MENOMONEE FALLS, Wis. (AP) — Actuant Corp. (ATU) on Wednesday reported a loss of $37.7 million in its fiscal fourth quarter.
The Menomonee Falls, Wisconsin-based company said it had a loss of 62 cents per share. Earnings, adjusted for one-time gains and costs, were 39 cents per share.
The results surpassed Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 35 cents per share.
The industrial products company posted revenue of $301.4 million in the period, which also topped Street forecasts. Six analysts surveyed by Zacks expected $288.9 million.
For the year, the company reported that its loss narrowed to $21.6 million, or 36 cents per share. Revenue was reported as $1.18 billion.
For the current quarter ending in December, Actuant expects its per-share earnings to range from 20 cents to 25 cents.
The company said it expects revenue in the range of $295 million to $305 million for the fiscal first quarter.
Actuant expects full-year earnings in the range of $1.09 to $1.20 per share, with revenue ranging from $1.21 billion to $1.24 billion.
Actuant shares have climbed 18 percent since the beginning of the year. The stock has risen 10 percent in the last 12 months.
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.”
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ATU at https://www.zacks.com/ap/ATU
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