|
142
|
|
|
16,826
|
|
|
|
|
5,125
|
|
|
4,533
|
|
|
11,554
|
|
|
7,726
|
|
|
28,938
|
|
|
ENGINEERED SOLUTIONS SEGMENT
|
|
|
6,281
|
|
|
7,277
|
|
|
11,716
|
|
|
9,533
|
|
|
34,807
|
|
|
|
|
10,254
|
|
|
6,020
|
|
|
12,566
|
|
|
11,779
|
|
|
40,619
|
|
|
CORPORATE / GENERAL
|
|
|
(5,879
|
)
|
|
(5,846
|
)
|
|
(4,868
|
)
|
|
(6,637
|
)
|
|
(23,230
|
)
|
|
|
|
(5,518
|
)
|
|
(4,799
|
)
|
|
(7,569
|
)
|
|
(4,612
|
)
|
|
(22,498
|
)
|
|
ADJUSTED EBITDA
|
|
$
|
30,727
|
|
$
|
25,438
|
|
$
|
37,056
|
|
$
|
28,889
|
|
$
|
122,110
|
|
|
|
$
|
31,063
|
|
$
|
26,788
|
|
$
|
44,374
|
|
$
|
43,205
|
|
$
|
145,430
|
|
|
IMPAIRMENT & DIVESTITURE CHARGES
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(116,979
|
)
|
|
(116,979
|
)
|
|
|
|
-
|
|
|
(2,987
|
)
|
|
-
|
|
|
(70,071
|
)
|
|
(73,058
|
)
|
|
RESTRUCTURING CHARGES (1)
|
|
|
(2,948
|
)
|
|
(2,101
|
)
|
|
(384
|
)
|
|
(1,795
|
)
|
|
(7,228
|
)
|
|
|
|
(6,629
|
)
|
|
(4,284
|
)
|
|
(1,186
|
)
|
|
(746
|
)
|
|
(12,845
|
)
|
|
DIRECTOR & OFFICER TRANSITION CHARGES
|
|
|
(7,784
|
)
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(7,784
|
)
|
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
EBITDA
|
|
$
|
19,995
|
|
$
|
23,337
|
|
$
|
36,672
|
|
$
|
(89,885
|
)
|
$
|
(9,881
|
)
|
|
|
$
|
24,434
|
|
$
|
19,517
|
|
$
|
43,188
|
|
$
|
(27,612
|
)
|
$
|
59,527
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED EBITDA %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INDUSTRIAL SEGMENT
|
|
|
24.3
|
%
|
|
23.0
|
%
|
|
25.4
|
%
|
|
25.8
|
%
|
|
24.7
|
%
|
|
|
|
21.9
|
%
|
|
21.2
|
%
|
|
25.7
|
%
|
|
25.4
|
%
|
|
23.7
|
%
|
|
ENERGY SEGMENT
|
|
|
10.8
|
%
|
|
4.0
|
%
|
|
5.5
|
%
|
|
0.2
|
%
|
|
5.4
|
%
|
|
|
|
6.8
|
%
|
|
6.9
|
%
|
|
13.8
|
%
|
|
10.0
|
%
|
|
9.5
|
%
|
|
ENGINEERED SOLUTIONS SEGMENT
|
|
|
6.7
|
%
|
|
7.7
|
%
|
|
10.5
|
%
|
|
8.9
|
%
|
|
8.6
|
%
|
|
|
|
8.8
|
%
|
|
5.5
|
%
|
|
10.1
|
%
|
|
10.5
|
%
|
|
8.8
|
%
|
|
ADJUSTED EBITDA %
|
|
|
11.6
|
%
|
|
9.8
|
%
|
|
12.5
|
%
|
|
10.5
|
%
|
|
11.1
|
%
|
|
|
|
10.8
|
%
|
|
9.7
|
%
|
|
14.0
|
%
|
|
14.3
|
%
|
|
12.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: (1) Approximately $0.8 million of the Q2 fiscal 2018
restructuring charges were recorded in cost of products sold. De
minimis restructuring charges were also recorded in cost of products
sold in Q3 fiscal 2018.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACTUANT CORPORATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL UNAUDITED DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF GAAP MEASURES TO NON-GAAP MEASURES
