Actuant Turns To Profit In Q4, Lifts FY14 View - Update

(RTTNews) - Industrial products and systems maker Actuant Corp. (ATU) Tuesday reported a profit for the fourth quarter compared to a loss last year, when the company had recorded a hefty loss from discontinued operations. Actuant also issued guidance for the first quarter, and lifted its fiscal 2014 view.

Robert Arzbaecher, chairman and CEO of the company stated, "Consolidated fourth quarter core sales were flat, as overall demand continued to reflect economies around the world struggling to find steady growth."

For the fourth quarter, the company posted net earnings of $58.25 million or $0.78 per share, compared with a net loss of $16.46 million or $0.22 per share in the previous year, which included a loss from discontinued operations of $52.3 million from Electrical segment.

Earnings from continuing operations increased to $0.60 per share from $0.48 per share in the prior year. Excluding about $0.04 per share of Viking related acquisition costs and a favorable tax adjustment, the recent-quarter earnings were $0.50 per share.

On average, 12 analysts polled by Thomson Reuters expected earnings per share of $0.50 for the quarter. Analysts' estimates typically exclude one-time items.

Quarterly revenues increased to $327.26 million from $322.37 million a year earlier. Analysts expected the company to generate revenues of $328.79 million.

Looking ahead to the first quarter, the firm expects earnings per share to be in the range of $0.43 to $0.46. Sales are expected to be between $325 million and $335 million. Street analysts expects the company to report earnings of $0.43 per share, on revenues of $321.73 million for the quarter.

For fiscal 2014, the company now project earnings to be in the range of $2.00 to $2.10 per share, an increase from the prior outlook of $1.95 to $2.05 per share.

The company anticipates total sales of $1.41 billion to $1.45 billion, including about $100 million from its recently acquired Viking SeaTech. This is higher than the earlier sales outlook of $1.315 billion to $1.340 billion. Actuant continues to expect fiscal 2014 core sales growth in the range of 3 to 5 percent.

Analysts expect the company to report earnings per share of $2.04, on revenues of $1.36 billion for the fiscal year.

ATU is currently trading at $38.68, down 0.41 percent.