Actuant Reports Third Quarter Results; Updates Fiscal 2018 Guidance MILWAUKEE
Actuant Corporation (NYSE: ATU) today announced results for its third
quarter ended May 31, 2018.
Highlights
-
Consolidated sales increased 7% over the comparable prior year quarter
with a 4% benefit from foreign currency rate changes and a 1%
reduction associated with net acquisitions and divestitures. Third
quarter core sales (total sales excluding the impact of acquisitions,
divestitures and foreign currency rate changes) increased 4% on a
year-over-year basis with strong volumes in both the Engineered
Solutions and Industrial segments.
-
GAAP diluted earnings per share (“EPS”) was $0.48 in the third quarter
of fiscal 2018 versus $0.37 in the prior year. Excluding third quarter
fiscal 2018 one-time items, adjusted EPS was $0.39 (see Consolidated
Results below, along with the attached reconciliation of earnings).
-
Strong operating cash flow generation and reduction in net leverage
improves capital allocation liquidity.
-
Acquired Equalizer, a small tool product line tuck-in to expand pipe
and flange alignment capabilities.
-
Full year fiscal 2018 sales and adjusted EPS guidance updated to
$1.17-1.18 billion and $1.03-1.08 (excluding one-time items),
respectively.
Randy Baker, President and CEO of Actuant commented, “I’m pleased with
Actuant’s performance in the third quarter, delivering both solid sales
and earnings growth. We continue to see strong momentum in the
industrial tools and OEM component businesses, and global Energy
maintenance activity appears to have stabilized. While we continue to
experience some pressures from inflation along with commercial and
engineering investments to support high service levels and growth, we
are realizing the incremental margin benefits of higher volumes and
restructuring actions. In summary, I am encouraged by this quarter’s
performance and our team’s ability to capitalize on the broad based
strong economic backdrop. I want to thank our employees across the globe
for their continued commitment and execution.”
Consolidated Results
Consolidated sales for the third quarter were $317 million, 7% higher
than the $295 million in the comparable prior year quarter. Core sales
improved 4% year-over-year while foreign currency rate changes increased
sales 4% and the net impact from the Mirage acquisition net of the
Viking divestiture reduced sales by 1%. Fiscal 2018 third quarter net
earnings and EPS were $29.0 million, or $0.48, compared to $22.5
million, or $0.37, respectively, in the comparable prior year quarter.
Fiscal 2018 third quarter earnings included restructuring charges of
$1.2 million (benefit of $0.2 million and zero EPS, after tax) and a
$4.9 million ($0.09 per share) benefit related to an adjustment to the
original provision for U.S. tax reform based on further IRS
clarification. (Note that impacts from tax reform remain provisional and
subject to further adjustment.) Third quarter 2017 results included $0.4
million ($0.2 million and zero EPS, after tax) of restructuring charges
and a $3.2 million income tax benefit ($0.05 per share). Excluding these
items, adjusted EPS for the third quarter of fiscal 2018 was $0.39
compared to $0.32 in the comparable prior year period (see attached
reconciliation of earnings).
Consolidated sales for the nine months ended May 31, 2018 were $881
million, 7% higher than the $820 million in the comparable prior year
period. Core sales improved 5% year-over-year while foreign currency
rate changes increased sales 3%, and the net impact of acquisitions and
divestitures reduced sales by 1%. Fiscal 2018’s year-to-date net
earnings and EPS were $16.0 million, or $0.26, compared to earnings and
EPS of $32.6 million, and $0.54, respectively, in the comparable prior
year period. Fiscal 2018 year-to-date results include restructuring
charges of $12.1 million ($9.8 million or $0.16 per share, after tax)
along with impairment & divestiture, tax reform and equity compensation
items. Fiscal 2017 comparable results included $5.4 million ($4.0
million or $0.07 per share, after tax) of restructuring charges along
with director and officer transition charges and an income tax benefit.
Excluding these items, adjusted EPS for the first nine months of fiscal
2018 was $0.71 compared to $0.64 in the comparable prior year period
(see attached reconciliation of earnings).
Segment Results
Industrial Segment
(US $ in millions)
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Three Months Ended May 31,
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Nine Months Ended May 31,
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2018
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2017
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2018
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2017
|
Sales
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$108.3
|
|
$100.5
|
|
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$304.3
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|
$279.4
|
Operating Profit
|
|
|
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$26.0
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|
$23.7
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|
$61.0
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$60.8
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Adjusted Op Profit (1)
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$25.8
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$24.0
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$63.8
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$62.5
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Adjusted Op Profit % (1)
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|
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23.9%
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23.9%
|
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21.0%
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22.4%
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(1) 2018 excludes $(0.2) and $2.8 of restructuring charges in
the third quarter and nine months, respectively. 2017 excludes $0.3 and
$1.7 of restructuring charges in the third quarter and nine months,
respectively.
Third quarter fiscal 2018 Industrial segment sales were $108 million, or
8% higher than the prior year. The impact of foreign currency exchange
rates was a 4% benefit resulting in a 4% year-over-year core sales
increase. Sales of standard industrial tools remained strong, growing
double digits on a global basis with broad demand across the diverse set
of end markets served despite tougher comparables. The segment’s overall
core sales growth rate includes significantly lower heavy lifting
technology sales and a modest decline in concrete tensioning volumes.
Third quarter adjusted operating profit margin was level with the prior
year and improved 520 basis points sequentially. Strong incremental
profits within the industrial tool channel were partially offset by
continued costs associated with heavy lifting specialty projects and
concrete tensioning production inefficiencies, although less severe than
prior quarters.
