Actuant Q2 Profit From Cont. Ops. Declines On Higher Income Tax Rate

(RTTNews) - Actuant Corp. (ATU) reported its second-quarter earnings from continuing operations decreased to $22.30 million or $0.30 per share, from $25.83 million or $0.35 per share, last year. Earnings from continuing operations before income tax expense was $31.39 million, compared to $30.65 million. Net earnings increased to $41.39 million or $0.56 per share, from $28.43 million or $0.38 per share.

On average, 12 analysts polled by Thomson Reuters expected the company to report profit per share of $0.32 for the quarter. Analysts' estimates typically exclude special items.

Net sales increased to $327.77 million from $300.47 million. Analysts expected revenue of $333.74 million for the quarter. Core sales increased 4% while acquisitions contributed 5% to total sales.

Actuant maintained its expectation for full year core sales growth of 3-5% and revenue of $1.410 billion-$1.450 billion. Earnings per share is expected to be at the lower end of its $2.00-2.10 forecast. Analysts expect the company to report fiscal 2014 profit per share of $2.02 on revenue of $1.42 billion.

The company expects its third-quarter sales to be in the $370 million-$380 million range, with EPS of $0.60-$0.65. Analysts expect the company to report third-quarter profit per share of $0.69 on revenue of $385.69 million.

Actuant also announced that its Board has approved a new seven million share repurchase program.