Fourth Quarter 2019
Highlights*
- Net sales from continuing operations were $158 million for the
quarter. Core sales decreased 3% on a year-over-year basis
resulting from planned strategic exits as well as softening in
certain markets and geographies. Foreign currency decreased
net sales an additional 2%.
- GAAP operating margin from continuing operations was 5.1% for
the quarter versus 11.7% in the fourth quarter 2018. Adjusted
operating margin from continuing operations was flat year-over-year
at 12.1%.
- Adjusted EBITDA margin from continuing operations was 14.8% in
the fourth quarter of 2019 compared to 15.3% in the comparable
prior year period.
- GAAP diluted earnings (loss) per share (“EPS”) from continuing
operations was ($0.01) in the fourth quarter of fiscal 2019, versus
$0.18 in the comparable period in 2018. Adjusted EPS from
continuing operations was $0.21, in both the fourth quarter of
fiscal 2019 and 2018.
- Repurchased approximately one million shares of common stock
for approximately $22 million and reduced debt in the quarter
approximately $15 million, consistent with capital allocation
priorities.
- Continued reduction in year-over-year leverage (Net Debt to
Adjusted EBITDA), achieving 1.7x at the end of fourth quarter 2019,
down from 1.9x at the end of fourth quarter 2018.
- Earlier in the quarter, announced the signing of a definitive
agreement with One Rock Capital Partners to sell the Engineered
Components & Systems (“EC&S”) segment (excluding Cortland
U.S.), which is reflected as discontinued operations.
Continue to expect a calendar 2019 fourth quarter close. *This news
release contains financial measures in accordance with US Generally
Accepted Accounting Principles (“GAAP”) in addition to non-GAAP
financial measures. Reconciliations of the GAAP to non-GAAP
financial measures can be found in the tables accompanying this
release.
Enerpac Tool Group, which is the doing business name of Actuant
Corporation, (NYSE: ATU) (the “Company”) today announced results
for its fiscal 2019 fourth quarter ended August 31, 2019.
“Fiscal 2019 has been a year of transformation for our
organization with the announcement of the EC&S divestiture,
which is instrumental in advancing our strategy as a pure play
industrial tools and services company, and the recent launch of our
new business name, Enerpac Tool Group. As planned, our portfolio
optimization continued as we exited certain unprofitable parts of
the service business in the quarter, which we expect will result in
incremental profitability. We also continued to execute on our
capital allocation strategy in the quarter, as demonstrated by our
share repurchases and additional debt reduction, while ensuring we
retain the balance sheet flexibility to support organic growth and
acquisition opportunities,” commented Randy Baker, Enerpac Tool
Group’s President and CEO.
Mr. Baker continued, “Consistent with most global industrial
economic indicators, we saw a softening top line in the fourth
quarter which caused our results to be below expectations. We
believe the strategic growth and cost actions we are taking
position us well for the future despite moderating market
conditions.”
Consolidated
Results from Continuing Operations
(US$ in millions)
Three Months Ended August 31
Twelve Months Ended August 31
2019
2018
2019
2018
Net Sales
$158.3
$166.5
$654.8
$641.3
Net (Loss) Income
($0.6)
$11.3
$8.1
$4.7
(Loss) Earnings Per Share
($0.01)
$0.18
$0.13
$0.08
Adjusted Earnings Per Share
$0.21
$0.21
$0.73
$0.49
- Consolidated net sales from continuing operations for the
fourth quarter were $158.3 million, compared to $166.5 million in
the prior year fourth quarter. Core sales declined 3%
year-over-year, while foreign currency rate changes decreased net
sales by 2%.
- Consolidated net sales from continuing operations for the
twelve months ended August 31, 2019 were $654.8 million, compared
to $641.3 million in the prior year period. Core sales improved 4%
year-over-year while foreign currency rates decreased net sales by
2%.