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Energy Segment
(US $ in millions)
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Three Months Ended May 31,
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Nine Months Ended May 31,
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2018
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2017
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2018
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2017
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Sales
|
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|
|
|
$83.9
|
|
$83.5
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|
|
$225.7
|
|
$241.0
|
Operating Profit
|
|
|
|
|
$6.2
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|
$0.9
|
|
|
$2.0
|
|
$3.6
|
Adjusted Op Profit (2)
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|
|
|
$7.0
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|
$0.9
|
|
|
$9.0
|
|
$3.6
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Adjusted Op Profit % (2)
|
|
|
|
|
8.4%
|
|
1.1%
|
|
|
4.0%
|
|
1.5%
|
(2) 2018 excludes $0.8 and $4.0 of restructuring charges in
the third quarter and nine months, respectively. 2018 nine month results
also exclude $3.0 in impairment & divestiture charges.
Fiscal 2018 third quarter Energy segment sales were approximately level
with the prior year at $84 million. The 3% favorable impact of the
weaker US dollar was offset by the 2% headwind from the net of the
Viking divestiture and Mirage acquisition, while core sales declined 1%.
Hydratight’s global maintenance activity levels stabilized, with
improvements in the Middle East and North Sea offset by declines in
certain other regions. Cortland sales grew slightly on higher medical
product demand along with improving offshore oil & gas seismic and cable
activity. Energy segment adjusted operating profit margin improved
substantially both year-over-year and sequentially due to the benefits
of restructuring and service excellence actions, favorable sales mix,
and the absence of Viking losses.
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Engineered Solutions Segment
(US $ in millions)
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Three Months Ended May 31,
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Nine Months Ended May 31,
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2018
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2017
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2018
|
|
2017
|
Sales
|
|
|
|
|
$124.9
|
|
$111.4
|
|
|
$351.2
|
|
$299.6
|
Operating Profit
|
|
|
|
|
$9.0
|
|
$8.1
|
|
|
$17.6
|
|
$10.7
|
Adjusted Op Profit (3)
|
|
|
|
|
$9.0
|
|
$8.2
|
|
|
$18.1
|
|
$14.3
|
Adjusted Op Profit % (3)
|
|
|
|
|
7.2%
|
|
7.3%
|
|
|
5.1%
|
|
4.8%
|
(3) 2018 excludes $0.5 of restructuring charges for the nine
months. 2017 excludes $0.1 and $3.6 of restructuring charges in the
third quarter and nine months, respectively.
Third quarter fiscal 2018 Engineered Solutions segment sales were $125
million or 12% above the prior year. Excluding the 5% benefit of the
weaker US dollar, year-over-year core sales increased 7%. Strong sales
growth continued across the agriculture and other off-highway equipment
markets globally, while truck sales were modestly higher as growth in
Europe production was partially offset by anticipated lower China
volumes. Third quarter adjusted operating profit margin was about level
with the comparable prior year quarter as the higher volumes were offset
by higher engineering expenses to support growth, material and labor
inflation and unfavorable mix.
Corporate Expenses and Income Taxes (excluding restructuring,
transition, and one-time tax items)
Corporate expenses for the third quarter of fiscal 2018 were $8.1
million, or $2.7 million greater than the comparable prior year period
due primarily to higher incentive compensation and outside services
costs. The effective income tax rate of approximately 9% was modestly
above expectations and higher than the prior year’s -4% rate.
Financial Position
Net debt at May 31, 2018 was approximately $351 million (total debt of
$540 million less $189 million of cash) which declined approximately $43
million from the prior quarter end. Strong cash flow was used to reduce
net debt and the Company deployed approximately $6 million on a small
tool product line acquisition. The net debt to proforma EBITDA leverage
ratio declined to 2.6 times.
Outlook
Baker continued, "I believe our third quarter results demonstrate that
we are on the path toward higher structural sales and margin
performance, and we expect to further build on these solid results. This
underlying performance, combined with anticipated improvement in energy
maintenance activity levels, effectively managing the inflationary
environment and our expected continued progress in new product launches,
we believe positions us well to deliver on our 2018 full year guidance.
With one quarter to go in the fiscal year, we are increasing our full
year sales guidance and narrowing our adjusted EPS guidance range to
reflect our performance to date and the latest outlook for the remainder
of the year. For the fourth quarter, we anticipate sales will be in the
$290-300 million range reflecting normal seasonal moderation from the
third quarter. Fourth quarter adjusted EPS is expected to be in the
range of $0.32-0.37. This includes core sales growth of approximately
3-5% and a mid-single digit effective income tax rate. This would bring
our full year sales and adjusted EPS guidance to a range of $1.17-1.18
billion and $1.03-1.08, respectively. Free cash flow is expected to be
in the $70-75 million range and would represent greater than 100%
earnings conversion.”
All guidance excludes restructuring, divestiture & impairment charges,
one-time tax adjustments as well as the impact of potential future
acquisitions, dispositions and share repurchases.
Baker concluded, “The global economy and our markets continue to show
strength, and our growth initiatives are taking hold. By working to
improve our commercial effectiveness and speed to market, enhance our
lean execution and complete critical portfolio management actions, we
believe we will be well positioned to drive significant long-term value
for our customers, employees and shareholders.”
Conference Call Information
An investor conference call is scheduled for 10am CT today, June 20,
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. Actuant’s results are also 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.
