Actuant Boosts FY19 Adj. EPS Outlook, But Cuts Sales Guidance - Quick Facts

(RTTNews) - While reporting financial results for the third quarter on Wednesday, Actuant Corp. (ATU) raised its adjusted earnings per share outlook for the full year 2019, but cut annual sales guidance. The company also provided guidance for the fourth quarter of 2019.

For fiscal 2019, the company now expects adjusted earnings in a range of $1.15 to $1.21 per share on projected annual sales between $1.125 billion and $1.135 billion, with annual core sales growth between 2 and 3 percent.

Previously, the company projected adjusted earnings in the range of $1.09 to $1.20 per share on sales between $1.15 billion and $1.19 billion, with annual core sales growth between 3 and 5 percent.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $1.17 per share on sales of $1.16 billion for the year. Analysts' estimates typically exclude special items.

For the fourth quarter of fiscal 2019, the company now projects adjusted earnings in the range of $0.25 to $0.31 per share on projected quarterly sales between $265 million and $275 million. The Street is looking for earnings of $0.30 per share on sales of $292.51 million for the quarter.

The company also said it is retaining the remaining Cortland business following a comprehensive sale process and strategic review of Cortland's future growth opportunities, specifically in the medical business.