- Fiscal 2019 fourth quarter net loss and EPS from continuing
operations were ($0.6) million and a loss of ($0.01), respectively,
compared to net income and EPS from continuing operations of $11.3
million and $0.18, respectively, in the fourth quarter of fiscal
2018. Fiscal 2019 fourth quarter earnings from continuing
operations included:
- Impairment and other divestiture charges of $6.2 million ($4.3
million, or $0.07 per share after tax);
- Restructuring and other exit charges of $4.8 million ($6.3
million, or $0.10 per share after tax), related to the planned
exits of certain unprofitable service offerings; and
- $2.7 million ($0.05 per share) of charges primarily related to
an adjustment to the original provision for U.S. tax reform.
- Fiscal 2018 fourth quarter earnings from continuing operations
included restructuring charges of $0.7 million ($0.2 million or
$0.01 per share, after tax), a $0.6 million or $0.01 per share
benefit related to the impact of the U.S. tax reform and a $0.8
million charge ($0.6 million or $0.01 per share, after tax)
associated with the acceleration of debt issuance costs resulting
from the intentional reduction in the borrowing capacity under our
credit facility.
- Net income from continuing operations and EPS from continuing
operations for the twelve month period ended August 31, 2019 were
$8.1 million and $0.13, respectively, compared to a net income from
continuing operations and EPS from continuing operations of $4.7
million and $0.08, respectively, in the comparable prior year
period.
- Excluding impairment, other divestiture, restructuring and
other exit charges, adjusted EPS from continuing operations was
$0.21 for the fourth quarter of both fiscal 2019 and 2018 and $0.73
and $0.49 for the twelve months ended August 31, 2019 and 2018,
respectively.
Industrial Tools
& Services (“IT&S”)
(US$ in millions)
Three Months Ended August 31
Twelve Months Ended August 31
2019
2018
2019
2018
Sales
$144.6
$153.4
$609.5
$591.1
Operating Profit
$13.6
$28.0
$101.4
$99.4
Adjusted Op Profit (1)
$27.3
$28.8
$116.2
$103.7
Adjusted Op Profit % (1)
18.8%
18.8%
19.1%
17.5%
(1) Excludes $4.8 million and $6.0 million
of restructuring and other exit charges in the three and twelve
months ended August 31, 2019, respectively, along with $8.8 million
of impairment charges in the fourth quarter and twelve months ended
August 31, 2019. Excludes $0.8 million and $4.3 million of
restructuring charges in the three and twelve months ended August
31, 2018, respectively.
- Fourth quarter fiscal 2019 net sales were $144.6 million, 6%
lower than the prior year’s fiscal fourth quarter. Core sales
decreased 4% and the impact of foreign currency exchange rates
decreased net sales by 2% year-over-year.
- The decrease in revenue is attributable to the intentional exit
of certain unprofitable portions of the business along with global
economic uncertainty that created additional headwinds, which were
most pronounced in Europe.
- Adjusted operating profit margin of 18.8% in the quarter was
flat year-over-year due to decreased sales volume offset by
continued product margin expansion and lower incentive compensation
expense.
Corporate Expenses and Income Taxes
(excluding one-time tax items)
- Corporate expenses from continuing operations for the fourth
quarter of fiscal 2019 were $9.7 million, $0.6 million higher than
the comparable prior year period, primarily resulting from higher
insurance costs. Corporate costs included $3.3 million and $3.8
million of costs previously allocated to the EC&S segment in
the fourth quarters of fiscal 2019 and 2018, respectively.
- The fourth quarter effective income tax rate from continuing
operations of approximately (5%) was lower than the prior year rate
of 0.5%.
Discontinued Operations
Discontinued operations represent the operating results for the
EC&S segment, excluding Cortland U.S. and the previously
divested Viking business, for all periods presented. The fourth
quarter of fiscal 2019 includes a $265 million non-cash, after-tax
impairment charge reflecting both the write-down of the net assets
held for sale to their net realizable value and the reserve of the
accumulation of currency translation losses associated with the
EC&S businesses being divested.