(tables follow)
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Actuant Corporation
|
Condensed Consolidated Balance Sheets
|
(Dollars in thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
May 31,
|
|
August 31,
|
|
|
|
|
|
|
|
|
|
2018
|
|
2017
|
|
|
|
|
|
|
|
|
|
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|
ASSETS
|
|
|
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
$
|
189,490
|
|
|
$
|
229,571
|
|
|
Accounts receivable, net
|
|
|
|
|
212,284
|
|
|
|
190,206
|
|
|
Inventories, net
|
|
|
|
|
167,317
|
|
|
|
143,651
|
|
|
Assets held for sale
|
|
|
|
|
-
|
|
|
|
21,835
|
|
|
Other current assets
|
|
|
|
|
58,732
|
|
|
|
61,663
|
|
|
|
Total current assets
|
|
|
|
|
627,823
|
|
|
|
646,926
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property, plant and equipment, net
|
|
|
|
|
100,765
|
|
|
|
94,521
|
|
Goodwill
|
|
|
|
|
538,792
|
|
|
|
530,081
|
|
Other intangible assets, net
|
|
|
|
|
210,160
|
|
|
|
220,489
|
|
Other long-term assets
|
|
|
|
|
27,245
|
|
|
|
24,938
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
|
|
$
|
1,504,785
|
|
|
$
|
1,516,955
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
|
|
Trade accounts payable
|
|
|
|
$
|
142,199
|
|
|
$
|
133,387
|
|
|
Accrued compensation and benefits
|
|
|
|
|
48,093
|
|
|
|
50,939
|
|
|
Current maturities of debt and short-term borrowings
|
|
|
|
|
30,000
|
|
|
|
30,000
|
|
|
Income taxes payable
|
|
|
|
|
17,605
|
|
|
|
6,080
|
|
|
Liabilities held for sale
|
|
|
|
|
-
|
|
|
|
101,083
|
|
|
Other current liabilities
|
|
|
|
|
63,437
|
|
|
|
57,445
|
|
|
|
Total current liabilities
|
|
|
|
|
301,334
|
|
|
|
378,934
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term debt, net
|
|
|
|
|
510,007
|
|
|
|
531,940
|
|
Deferred income taxes
|
|
|
|
|
19,491
|
|
|
|
29,859
|
|
Pension and postretirement benefit liabilities
|
|
|
|
|
18,692
|
|
|
|
19,862
|
|
Other long-term liabilities
|
|
|
|
|
54,233
|
|
|
|
55,821
|
|
|
|
Total liabilities
|
|
|
|
|
903,757
|
|
|
|
1,016,416
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity
|
|
|
|
|
|
|
|
Capital stock
|
|
|
|
|
|
16,227
|
|
|
|
16,040
|
|
|
Additional paid-in capital
|
|
|
|
|
159,653
|
|
|
|
138,449
|
|
|
Treasury stock
|
|
|
|
|
(617,731
|
)
|
|
|
(617,731
|
)
|
|
Retained earnings
|
|
|
|
|
1,207,059
|
|
|
|
1,191,042
|
|
|
Accumulated other comprehensive loss
|
|
|
|
|
(164,180
|
)
|
|
|
(227,261
|
)
|
|
Stock held in trust
|
|
|
|
|
(2,594
|
)
|
|
|
(2,696
|
)
|
|
Deferred compensation liability
|
|
|
|
|
2,594
|
|
|
|
2,696
|
|
|
|
Total shareholders' equity
|
|
|
|
|
601,028
|
|
|
|
500,539
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and shareholders' equity
|
|
|
|
$
|
1,504,785
|
|
|
$
|
1,516,955
|
|
|
|
Actuant Corporation
|
Condensed Consolidated Statements of Earnings
|
(Dollars in thousands, except per share amounts)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Nine Months Ended
|
|
|
|
|
|
May 31,
|
|
May 31,
|
|
|
May 31,
|
|
May 31,
|
|
|
|
|
|
2018
|
|
2017
|
|
|
2018
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
|
$
|
317,096
|
|
|
$
|
295,427
|
|
|
|
$
|
881,216
|
|
$
|
820,089
|
|
Cost of products sold
|
|
|
|
200,587
|
|
|
|
192,623
|
|
|
|
|
574,100
|
|
|
536,892
|
|
|
Gross profit
|
|
|
|
116,509
|
|
|
|
102,804
|
|
|
|
|
307,116
|
|
|
283,197
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, administrative and engineering expenses
|
|
|
|
77,570
|
|
|
|
70,051
|
|
|
|
|
220,550
|
|
|
205,609
|
|
Amortization of intangible assets