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in thousands, except for per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FISCAL 2017
|
|
|
FISCAL 2018
|
|
|
|
|
|
Q1
|
Q2
|
Q3
|
Q4
|
TOTAL
|
|
|
Q1
|
Q2
|
Q3
|
Q4
|
TOTAL
|
ADJUSTED EARNINGS (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET EARNINGS (LOSS) (GAAP MEASURE)
|
|
$
|
4,965
|
|
$
|
5,074
|
$
|
22,511
|
|
$
|
(98,764
|
)
|
$
|
(66,213
|
)
|
|
|
$
|
5,226
|
$
|
(18,221
|
)
|
$
|
29,012
|
|
$
|
(37,664
|
)
|
$
|
(21,648
|
)
|
|
IMPAIRMENT & DIVESTITURE CHARGES, NET OF TAX EFFECT
|
|
|
-
|
|
|
-
|
|
-
|
|
|
108,860
|
|
|
108,860
|
|
|
|
|
-
|
|
12,385
|
|
|
-
|
|
|
62,949
|
|
|
75,334
|
|
|
DIRECTOR & OFFICER TRANSITION CHARGES, NET OF TAX EFFECT
|
|
|
4,904
|
|
|
-
|
|
-
|
|
|
-
|
|
|
4,904
|
|
|
|
|
-
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
RESTRUCTURING CHARGES, NET OF TAX EFFECT (1)
|
|
|
2,171
|
|
|
1,537
|
|
260
|
|
|
1,301
|
|
|
5,269
|
|
|
|
|
6,254
|
|
3,784
|
|
|
(249
|
)
|
|
(337
|
)
|
|
9,452
|
|
|
ACCELERATED DEBT ISSUANCES COSTS, NET OF TAX EFFECT
|
|
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
|
-
|
|
|
|
|
-
|
|
-
|
|
|
-
|
|
|
601
|
|
|
601
|
|
|
OTHER INCOME TAX (BENEFIT) EXPENSE
|
|
|
-
|
|
|
-
|
|
(3,193
|
)
|
|
-
|
|
|
(3,193
|
)
|
|
|
|
-
|
|
9,705
|
|
|
(4,891
|
)
|
|
(1,831
|
)
|
|
2,983
|
|
|
ADJUSTED EARNINGS
|
|
$
|
12,040
|
|
$
|
6,611
|
$
|
19,578
|
|
$
|
11,397
|
|
$
|
49,627
|
|
|
|
$
|
11,480
|
$
|
7,653
|
|
$
|
23,872
|
|
$
|
23,718
|
|
$
|
66,722
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED DILUTED EARNINGS PER SHARE (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET EARNINGS (LOSS) (GAAP MEASURE)
|
|
$
|
0.08
|
|
$
|
0.08
|
$
|
0.37
|
|
$
|
(1.65
|
)
|
$
|
(1.11
|
)
|
|
|
$
|
0.09
|
$
|
(0.30
|
)
|
$
|
0.48
|
|
$
|
(0.62
|
)
|
$
|
(0.36
|
)
|
|
IMPAIRMENT & DIVESTITURE CHARGES, NET OF TAX EFFECT
|
|
|
-
|
|
|
-
|
|
-
|
|
|
1.82
|
|
|
1.82
|
|
|
|
|
-
|
|
0.21
|
|
|
-
|
|
|
1.03
|
|
|
1.24
|
|
|
DIRECTOR & OFFICER TRANSITION CHARGES, NET OF TAX EFFECT
|
|
|
0.08
|
|
|
-
|
|
-
|
|
|
-
|
|
|
0.08
|
|
|
|
|
-
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
RESTRUCTURING CHARGES, NET OF TAX EFFECT (1)
|
|
|
0.04
|
|
|
0.03
|
|
-
|
|
|
0.02
|
|
|
0.09
|
|
|
|
|
0.10
|
|
0.06
|
|
|
-
|
|
|
(0.01
|
)
|
|
0.15
|
|
|
ACCELERATED DEBT ISSUANCES COSTS, NET OF TAX EFFECT
|
|
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
|
-
|
|
|
|
|
-
|
|
-
|
|
|
-
|
|
|
0.01
|
|
|
0.01
|
|
|