Balance Sheet and
Leverage
(US$ in millions)
Period Ended
August 31, 2019
May 31, 2019
August 31, 2018
Cash Balance
$211.2
$201.3
$250.5
Debt Balance
$460.4
$475.2
$532.7
Net Debt to Adjusted EBITDA**
1.7
1.8
1.9
Net debt at August 31, 2019 was approximately $249 million
(total debt of $460 million less $211 million of cash), which
decreased approximately $33 million from the end of fiscal 2018.
Net Debt to Adjusted EBITDA was 1.7x at August 31, 2019.
**Adjusted EBITDA is calculated for the twelve months then
ended.
Outlook
Mr. Baker said, “With our transformation to Enerpac Tool Group
we are creating a very high quality company with market leading
products, top tier margins and a commitment to growth. In fiscal
2020, we will continue to focus on our growth initiatives, building
on our premier Enerpac brand. We will also continue taking
strategic actions to exit low margin product lines, and have
already completed one small product line divestiture in fiscal 2020
and expect to complete another by the end of the first quarter. We
expect these actions will provide significant improvement to our
bottom line. While our fiscal 2020 outlook reflects our cautious
view of the year given current economic uncertainty in our
end-markets, we are confident in the decisive actions we are taking
and our ability to execute on our strategy to create shareholder
value.”
The company provides the following outlook for continuing
operations for fiscal 2020***:
Sales range of $575 to $600 million which assumes:
- Strategic exits (including product line divestitures and
service restructuring) of approximately $55 million;
- Foreign currency impact from stronger dollar of approximately
$7 million; and
- New product development and other commercial actions partially
offset by a tepid market environment.
EBITDA range of $94 to $104 million, which is an approximate 17%
EBITDA margin and greater than a 200bp improvement from fiscal year
2019, which assumes:
- Benefit from strategic exits and approximately $9 million
reduction of corporate overhead costs previously allocated to the
EC&S segment
- Partially offset by certain expenses to be incurred in the year
as well as the impact of the stronger dollar
EPS range of $0.68 to $0.81/share Full year free cash flow of
$50 to $75 million
For the first quarter 2020, we expect:
- Net sales: $135 to $144 million;
- Adjusted EBITDA: $17.5 to $20.5 million; and
- Adjusted EPS: $0.08 to $0.12.
All guidance excludes restructuring, impairment and divestiture
charges, one-time tax adjustments and the impact of potential
future acquisitions, dispositions, share repurchases and
tariffs.
***See the Fourth Quarter Earnings presentation included on the
Company’s website for further details on fiscal 2020 guidance
EC&S Divestiture
Process
As previously announced, the Company signed a definitive
agreement with One Rock Capital Partners in July 2019 to sell the
EC&S segment and continues to expect to close the transaction
in the fourth quarter of calendar 2019.
Conference Call
Information
An investor conference call is scheduled for 10am CT today,
September 26, 2019. Webcast information and conference call
materials are available on the Enerpac Tool Group company website
(www.enerpactoolgroup.com).
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, Enerpac Tool Group’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 Actuant Corporation’s Form 10-K for the fiscal year
ended August 31, 2018 filed with the Securities and Exchange
Commission for further information regarding risk factors. Enerpac
Tool Group disclaims any obligation to publicly update or revise
any forward-looking statements as a result of new information,
future events or any other reason.
Non-GAAP Financial
Information
This press release contains financial measures that are not
measures presented in conformity with GAAP. They include EBITDA
from continuing operations, adjusted EBITDA from continuing
operations, adjusted EPS from continuing operations, adjusted
operating profit from continuing operations, free cash flow and net
debt. This press release includes reconciliations of these non-GAAP
measures to the most comparable GAAP measure, including in the
tables attached to this press release. Management believes these
non-GAAP measures are commonly used financial measures for
investors to evaluate Enerpac Tool Group’s operating performance
and financial position with respect to the periods presented and,
when read in conjunction with the condensed consolidated financial
statements, present a useful tool to evaluate ongoing operations
and provide investors with metrics they can use to evaluate aspects
of the Company’s performance from period to period. In addition,
these are some of the factors management uses in internal
evaluations of the overall performance of the Company’s business.