|
|
|
|
5,184
|
|
|
|
5,037
|
|
|
|
|
15,483
|
|
|
15,368
|
|
Director & officer transition charges
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
-
|
|
|
7,784
|
|
Restructuring charges
|
|
|
|
1,170
|
|
|
|
384
|
|
|
|
|
11,249
|
|
|
5,433
|
|
Impairment & divestiture charges
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
2,987
|
|
|
-
|
|
|
Operating profit
|
|
|
|
32,585
|
|
|
|
27,332
|
|
|
|
|
56,847
|
|
|
49,003
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing costs, net
|
|
|
|
7,756
|
|
|
|
7,553
|
|
|
|
|
22,874
|
|
|
22,019
|
|
Other (income) expense, net
|
|
|
|
(188
|
)
|
|
|
1,297
|
|
|
|
|
508
|
|
|
1,260
|
|
|
Earnings before income tax (benefit) expense
|
|
|
|
25,017
|
|
|
|
18,482
|
|
|
|
|
33,465
|
|
|
25,724
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax (benefit) expense
|
|
|
|
(3,995
|
)
|
|
|
(4,029
|
)
|
|
|
|
17,448
|
|
|
(6,827
|
)
|
Net earnings
|
|
|
$
|
29,012
|
|
|
$
|
22,511
|
|
|
|
$
|
16,017
|
|
$
|
32,551
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
$
|
0.48
|
|
|
$
|
0.38
|
|
|
|
$
|
0.27
|
|
$
|
0.55
|
|
|
Diluted
|
|
|
|
0.48
|
|
|
|
0.37
|
|
|
|
|
0.26
|
|
|
0.54
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
60,683
|
|
|
|
59,675
|
|
|
|
|
60,291
|
|
|
59,339
|
|
|
Diluted
|
|
|
|
61,064
|
|
|
|
60,402
|
|
|
|
|
60,850
|
|
|
60,055
|
|
|
|
Actuant Corporation
|
Condensed Consolidated Statements of Cash Flows
|
(In thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
|
|
|
|
May 31,
|
|
May 31,
|
|
May 31,
|
|
May 31,
|
|
|
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
Operating Activities
|
|
|
|
|
|
|
|
|
|
|
Net earnings
|
|
|
|
$
|
29,012
|
|
|
$
|
22,511
|
|
|
$
|
16,017
|
|
|
$
|
32,551
|
|
Adjustments to reconcile net earnings to net cash
|
|
|
|
|
|
|
|
|
|
|
provided by operating activities:
|
|
|
|
|
|
|
|
|
|
|
Impairment & other divestiture charges, including tax expense
|
|
|
|
|
-
|
|
|
|
-
|
|
|
|
12,385
|
|
|
|
-
|
|
Depreciation and amortization
|
|
|
|
|
10,415
|
|
|
|
10,637
|
|
|
|
30,800
|
|
|
|
32,262
|
|
Stock-based compensation expense
|
|
|
|
|
3,659
|
|
|
|
2,675
|
|
|
|
11,951
|
|
|
|
14,852
|
|
(Benefit) expense for deferred income taxes
|
|
|
|
|
(3,455
|
)
|
|
|
813
|
|
|
|
(10,579
|
)
|
|
|
1,364
|
|
Amortization of debt issuance costs
|
|
|
|
|
413
|
|
|
|
418
|
|
|
|
1,239
|
|
|
|
1,244
|
|
Other non-cash adjustments
|
|
|
|
|
147
|
|
|
|
308
|
|
|
|
347
|
|
|
|
1,023
|
|
Changes in components of working capital and other:
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable
|
|
|
|
|
(4,584
|
)
|
|
|
(1,721
|
)
|
|
|
(21,456
|
)
|
|
|
(22,618
|
)
|
Inventories
|
|
|
|
|
(4,157
|
)
|
|
|
75
|
|
|
|
(22,590
|
)
|
|
|
(319
|
)
|
Trade accounts payable
|
|
|
|
|
6,915
|
|
|
|
1,181
|
|
|
|
5,162
|
|
|
|
13,457
|
|
Prepaid expenses and other assets
|
|
|
|
|
(4,524
|
)
|
|
|
3,707
|
|
|
|
(13,692
|
)
|
|
|
(7,112
|
)
|
Income tax accounts
|
|
|
|
|
8,484
|
|
|
|
(12,355
|
)
|
|
|
25,989
|
|
|
|
(19,273
|
)
|
Accrued compensation and benefits
|
|
|
|
|
7,778
|
|
|
|
7,473
|
|
|
|
(2,181
|
)
|
|
|
3,769
|
|
Other accrued liabilities
|
|
|
|
|
7,592
|
|
|
|
1,658
|
|
|
|
2,197
|
|
|
|
862
|
|
Cash provided by operating activities
|
|
|
|
|
57,695
|
|
|
|
37,380
|
|
|
|
35,589
|
|
|
|
52,062
|
|
|
|
|
|
|
|
|
|
|
|
|
Investing Activities
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures
|
|
|
|
|
(6,169
|
)
|
|
|
(8,224
|
)
|
|
|
(18,716
|
)
|
|
|
(22,919
|
)
|
Proceeds from sale of property, plant and equipment
