Actuant Raises FY17 EPS Guidance Range - Quick Facts

(RTTNews) - Actuant Corp. (ATU) announced, for the full year, the company increased its adjusted EPS guidance to $1.10-1.30 from $1.00-1.20. Actuant said it is pursuing further actions which should reduce the company's income tax expense, driving incremental EPS of approximately $0.10 for the fiscal year. The company maintained its prior sales guidance in the $1.075-1.125 billion range with core sales down 2-6%. Free cash flow is projected to be in the $85-95 million range in fiscal 2017.

Actuant expects second quarter sales to be in the $250-260 million range, with EPS of $0.08-0.13. The company noted that its second-quarter outlook incorporates the normal seasonal slowdown experienced across nearly all of its businesses.

Excluding items, adjusted EPS for the first quarter of fiscal 2017 was $0.20 compared to $0.31 in the comparable prior year period. Consolidated sales were $266 million, 13% lower than the $305 million in the comparable prior year quarter. Core sales were down 14% while foreign currency rate changes reduced sales 1% with net acquisitions/divestitures a 2% sales benefit.