Management acknowledges that there are many items that impact a
company’s reported results and the adjustments reflected in these
non-GAAP measures are not intended to present all items that may
have impacted these results. In addition, these non-GAAP measures
are not necessarily comparable to similarly-titled measures used by
other companies.
About Enerpac Tool Group
Enerpac Tool Group is a premier industrial tools and services
company serving a broad and diverse set of customers in more than
90 countries. The Company’s businesses are global leaders in high
pressure hydraulic tools, controlled force products and solutions
for precise positioning of heavy loads that help customers safely
and reliably tackle some of the most challenging jobs around the
world. The Company was founded in 1910 and is headquartered in
Menomonee Falls, Wisconsin. Enerpac Tool Group will trade on the
NYSE under the symbol EPAC beginning on October 7, 2019. Until
then, our NYSE symbol is ATU. Although the Company has adopted the
business name “Enerpac Tool Group” its legal corporate name
continues to be Actuant Corporation pending amendment to its
corporate organizational documents, which is subject to shareholder
approval. For further information on Enerpac Tool Group and its
businesses, visit the Company's website at
www.enerpactoolgroup.com.
(tables follow)
Actuant Corporation Condensed Consolidated Balance
Sheets (Dollars in thousands) (Unaudited)
August 31,
August 31,
2019
2018
ASSETS Current assets Cash and cash equivalents
$
211,151
$
250,490
Accounts receivable, net
125,883
123,261
Inventories, net
77,187
72,020
Assets from discontinued operations
285,578
571,157
Other current assets
30,526
32,530
Total current assets
730,325
1,049,458
Property, plant and equipment, net
56,729
54,974
Goodwill
260,415
280,132
Other intangible assets, net
52,375
71,657
Other long-term assets
24,430
25,115
Total assets
$
1,124,274
$
1,481,336
LIABILITIES AND SHAREHOLDERS' EQUITY Current
liabilities Trade accounts payable
$
76,914
$
69,584
Accrued compensation and benefits
26,421
35,992
Current maturities of debt
7,500
30,000
Income taxes payable
4,838
4,091
Liabilities from discontinued operations
143,763
160,573
Other current liabilities
40,965
53,768
Total current liabilities
300,401
354,008
Long-term debt, net
452,945
502,695
Deferred income taxes
1,564
68
Pension and postretirement benefit liabilities
20,213
13,957
Other long-term liabilities
47,972
51,896
Total liabilities
823,095
922,624
Shareholders' equity Capital stock
16,384
16,285
Additional paid-in capital
181,213
167,448
Treasury stock
(640,212
)
(617,731
)
Retained earnings
915,466
1,166,955
Accumulated other comprehensive loss
(171,672
)
(174,245
)
Stock held in trust
(3,070
)
(2,450
)
Deferred compensation liability
3,070
2,450
Total shareholders' equity
301,179
558,712
Total liabilities and shareholders' equity
$
1,124,274
$
1,481,336
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,
2019
2018
2019
2018