|
|
|
|
|
35
|
|
|
|
-
|
|
|
|
148
|
|
|
|
244
|
|
Rental asset buyout for Viking divestiture
|
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(27,718
|
)
|
|
|
-
|
|
Proceeds from sale of business, net of transaction costs
|
|
|
|
|
-
|
|
|
|
-
|
|
|
|
8,780
|
|
|
|
-
|
|
Cash paid for business acquisitions, net of cash acquired
|
|
|
|
|
(5,809
|
)
|
|
|
-
|
|
|
|
(22,326
|
)
|
|
|
-
|
|
Cash used in investing activities
|
|
|
|
|
(11,943
|
)
|
|
|
(8,224
|
)
|
|
|
(59,832
|
)
|
|
|
(22,675
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Financing Activities
|
|
|
|
|
|
|
|
|
|
|
Principal repayments on term loan
|
|
|
|
|
(7,500
|
)
|
|
|
(3,750
|
)
|
|
|
(22,500
|
)
|
|
|
(11,250
|
)
|
Stock option excercises & other
|
|
|
|
|
130
|
|
|
|
1,365
|
|
|
|
10,435
|
|
|
|
7,314
|
|
Redemption of 5.625% senior notes
|
|
|
|
|
-
|
|
|
|
(500
|
)
|
|
|
-
|
|
|
|
(500
|
)
|
Taxes paid related to the net share settlement of equity awards
|
|
|
|
|
(172
|
)
|
|
|
(79
|
)
|
|
|
(1,279
|
)
|
|
|
(999
|
)
|
Payment of deferred acquisition consideration
|
|
|
|
|
-
|
|
|
|
(742
|
)
|
|
|
-
|
|
|
|
(742
|
)
|
Cash dividend
|
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(2,390
|
)
|
|
|
(2,358
|
)
|
Cash used in financing activities
|
|
|
|
|
(7,542
|
)
|
|
|
(3,706
|
)
|
|
|
(15,734
|
)
|
|
|
(8,535
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash
|
|
|
|
|
(2,315
|
)
|
|
|
1,614
|
|
|
|
(104
|
)
|
|
|
(1,502
|
)
|
Net increase (decrease) in cash and cash equivalents
|
|
|
|
|
35,895
|
|
|
|
27,064
|
|
|
|
(40,081
|
)
|
|
|
19,350
|
|
Cash and cash equivalents - beginning of period
|
|
|
|
|
153,595
|
|
|
|
171,890
|
|
|
|
229,571
|
|
|
|
179,604
|
|
Cash and cash equivalents - end of period
|
|
|
|
$
|
189,490
|
|
|
$
|
198,954
|
|
|
$
|
189,490
|
|
|
$
|
198,954
|
|
|
|
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
|
|
|
$
|
-
|
|
$
|
304,294
|
|
|
ENERGY SEGMENT
|
|
|
84,646
|
|
|
|
72,884
|
|
|
|
83,480
|
|
|
|
68,584
|
|
|
|
309,594
|
|
|
|
75,841
|
|
|
|
65,992
|
|
|
|
83,857
|
|
|
|
-
|
|
|
225,690
|
|
|
ENGINEERED SOLUTIONS SEGMENT
|
|
|
93,857
|
|
|
|
94,337
|
|
|
|
111,444
|
|
|
|
106,796
|
|
|
|
406,434
|
|
|
|
116,198
|
|
|
|
110,092
|
|
|
|
124,942
|
|
|
|
-
|
|
|
351,232
|
|
|
|
TOTAL
|
|
$
|
265,793
|
|
|
$
|
258,869
|
|
|
$
|
295,427
|
|
|
$
|
275,695
|
|
|
$
|
1,095,784
|
|
|
$
|
288,955
|
|
|
$
|
275,165
|
|
|
$
|
317,096
|
|
|
$
|
-
|
|
$
|
881,216
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% SALES GROWTH
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INDUSTRIAL SEGMENT
|
|
|
-2
|
%
|
|
|
13
|
%
|
|
|
5
|
%
|
|
|
7
|
%
|
|
|
6
|
%
|
|
|
11
|
%
|
|
|
8
|
%
|
|
|
8
|
%
|
|
|
-
|
|
|
9
|
%
|
|
ENERGY SEGMENT
|
|
|
-26
|
%
|
|
|
-15
|
%
|
|
|
-18
|
%
|
|
|
-25
|
%
|
|
|
-21
|
%
|
|
|
-10
|
%
|
|
|
-9
|
%
|
|
|
0
|
%
|
|
|
-
|
|
|
-6
|
%
|
|
ENGINEERED SOLUTIONS SEGMENT
|
|
|
-8
|
%
|
|
|
-2
|
%
|
|
|
3
|
%
|
|
|
18
|
%
|
|
|
2
|
%
|
|
|
24
|
%
|
|
|
17
|
%
|
|
|
12
|
%
|
|
|
-
|
|
|
17
|
%
|
|
|
TOTAL
|
|
|
-13
|
%
|
|
|
-2
|
%
|
|
|
-3
|
%
|
|
|
0
|
%
|
|
|
-5
|
%
|
|
|
9
|
%
|
|
|
6
|
%
|
|
|
7
|
%
|
|
|
-
|
|
|
7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING PROFIT (LOSS)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INDUSTRIAL SEGMENT
|
|
$
|
19,491
|
|
|
$
|
19,037
|
|
|
$
|
24,019
|
|
|
$
|
24,076
|
|
|
$
|
86,623
|
|
|
$
|
19,482
|
|
|
$
|
18,493
|
|
|
$
|
25,845
|
|
|
$
|
-
|
|
$
|
63,820
|
|
|
ENERGY SEGMENT
|
|
|
3,328
|
|
|
|
(647
|
)
|
|
|
895
|
|
|
