Upbeat Results, Share Repurchase Send EPAC Higher

(RTTNews) - Shares of industrial tools maker Enerpac Tool Group Corp. (EPAC) are rising more than 4% Wednesday morning after reporting better-than-expected second quarter results. The company also announced a share buyback to the tune of $10 million.

Net earnings for the second quarter increased to $2.1 million or $0.03 per share from $3.6 million or $0.06 per share in the same quarter a year ago.

Excluding one-time items, earnings were $0.14 per share, that beat the average estimate of analysts polled by Thomson Reuters of $0.13 per share.

Sales for the quarter increased to $136.6 million from $120.7 million a year ago. The consensus estimate was for $128.23 million.

Separately, Enerpac said its Board authorized a share buyback of up to $10 million.

EPAC, currently at $21.06, has been trading in the range of $16.25-$28.84 in the past 52 weeks.