Net sales
$
158,324
$
166,468
$
654,758
$
641,303
Cost of products sold
89,254
93,108
362,106
358,019
Gross profit
69,070
73,360
292,652
283,284
Selling, administrative and engineering expenses
49,866
50,881
209,231
210,256
Amortization of intangible assets
1,933
2,343
8,922
9,280
Restructuring charges
3,025
742
4,156
10,555
Impairment & divestiture charges
6,227
-
22,827
2,987
Operating profit
8,019
19,394
47,516
50,206
Financing costs, net
6,563
8,417
28,163
30,872
Other expense (income), net
394
(252
)
629
138
Income before income tax expense (benefit)
1,062
11,229
18,724
19,196
Income tax expense (benefit)
1,626
(99
)
10,657
14,450
(Loss) earnings from continuing operations
(564
)
11,328
8,067
4,746
Loss from discontinued operations, net of income taxes
(266,300
)
(48,992
)
(257,212
)
(26,394
)
Net loss
$
(266,864
)
$
(37,664
)
$
(249,145
)
$
(21,648
)
(Loss) earnings from continuing operations per share
Basic
$
(0.01
)
$
0.19
$
0.13
$
0.08
Diluted
(0.01
)
0.18
0.13
0.08
Loss from discontinued operations Basic
$
(4.37
)
$
(0.80
)
$
(4.21
)
$
(0.44
)
Diluted
(4.37
)
(0.80
)
(4.18
)
(0.43
)
Loss per share Basic
$
(4.38
)
$
(0.62
)
$
(4.07
)
$
(0.36
)
Diluted
(4.38
)
(0.61
)
(4.04
)
(0.35
)
Weighted average common shares outstanding Basic
60,907
60,893
61,151
60,441
Diluted
60,907
61,561
61,607
61,028
Actuant Corporation Condensed Consolidated Statements of
Cash Flows (In thousands) (Unaudited)
Twelve Months Ended
August 31,
August 31,
2019
2018
Operating Activities Cash provided by operating activities
$
53,845
$
106,093
Investing Activities Capital expenditures
(26,755
)
(20,870
)
Proceeds from sale of property, plant and equipment
1,642
153
Rental asset buyout for Viking divestiture
-
(27,718
)
Proceeds from sale of business, net of transaction costs
36,159
8,902
Cash paid for business acquisitions, net of cash acquired
-
(23,218
)
Cash provided by (used in) investing activities
11,046
(62,751
)
Financing Activities Payment for redemption of term
loan
(200,000
)
-
Proceeds from issuance of term loan
200,000
-
Principal repayments on term loan
(72,500
)
(30,000
)
Purchase of treasury shares
(22,481
)
-
Taxes paid related to the net share settlement of equity awards
(1,872
)
(1,284
)
Stock option exercises & other
1,900
15,681
Payment of cash dividend
(2,439
)
(2,390
)
Payment of debt issuance costs
(2,125
)
-
Cash used in financing activities
(99,517
)
(17,993
)
Effect of exchange rate changes on cash
(4,713
)
(4,430
)
Net (decrease) increase in cash and cash equivalents
(39,339
)
20,919
Cash and cash equivalents - beginning of period
250,490
229,571
Cash and cash equivalents - end of period
$
211,151
$
250,490
ACTUANT CORPORATION SUPPLEMENTAL UNAUDITED DATA
(Dollars in thousands)
FISCAL 2018
FISCAL 2019
Q1
Q2
Q3
Q4
TOTAL
Q1
Q2
Q3
Q4
TOTAL
SALES INDUSTRIAL TOOLS & SERVICES SEGMENT
$
141,991
$
136,986
$
158,735
$
153,373
$
591,085
$
148,655
$
149,521
$
166,732
$
144,607
$
609,515
OTHER
13,776
11,615
11,731
13,095
50,218
9,896
10,267
11,363