|
(3,675
|
)
|
|
|
(99
|
)
|
|
|
1,224
|
|
|
|
747
|
|
|
|
7,033
|
|
|
|
-
|
|
|
9,004
|
|
|
ENGINEERED SOLUTIONS SEGMENT
|
|
|
2,834
|
|
|
|
3,282
|
|
|
|
8,174
|
|
|
|
6,069
|
|
|
|
20,359
|
|
|
|
6,618
|
|
|
|
2,409
|
|
|
|
9,038
|
|
|
|
-
|
|
|
18,065
|
|
|
CORPORATE / GENERAL
|
|
|
(6,450
|
)
|
|
|
(6,372
|
)
|
|
|
(5,372
|
)
|
|
|
(6,935
|
)
|
|
|
(25,128
|
)
|
|
|
(6,022
|
)
|
|
|
(4,789
|
)
|
|
|
(8,145
|
)
|
|
|
-
|
|
|
(18,956
|
)
|
|
|
ADJUSTED OPERATING PROFIT
|
|
$
|
19,203
|
|
|
$
|
15,300
|
|
|
$
|
27,716
|
|
|
$
|
19,535
|
|
|
$
|
81,755
|
|
|
$
|
21,302
|
|
|
$
|
16,860
|
|
|
$
|
33,771
|
|
|
$
|
-
|
|
$
|
71,933
|
|
|
IMPAIRMENT & DIVESTITURE CHARGES
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(116,979
|
)
|
|
|
(116,979
|
)
|
|
|
-
|
|
|
|
(2,987
|
)
|
|
|
-
|
|
|
|
-
|
|
|
(2,987
|
)
|
|
RESTRUCTURING CHARGES (1)
|
|
|
(2,948
|
)
|
|
|
(2,101
|
)
|
|
|
(384
|
)
|
|
|
(1,795
|
)
|
|
|
(7,228
|
)
|
|
|
(6,629
|
)
|
|
|
(4,284
|
)
|
|
|
(1,186
|
)
|
|
|
-
|
|
|
(12,099
|
)
|
|
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
|
|
|
$
|
-
|
|
$
|
56,847
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED OPERATING PROFIT %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INDUSTRIAL SEGMENT
|
|
|
22.3
|
%
|
|
|
20.8
|
%
|
|
|
23.9
|
%
|
|
|
24.0
|
%
|
|
|
22.8
|
%
|
|
|
20.1
|
%
|
|
|
18.7
|
%
|
|
|
23.9
|
%
|
|
|
-
|
|
|
21.0
|
%
|
|
ENERGY SEGMENT
|
|
|
3.9
|
%
|
|
|
-0.9
|
%
|
|
|
1.1
|
%
|
|
|
-5.4
|
%
|
|
|
0.0
|
%
|
|
|
1.6
|
%
|
|
|
1.1
|
%
|
|
|
8.4
|
%
|
|
|
-
|
|
|
4.0
|
%
|
|
ENGINEERED SOLUTIONS SEGMENT
|
|
|
3.0
|
%
|
|
|
3.5
|
%
|
|
|
7.3
|
%
|
|
|
5.7
|
%
|
|
|
5.0
|
%
|
|
|
5.7
|
%
|
|
|
2.2
|
%
|
|
|
7.2
|
%
|
|
|
-
|
|
|
5.1
|
%
|
|
|
ADJUSTED OPERATING PROFIT %
|
|
|
7.2
|
%
|
|
|
5.9
|
%
|
|
|
9.4
|
%
|
|
|
7.1
|
%
|
|
|
7.5
|
%
|
|
|
7.4
|
%
|
|
|
6.1
|
%
|
|
|
10.7
|
%
|
|
|
-
|
|
|
8.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INDUSTRIAL SEGMENT
|
|
$
|
21,217
|
|
|
$
|
21,064
|
|
|
$
|
25,575
|
|
|
$
|
25,851
|
|
|
$
|
93,707
|
|
|
$
|
21,202
|
|
|
$
|
21,034
|
|
|
$
|
27,823
|
|
|
$
|
-
|
|
$
|
70,059
|
|
|
ENERGY SEGMENT
|
|
|
9,108
|
|
|
|
2,943
|
|
|
|
4,633
|
|
|
|
142
|
|
|
|
16,826
|
|
|
|
5,125
|
|
|
|
4,533
|
|
|
|
11,554
|
|
|
|
-
|
|
|
21,212
|
|
|
ENGINEERED SOLUTIONS SEGMENT
|
|
|
6,281
|
|
|
|
7,277
|
|
|
|
11,716
|
|
|
|
9,533
|
|
|
|
34,807
|
|
|
|
10,254
|
|
|
|
6,020
|
|
|
|
12,566
|
|
|
|
-
|
|
|
28,840
|
|
|
CORPORATE / GENERAL
|
|
|
(5,879
|
)
|
|
|
(5,846
|
)
|
|
|
(4,868
|
)
|
|
|
(6,637
|
)
|
|
|
(23,230
|
)
|
|
|
(5,518
|
)
|
|
|
(4,799
|
)
|
|
|
(7,569
|
)
|
|
|
-
|
|
|
(17,886
|
)
|
|
|
ADJUSTED EBITDA
|
|
$
|
30,727
|
|
|
$
|
25,438
|
|
|
$
|
37,056
|
|
|
$
|
28,889
|
|
|
$
|
122,110
|
|
|
$
|
31,063
|
|
|
$
|
26,788
|
|
|
$
|
44,374
|
|
|
$
|
-
|
|
$
|
102,225
|
|
|
IMPAIRMENT & DIVESTITURE CHARGES
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(116,979
|
)
|
|
|
(116,979
|
)
|
|
|
-
|
|
|
|
(2,987
|
)
|
|
|
-
|
|
|
|
-
|
|
|
(2,987
|
)
|
|
RESTRUCTURING CHARGES (1)
|
|
|
(2,948
|
)
|
|
|
(2,101
|
)
|
|
|
(384
|
)
|
|
|
(1,795
|
)
|
|
|
(7,228
|
)
|
|
|
(6,629
|
)
|
|
|
(4,284
|
)
|
|
|
(1,186
|
)
|
|
|
-
|
|
|
(12,099
|
)
|
|
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
|
|
|
$
|
-
|
|
$
|
87,139
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED EBITDA %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INDUSTRIAL SEGMENT
|
|
|
24.3
|
%
|
|
|
23.0
|
%
|
|
|
25.4
|
%
|
|
|
25.8
|
%
|
|
|
24.7
|
%
|
|
|
21.9
|
%
|
|
|
21.2