OTHER INCOME TAX (BENEFIT) EXPENSE
|
|
|
-
|
|
|
-
|
|
(0.05
|
)
|
|
-
|
|
|
(0.05
|
)
|
|
|
|
-
|
|
0.16
|
|
|
(0.09
|
)
|
|
(0.02
|
)
|
|
0.05
|
|
|
ADJUSTED DILUTED EARNINGS PER SHARE
|
|
$
|
0.20
|
|
$
|
0.11
|
$
|
0.32
|
|
$
|
0.19
|
|
$
|
0.83
|
|
|
|
$
|
0.19
|
$
|
0.13
|
|
$
|
0.39
|
|
$
|
0.39
|
|
$
|
1.09
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED EBITDA (3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET EARNINGS (LOSS) (GAAP MEASURE)
|
|
$
|
4,965
|
|
$
|
5,074
|
$
|
22,511
|
|
$
|
(98,764
|
)
|
$
|
(66,213
|
)
|
|
|
$
|
5,226
|
$
|
(18,221
|
)
|
$
|
29,012
|
|
$
|
(37,664
|
)
|
$
|
(21,648
|
)
|
|
FINANCING COSTS, NET
|
|
|
7,132
|
|
|
7,334
|
|
7,553
|
|
|
7,683
|
|
|
29,703
|
|
|
|
|
7,514
|
|
7,604
|
|
|
7,756
|
|
|
8,617
|
|
|
31,491
|
|
|
INCOME TAX (BENEFIT) EXPENSE
|
|
|
(2,998
|
)
|
|
200
|
|
(4,029
|
)
|
|
(9,651
|
)
|
|
(16,478
|
)
|
|
|
|
1,604
|
|
19,839
|
|
|
(3,995
|
)
|
|
(8,472
|
)
|
|
8,976
|
|
|
DEPRECIATION & AMORTIZATION
|
|
|
10,896
|
|
|
10,729
|
|
10,637
|
|
|
10,847
|
|
|
43,108
|
|
|
|
|
10,090
|
|
10,295
|
|
|
10,415
|
|
|
9,907
|
|
|
40,708
|
|
|
EBITDA
|
|
$
|
19,995
|
|
$
|
23,337
|
$
|
36,672
|
|
$
|
(89,885
|
)
|
$
|
(9,881
|
)
|
|
|
$
|
24,434
|
$
|
19,517
|
|
$
|
43,188
|
|
$
|
(27,612
|
)
|
$
|
59,527
|
|
|
IMPAIRMENT & OTHER DIVESTITURE CHARGES
|
|
|
-
|
|
|
-
|
|
-
|
|
|
116,979
|
|
|
116,979
|
|
|
|
|
-
|
|
2,987
|
|
|
-
|
|
|
70,071
|
|
|
73,058
|
|
|
DIRECTOR & OFFICER TRANSITION CHARGES
|
|
|
7,784
|
|
|
-
|
|
-
|
|
|
-
|
|
|
7,784
|
|
|
|
|
-
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
RESTRUCTURING CHARGES
|
|
|
2,948
|
|
|
2,101
|
|
384
|
|
|
1,795
|
|
|
7,228
|
|
|
|
|
6,629
|
|
4,284
|
|
|
1,186
|
|
|
746
|
|
|
12,845
|
|
|
ADJUSTED EBITDA
|
|
$
|
30,727
|
|
$
|
25,438
|
$
|
37,056
|
|
$
|
28,889
|
|
$
|
122,110
|
|
|
|
$
|
31,063
|
$
|
26,788
|
|
$
|
44,374
|
|
$
|
43,205
|
|
$
|
145,430
|
|
|
FOOTNOTES
|
NOTE:
|
The total of the individual quarters may not equal the annual total
due to rounding.
|
|
|
|
|
(1)
|
|
Approximately $0.8 million of Q2 fiscal 2018 restructuring charges
were recorded in cost of products sold. De minimis restructuring
charges were also recorded in cost of products sold in Q3 fiscal
2018.
|
|
|
|
|
(2)
|
|
Adjusted earnings and adjusted diluted earnings per share represent
net earnings (loss) and diluted earnings (loss) per share per the
Condensed Consolidated Statements of Operations net of charges or
credits for items to be highlighted for comparability purposes.