13,717
45,243
TOTAL
$
155,767
$
148,601
$
170,466
$
166,468
$
641,303
$
158,551
$
159,788
$
178,095
$
158,324
$
654,758
% SALES GROWTH INDUSTRIAL TOOLS & SERVICES
SEGMENT
2
%
5
%
8
%
12
%
7
%
5
%
9
%
5
%
-6
%
3
%
OTHER
-12
%
-30
%
-27
%
-17
%
-22
%
-28
%
-12
%
-3
%
5
%
-10
%
TOTAL
1
%
1
%
4
%
9
%
4
%
2
%
8
%
4
%
-5
%
2
%
OPERATING PROFIT (LOSS) INDUSTRIAL TOOLS &
SERVICES SEGMENT
$
22,218
$
20,510
$
32,206
$
28,783
$
103,718
$
26,345
$
26,596
$
35,992
$
27,252
$
116,185
OTHER
(864
)
123
189
443
(109
)
(484
)
1,091
1,787
1,515
3,910
CORPORATE / GENERAL
(9,421
)
(8,503
)
(11,995
)
(9,090
)
(39,012
)
(10,967
)
(11,659
)
(9,481
)
(9,679
)
(41,787
)
ADJUSTED OPERATING PROFIT
$
11,933
$
12,130
$
20,400
$
20,136
$
64,597
$
14,894
$
16,028
$
28,298
$
19,088
$
78,308
IMPAIRMENT & DIVESTITURE CHARGES
-
(2,987
)
-
-
(2,987
)
(23,477
)
(6,112
)
12,988
(6,227
)
(22,827
)
RESTRUCTURING & OTHER EXIT CHARGES (1)
(6,331
)
(3,527
)
(805
)
(742
)
(11,404
)
29
(46
)
(1,115
)
(4,842
)
(5,973
)
DEBT MODIFICATION COSTS
-
-
-
-
-
-
-
(288
)
-
(288
)
DEPRECIATION & AMORTIZATION TRUE UP (2)
-
-
-
-
-
-
-
(1,704
)
-
(1,704
)
OPERATING PROFIT (LOSS)
$
5,602
$
5,616
$
19,595
$
19,394
$
50,206
$
(8,554
)
$
9,870
$
38,179
$
8,019
$
47,516
ADJUSTED OPERATING PROFIT % INDUSTRIAL TOOLS &
SERVICES SEGMENT
15.6
%
15.0
%
20.3
%
18.8
%
17.5
%
17.7
%
17.8
%
21.6
%
18.8
%
19.1
%
OTHER
-6.3
%
1.1
%
1.6
%
3.4
%
-0.2
%
-4.9
%
10.6
%
15.7
%
11.0
%
8.6
%
ADJUSTED OPERATING PROFIT %
7.7
%
8.2
%
12.0
%
12.1
%
10.1
%
9.4
%
10.0
%
15.9
%
12.1
%
12.0
%
EBITDA INDUSTRIAL TOOLS & SERVICES SEGMENT
$
25,567
$
24,594
$
36,394
$
32,763
$
119,318
$
30,038
$
30,153
$
40,015
$
29,964
$
130,171
OTHER
(111
)
826
985
1,250
2,951
337
1,087
1,786
2,395
5,605
CORPORATE / GENERAL
(8,906
)
(8,964
)
(11,067
)
(8,466
)
(37,405
)
(10,930
)
(11,422
)
(8,311
)
(8,919
)
(39,584
)
ADJUSTED EBITDA
$
16,550
$
16,456
$
26,312
$
25,547
$
84,864
$
19,445
$
19,818
$
33,490
$
23,440
$
96,192
IMPAIRMENT & DIVESTITURE CHARGES
-
(2,987
)
-
-
(2,987
)
(23,477
)
(6,112
)
12,988
(6,227
)
(22,827
)
RESTRUCTURING & OTHER EXIT CHARGES (1)
(6,331
)
(3,527
)
(805
)
(742
)
(11,404
)
29
(46
)
(1,115
)
(4,842
)
(5,973
)
DEBT MODIFICATION COSTS
-
-
-
-
-
-
-
(288
)
-
(288
)
EBITDA
$
10,219
$
9,942
$
25,507
$
24,805
$
70,473
$
(4,003
)
$
13,660
$
45,075
$
12,371
$
67,104
ADJUSTED EBITDA % INDUSTRIAL TOOLS & SERVICES
SEGMENT
18.0
%
18.0
%
22.9
%
21.4
%
20.2
%
20.2
%
20.2
%
24.0
%
20.7
%
21.4
%
OTHER
-0.8
%
7.1
%
8.4
%
9.5
%
5.9
%
3.4
%
10.6
%
15.7
%
17.5
%
12.4
%
ADJUSTED EBITDA %
10.6
%
11.1
%
15.4
%
15.3
%
13.2
%
12.3
%
12.4
%
18.8
%
14.8
%
14.7
%
Notes:
(1) Approximately $1.8 million of the Q4
fiscal 2019 and $0.8 million of the Q2 fiscal 2018 restructuring
& exit 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) Represents the depreciation and
amortization expense true up for the Cortland business assets that
were reclassified out of held for sale in Q3 fiscal 2019, as though
the assets had never been classified as held for sale.
