Actuant Raises Low End Of Its Fiscal Year Guidance Ranges - Quick Facts

(RTTNews) - Actuant Corp. (ATU) announced, the company has updated its full year sales and EPS guidance, and now expects to be in the range of $1.165-1.200 billion and $1.25-1.40 per share, respectively, excluding previously announced $25 million restructuring program charges. In September, the company projected its fiscal 2016 adjusted earnings in a range of $1.20 to $1.40 per share, on projected annual net sales between $1.16 billion and $1.20 billion.

However, given continued challenges in most of the end markets, as well as the strong US dollar, Actuant Corp. does not expect to see meaningful recovery in demand in the fiscal year. The company continues to expect to generate free cash flow of approximately $110-120 million in fiscal 2016.

For the first-quarter, Actuant Corp. reported consolidated sales of $305 million, 7% lower than the $328 million in the comparable prior year quarter. Core sales were flat while foreign currency exchange rate changes reduced sales 7%. Excluding charges, first-quarter EPS was $0.31.

Robert Arzbaecher, CEO of Actuant, said, "Our first quarter results exceeded expectations due to strong performance from the Energy segment despite the weak oil & gas environment. Sales, excluding currency headwinds, were up nominally on a year-over-year basis which was much better than projected."