|
%
|
|
|
25.7
|
%
|
|
|
-
|
|
|
23.0
|
%
|
|
ENERGY SEGMENT
|
|
|
10.8
|
%
|
|
|
4.0
|
%
|
|
|
5.5
|
%
|
|
|
0.2
|
%
|
|
|
5.4
|
%
|
|
|
6.8
|
%
|
|
|
6.9
|
%
|
|
|
13.8
|
%
|
|
|
-
|
|
|
9.4
|
%
|
|
ENGINEERED SOLUTIONS SEGMENT
|
|
|
6.7
|
%
|
|
|
7.7
|
%
|
|
|
10.5
|
%
|
|
|
8.9
|
%
|
|
|
8.6
|
%
|
|
|
8.8
|
%
|
|
|
5.5
|
%
|
|
|
10.1
|
%
|
|
|
-
|
|
|
8.2
|
%
|
|
|
ADJUSTED EBITDA %
|
|
|
11.6
|
%
|
|
|
9.8
|
%
|
|
|
12.5
|
%
|
|
|
10.5
|
%
|
|
|
11.1
|
%
|
|
|
10.8
|
%
|
|
|
9.7
|
%
|
|
|
14.0
|
%
|
|
|
-
|
|
|
11.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
$
|
-
|
$
|
16,017
|
|
|
IMPAIRMENT & DIVESTITURE CHARGES
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
116,979
|
|
|
116,979
|
|
|
|
-
|
|
|
2,987
|
|
|
-
|
|
|
-
|
|
2,987
|
|
|
INCOME TAX (BENEFIT) EXPENSE ON IMPAIRMENT & DIVESTITURE CHARGES
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(8,119
|
)
|
|
(8,119
|
)
|
|
|
-
|
|
|
9,398
|
|
|
-
|
|
|
-
|
|
9,398
|
|
|
DIRECTOR & OFFICER TRANSITION CHARGES
|
|
|
7,784
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
7,784
|
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
-
|
|
|
INCOME TAX BENEFIT ON DIRECTOR & OFFICER TRANSITION CHARGES
|
|
|
(2,880
|
)
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(2,880
|
)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
-
|
|
|
RESTRUCTURING CHARGES (1)
|
|
|
2,948
|
|
|
2,101
|
|
|
384
|
|
|
1,795
|
|
|
7,228
|
|
|
|
6,629
|
|
|
4,284
|
|
|
1,186
|
|
|
-
|
|
12,099
|
|
|
INCOME TAX BENEFIT ON RESTRUCTURING CHARGES
|
|
|
(777
|
)
|
|
(564
|
)
|
|
(124
|
)
|
|
(494
|
)
|
|
(1,959
|
)
|
|
|
(375
|
)
|
|
(500
|
)
|
|
(1,435
|
)
|
|
-
|
|
(2,310
|
)
|
|
INCOME TAX EXPENSE (BENEFIT) FROM U.S. TAX REFORM
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
|
-
|
|
|
8,367
|
|
|
(4,891
|
)
|
|
-
|
|
3,476
|
|
|
INCOME TAX EXPENSE FROM EQUITY VESTING/EXERCISES
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
|
-
|
|
|
1,338
|
|
|
-
|
|
|
-
|
|
1,338
|
|
|
OTHER INCOME TAX BENEFIT
|
|
|
-
|
|
|
-
|
|
|
(3,193
|
)
|
|
-
|
|
|
(3,193
|
)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
-
|
|
|
|
ADJUSTED EARNINGS
|
|
$
|
12,040
|
|
$
|
6,611
|
|
$
|
19,578
|
|
$
|
11,397
|
|
$
|
49,627
|
|
|
$
|
11,480
|
|
$
|
7,653
|
|
$
|
23,872
|
|
$
|
-
|
$
|
43,005
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
$
|
-
|
$
|
0.26
|
|
|
IMPAIRMENT & DIVESTITURE CHARGES
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
1.96
|
|
|
1.96
|
|
|
|
-
|
|
|
0.05
|
|
|
-
|
|
|
-
|
|
0.05
|
|
|
INCOME TAX (BENEFIT) EXPENSE ON IMPAIRMENT & DIVESTITURE CHARGES
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(0.14
|
)
|
|
(0.14
|
)
|
|
|
-
|
|
|
0.16
|
|
|
-
|
|
|
-
|
|
0.16
|
|
|
DIRECTOR & OFFICER TRANSITION CHARGES
|
|
|
0.13
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
0.13
|
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
-
|
|
|
INCOME TAX BENEFIT ON DIRECTOR & OFFICER TRANSITION CHARGES
|
|
|
(0.05
|
)
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(0.05
|
)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
-
|
|
|
RESTRUCTURING CHARGES (1)
|
|
|
0.05
|
|
|
0.04
|
|
|
0.01
|
|
|
0.03
|
|
|
0.12
|
|
|
|
0.11
|
|
|
0.07
|
|
|
0.02
|
|
|
-
|
|
0.20
|
|
|
INCOME TAX BENEFIT ON RESTRUCTURING CHARGES
|
|
|
(0.01
|
)
|
|
(0.01
|
)
|
|
(0.01
|
)
|
|
(0.01
|
)
|
|
(0.03
|
)
|
|
|
(0.01
|
)
|
|
(0.01
|
)
|
|
(0.02
|
)
|
|
-
|
|
(0.04
|
)
|
|
INCOME TAX EXPENSE (BENEFIT) FROM U.S. TAX REFORM
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