These measures should not be considered as an alternative to net
earnings (loss) or diluted earnings (loss) per share or as an
indicator of the Company's operating performance. However, this
presentation is important to investors for understanding the
operating results of the current portfolio of Actuant companies. The
total of the individual components may not equal due to rounding.
|
|
|
|
|
(3)
|
|
EBITDA represents net earnings (loss) before financing costs, net,
income tax (benefit) expense, and depreciation & amortization.
EBITDA is not a calculation based upon generally accepted accounting
principles (GAAP). The amounts included in the EBITDA and Adjusted
EBITDA calculation, however, are derived from amounts included in
the Condensed Consolidated Statements of Operations. EBITDA should
not be considered as an alternative to net earnings (loss),
operating profit (loss) or operating cash flows. Actuant has
presented EBITDA because it regularly reviews this performance
measure. In addition, EBITDA is used by many of our investors and
lenders, and is presented as a convenience to them. The EBITDA
measure presented may not always be comparable to similarly titled
measures reported by other companies due to differences in the
components of the calculation.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACTUANT CORPORATION
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL UNAUDITED DATA
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF GAAP TO NON-GAAP GUIDANCE
|
|
|
|
|
|
|
|
|
|
|
(Dollars in millions, except for per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q1 FISCAL 2019
|
|
|
FISCAL 2019
|
|
|
|
|
|
LOW
|
HIGH
|
|
|
LOW
|
|
HIGH
|
RECONCILIATION OF GAAP DILUTED EARNINGS PER SHARE TO ADJUSTED
|
|
|
|
|
|
|
|
|
|
|
DILUTED EARNINGS PER SHARE GUIDANCE
|
|
|
|
|
|
|
|
|
|
|
GAAP DILUTED EARNINGS PER SHARE
|
|
$
|
0.20
|
$
|
0.25
|
|
|
$
|
1.09
|
|
$
|
1.20
|
|
|
(GAIN)/LOSS ON PRODUCT LINE DIVESTITURE, NET OF TAX (1)
|
|
TBD
|
TBD
|
|
|
TBD
|
|
TBD
|
|
|
ADJUSTED DILUTED EARNINGS PER SHARE GUIDANCE
|
|
$
|
0.20
|
$
|
0.25
|
|
|
$
|
1.09
|
|
$
|
1.20
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF GAAP CASH FLOW FROM OPERATIONS TO FREE CASH FLOW
|
|
|
|
|
|
|
|
|
|
|
CASH FLOW FROM OPERATIONS
|
|
|
|
|
|
$
|
95
|
|
$
|
105
|
|
|
CAPITAL EXPENDITURES
|
|
|
|
|
|
|
(25
|
)
|
|
(30
|
)
|
|
OTHER
|
|
|
|
|
|
|
10
|
|
|
10
|
|
|
FREE CASH FLOW GUIDANCE
|
|
|
|
|
|
$
|
80
|
|
$
|
85
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FOOTNOTES
|
|
|
|
|
|
|
|
|
|
|
NOTE:
|
Management does not provide guidance on GAAP financial measures as
we are unable to predict and estimate with certainty items such as
potential impairments, refinancing costs, business divestiture
gains/losses, discrete tax adjustments, or other items impacting
GAAP financial metrics. As a result, we have included above only
those items about which we are aware and are reasonably likely to
occur during the guidance period covered.
|
|
|
|
|
|
(1)
|
The gain/loss on product line divesiture associtated with closing of
the Cortland Fibron business is subject to numerous uncertainties
which makes an estimate not meaningful.
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20180926005207/en/ Copyright Business Wire 2018
Source: Business Wire
(September 26, 2018 - 8:30 AM EDT)
News by QuoteMedia
www.quotemedia.com
|