ACTUANT CORPORATION SUPPLEMENTAL UNAUDITED DATA
RECONCILIATION OF GAAP MEASURES TO NON-GAAP MEASURES
(Dollars in thousands, except for per share amounts)
FISCAL 2018 FISCAL 2019 Q1 Q2 Q3
Q4 TOTAL Q1 Q2 Q3 Q4
TOTAL ADJUSTED EARNINGS (1) NET EARNINGS (LOSS) (GAAP
MEASURE)
$
5,226
$
(18,221
)
$
29,012
$
(37,664
)
$
(21,648
)
$
(17,452
)
$
2,753
$
32,418
$
(266,864
)
$
(249,145
)
DISCONTINUED OPERATIONS, NET OF INCOME TAX
8,066
3,347
11,185
(48,992
)
(26,394
)
(1,029
)
4,557
5,560
(266,300
)
(257,212
)
EARNINGS (LOSS) FROM CONTINUING OPERATIONS
$
(2,840
)
$
(21,568
)
$
17,827
$
11,328
$
4,746
$
(16,423
)
$
(1,804
)
$
26,858
$
(564
)
$
8,067
IMPAIRMENT & DIVESTITURE CHARGES, NET OF TAX EFFECT
-
12,385
-
-
12,385
23,477
6,112
(13,001
)
4,343
20,930
RESTRUCTURING & OTHER EXIT CHARGES, NET OF TAX EFFECT
6,443
3,284
(850
)
237
9,113
(90
)
(148
)
(766
)
6,262
5,257
ACCELERATED DEBT ISSUANCES & MODIFICATION COSTS,
-
-
-
601
601
-
-
358
-
358
NET OF TAX EFFECT DEPRECIATION & AMORTIZATION TRUE UP, NET OF
TAX EFFECT
-
-
-
-
-
-
-
1,302
-
1,302
OTHER INCOME TAX EXPENSE (BENEFIT)
-
9,297
(6,719
)
564
3,142
-
3,160
3,076
2,709
8,945
ADJUSTED EARNINGS FROM CONTINUING OPERATIONS
$
3,603
$
3,398
$
10,258
$
12,730
$
29,987
$
6,964
$
7,320
$
17,827
$
12,750
$
44,859
ADJUSTED DILUTED EARNINGS PER SHARE (1) NET EARNINGS
(LOSS) (GAAP MEASURE)
$
0.09
$
(0.30
)
$
0.48
$
(0.61
)
$
(0.35
)
$
(0.29
)
$
0.04
$
0.52
$
(4.38
)
$
(4.04
)
DISCONTINUED OPERATIONS, NET OF INCOME TAX
0.13
0.06
0.18
(0.80
)
(0.43
)
(0.02
)
0.07
0.09
(4.37
)
(4.18
)
EARNINGS FROM CONTINUING OPERATIONS
$
(0.05
)
$
(0.36
)
$
0.29
$
0.18
$
0.08
$
(0.27
)
$
(0.03
)
$
0.43
$
(0.01
)
$
0.13
IMPAIRMENT & DIVESTITURE CHARGES, NET OF TAX EFFECT
-
0.21
-
-
0.20
0.38
0.10
(0.21
)
0.07
0.34
RESTRUCTURING & OTHER EXIT CHARGES, NET OF TAX EFFECT
0.11
0.06
(0.01
)
0.01
0.15
-
-
(0.01
)
0.10
0.09
ACCELERATED DEBT ISSUANCES & MODIFICATION COSTS,
-
-
-
0.01
0.01
-
-
0.01
-
0.01
NET OF TAX EFFECT DEPRECIATION & AMORTIZATION TRUE UP, NET OF
TAX EFFECT
-
-
-
-
-
-
-
0.02
-
0.02
OTHER INCOME TAX EXPENSE (BENEFIT)
-
0.15
(0.11
)
0.01
0.05
-
0.05
0.05
0.05
0.14
ADJUSTED DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS
$
0.06
$
0.06
$
0.17
$
0.21
$
0.49
$
0.11
$
0.12
$
0.29
$
0.21
$
0.73
ADJUSTED EBITDA CONTINUING OPERATIONS (2) EARNINGS
(LOSS) FROM CONTINUING OPERATIONS
$
(2,840
)
$
(21,568
)
$
17,827
$
11,328
$
4,746
$
(16,423
)
$
(1,804
)
$
26,858
$
(564
)
$
8,067
FINANCING COSTS, NET
7,356
7,462
7,636
8,417
30,872
7,298
7,157
7,146
6,563
28,163
INCOME TAX EXPENSE (BENEFIT)
763
18,956
(5,170
)
(99
)
14,450
66
4,002
4,962
1,626
10,657
DEPRECIATION & AMORTIZATION