|
-
|
|
|
0.14
|
|
|
(0.09
|
)
|
|
-
|
|
0.06
|
|
|
INCOME TAX EXPENSE FROM EQUITY VESTING/EXERCISES
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
|
-
|
|
|
0.02
|
|
|
-
|
|
|
-
|
|
0.02
|
|
|
OTHER INCOME TAX BENEFIT
|
|
|
-
|
|
|
-
|
|
|
(0.05
|
)
|
|
-
|
|
|
(0.05
|
)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
-
|
|
|
|
ADJUSTED DILUTED EARNINGS PER SHARE
|
|
$
|
0.20
|
|
$
|
0.11
|
|
$
|
0.32
|
|
$
|
0.19
|
|
$
|
0.83
|
|
|
$
|
0.19
|
|
$
|
0.13
|
|
$
|
0.39
|
|
$
|
-
|
$
|
0.71
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED EBITDA (3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET EARNINGS (LOSS) (GAAP MEASURE)
|
|
$
|
4,965
|
|
$
|
5,074
|
|
$
|
22,511
|
|
$
|
(98,764
|
)
|
$
|
(66,213
|
)
|
|
$
|
5,226
|
|
$
|
(18,221
|
)
|
$
|
29,012
|
|
$
|
-
|
$
|
16,017
|
|
|
FINANCING COSTS, NET
|
|
|
7,132
|
|
|
7,334
|
|
|
7,553
|
|
|
7,683
|
|
|
29,703
|
|
|
|
7,514
|
|
|
7,604
|
|
|
7,756
|
|
|
-
|
|
22,874
|
|
|
INCOME TAX (BENEFIT) EXPENSE
|
|
|
(2,998
|
)
|
|
200
|
|
|
(4,029
|
)
|
|
(9,651
|
)
|
|
(16,478
|
)
|
|
|
1,604
|
|
|
19,839
|
|
|
(3,995
|
)
|
|
-
|
|
17,448
|
|
|
DEPRECIATION & AMORTIZATION
|
|
|
10,896
|
|
|
10,729
|
|
|
10,637
|
|
|
10,847
|
|
|
43,108
|
|
|
|
10,090
|
|
|
10,295
|
|
|
10,415
|
|
|
-
|
|
30,800
|
|
|
|
EBITDA
|
|
$
|
19,995
|
|
$
|
23,337
|
|
$
|
36,672
|
|
$
|
(89,885
|
)
|
$
|
(9,881
|
)
|
|
$
|
24,434
|
|
$
|
19,517
|
|
$
|
43,188
|
|
$
|
-
|
$
|
87,139
|
|
|
IMPAIRMENT & OTHER DIVESTITURE CHARGES
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
116,979
|
|
|
116,979
|
|
|
|
-
|
|
|
2,987
|
|
|
-
|
|
|
-
|
|
2,987
|
|
|
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
|
|
|
-
|
|
12,099
|
|
|
|
ADJUSTED EBITDA
|
|
$
|
30,727
|
|
$
|
25,438
|
|
$
|
37,056
|
|
$
|
28,889
|
|
$
|
122,110
|
|
|
$
|
31,063
|
|
$
|
26,788
|
|
$
|
44,374
|
|
$
|
-
|
$
|
102,225
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 Earnings 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 Earnings. 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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q4 FISCAL 2018
|
|
FISCAL 2018
|
|
|
|
|
|
|
|
LOW
|
HIGH
|
|
LOW
|
HIGH
|
RECONCILIATION OF GAAP DILUTED EARNINGS PER SHARE TO ADJUSTED
|
|
|
|
|
|
|
|
|
|
DILUTED EARNINGS PER SHARE GUIDANCE
|
|
|
|
|
|
|
|
|
|
GAAP DILUTED EARNINGS PER SHARE
|
|
|
|
$
|
0.32
|
$
|
0.37
|
|
$
|
0.58
|
|
$
|
0.63
|
|
|
IMPAIRMENT & DIVESTITURE CHARGES, NET OF TAX
|
|
|
|
|
-
|
|
-
|
|
|
0.21
|
|
|
0.21
|
|
|
RESTRUCTURING CHARGES, NET OF TAX
|
|
|
|
|
-
|
|
-
|
|
|
0.16
|
|
|
0.16
|
|
|
INCOME TAX EXPENSE FROM U.S. TAX REFORM
|
|
|
|
|
-
|
|
-
|
|
|
0.06
|
|
|
0.06
|
|
|
INCOME TAX EXPENSE FROM EQUITY VESTING/EXERCISES
|
|
|
|
|
-
|
|
-
|
|
|
0.02
|
|
|
0.02
|
|
|
|
ADJUSTED DILUTED EARNINGS PER SHARE GUIDANCE
|
|
|
|
$
|
0.32
|
$
|
0.37
|
|
$
|
1.03
|
|
$
|
1.08
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF GAAP CASH FLOW FROM OPERATIONS TO FREE CASH FLOW
|
|
|
|
|
|
|
|
|
|
CASH FLOW FROM OPERATIONS
|
|
|
|
|
|
|
$
|
85
|
|
$
|
90
|
|
|
CAPITAL EXPENDITURES
|
|
|
|
|
|
|
|
(25
|
)
|
|
(25
|
)
|
|
OTHER
|
|
|
|
|
|
|
|
|
10
|
|
|
10
|
|
|
|
FREE CASH FLOW GUIDANCE
|
|
|
|
|
|
|
$
|
70
|
|
$
|
75
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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.
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20180620005182/en/ Copyright Business Wire 2018
Source: Business Wire
(June 20, 2018 - 8:30 AM EDT)
News by QuoteMedia
www.quotemedia.com
|