4,940
5,092
5,214
5,159
20,405
5,056
4,305
6,109
4,746
20,217
EBITDA
$
10,219
$
9,942
$
25,507
$
24,805
$
70,473
$
(4,003
)
$
13,660
$
45,075
$
12,371
$
67,104
IMPAIRMENT & OTHER DIVESTITURE CHARGES
-
2,987
-
-
2,987
23,477
6,112
(12,988
)
6,227
22,827
RESTRUCTURING & OTHER EXIT CHARGES
6,331
3,527
805
742
11,404
(29
)
46
1,115
4,842
5,973
DEBT MODIFICATION COSTS
-
-
-
-
-
-
-
288
-
288
ADJUSTED EBITDA
$
16,550
$
16,456
$
26,312
$
25,547
$
84,864
$
19,445
$
19,818
$
33,490
$
23,440
$
96,192
FOOTNOTES Note: The total of the individual quarters
may not equal the annual or year-to-date total due to rounding. The
continuing operations and discontinued operations earning (loss)
per share may not equal total earning (loss) per share due to
rounding.
(1)
Adjusted earnings from continuing operations 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 are not calculated based
upon generally accepted accounting principles (GAAP) and 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 and the impact of share
dilution on the calculation of the net loss per share and
discontinued operations per share.
(2)
EBITDA represents net earnings (loss) from continuing operations
before financing costs, net, income tax (benefit) expense, and
depreciation & amortization. EBITDA is not a calculation based
upon 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 2020 FISCAL 2020 LOW HIGH
LOW HIGH RECONCILIATION OF CONTINUING OPERATIONS
GAAP DILUTED EARNINGS PER SHARE TO ADJUSTED DILUTED EARNINGS
PER SHARE GUIDANCE GAAP DILUTED EARNINGS PER SHARE
$
(0.02)
$
0.07
$
0.39
$
0.65
IMPAIRMENT & OTHER DIVESTITURE CHARGES, NET OF TAX EFFECT
TBD
TBD
TBD
TBD
RESTRUCTURING CHARGES, NET OF TAX EFFECT
0.10
0.05
0.29
0.16
OTHER INCOME TAX (BENEFIT) EXPENSE
TBD
TBD
TBD
TBD
ADJUSTED DILUTED EARNINGS PER SHARE GUIDANCE
$
0.08
$
0.12
$
0.68
$
0.81
RECONCILIATION OF CONTINUED OPERATIONS GAAP OPERATING
PROFIT TO ADJUSTED EBITDA GAAP OPERATING PROFIT
$
5.0
$
12.0
$
43
$
63
RESTRUCTURING CHARGES
8.0
4.0
22
12
ADJUSTED OPERATING PROFIT
$
13.0
$
16.0
$
65
$
75
OTHER EXPENSE (INCOME), NET
(0.5)
(0.5)
8
8
DEPRECIATION & AMORTIZATION
5.0
5.0
21
21
ADJUSTED EBITDA
$
17.5
$
20.5
$
94
$
104
RECONCILIATION OF GAAP CASH FLOW FROM OPERATIONS TO FREE
CASH FLOW CASH FLOW FROM OPERATIONS
$
62
$
85
CAPITAL EXPENDITURES
(12)
(10)
OTHER
-
-
FREE CASH FLOW GUIDANCE
$
50
$
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/20190926005239/en/
Barb Bolens VP Corporate Strategy and IR 262.293.1562
Actuant (NYSE:ATU)
過去 株価チャート
から 4 2024 まで 5 2024
Actuant (NYSE:ATU)
過去 株価チャート
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