Actuant Corporation (NYSE: ATU) today announced results for its
first quarter ended November 30, 2017.
Highlights
- Consolidated sales increased 9% over
the comparable prior year quarter with a 3% benefit from foreign
currency rate changes. First quarter core sales (total sales
excluding the impact of acquisitions, divestitures and foreign
currency rate changes) increased 6% on a year-over-year basis with
strong volumes in both the Industrial and Engineered Solutions
segments.
- GAAP diluted earnings per share (“EPS”)
were $0.09 in the first quarter of fiscal 2018 versus $0.08 in the
prior year. Excluding first quarter fiscal 2018 restructuring
charges of $0.10 per share, adjusted EPS was $0.19 (see
Consolidated Results below and the attached reconciliation of
earnings).
- Restructuring activities related to
leadership changes and other items proceeded as anticipated with
total charges of approximately $6.6 million in the first
quarter.
- Reaffirmed full year sales and adjusted
EPS guidance of $1.10-1.13 billion and $1.05-1.15 per share,
respectively (excluding restructuring and divestiture and
impairment charges).
- Just after quarter end, completed the
previously announced divestiture of the Viking offshore mooring
business and the acquisition of Mirage Machines.
Randy Baker, President and CEO of Actuant commented, “Actuant
delivered solid first quarter financial results. Consolidated sales
were above our expectations with robust on and off highway
equipment demand and strong industrial volumes which more than
offset the continued challenging energy maintenance environment.
Unfavorable mix and higher warranty and other one-time costs
contributed to the lower than expected margin flow through on those
higher sales. Despite these items, and a modestly higher quarterly
effective income tax rate, we delivered adjusted EPS of $0.19, at
the high end of our guidance range. Importantly, we completed the
portfolio management actions needed to significantly limit our
offshore, upstream oil and gas exposure with the divestiture of
Viking just after quarter end. In summary, a good start to the
fiscal year and I am appreciative of the efforts and execution of
Actuant employees to meet our financial commitments.”
Consolidated Results
Consolidated sales for the first quarter were $289 million, 9%
higher than the $266 million in the comparable prior year quarter.
Core sales improved 6% year-over-year while foreign currency rate
changes increased sales 3%, with no impact from acquisitions or
divestitures. Fiscal 2018 first quarter net earnings and EPS were
$5.2 million, or $0.09, compared to $5.0 million and $0.08,
respectively, in the comparable prior year quarter. Fiscal 2018
first quarter earnings included restructuring charges of $6.6
million ($6.3 million or $0.10 per share after tax). First quarter
2017 results included $2.9 million ($2.2 million or $0.04 per
share, after tax) of restructuring charges and $7.8 million ($4.9
million or $0.08 per share after tax) of director and officer
transition charges. Excluding these items, adjusted EPS for the
first quarter of fiscal 2018 was $0.19 compared to $0.20 in the
comparable prior year period (see attached reconciliation of
earnings).
Segment Results
Industrial Segment (US $ in millions)
Three Months Ended November 30, 2017
2016 Sales $96.9 $87.3 Operating Profit $18.3 $18.8 Adjusted
Operating Profit (1) $19.5 $19.5 Adjusted Operating Profit %(1)
20.1% 22.3%
(1) Excludes restructuring charges of $1.2 million and $0.7
million in fiscal 2018 and 2017, respectively.
First quarter fiscal 2018 Industrial segment sales were $97
million or 11% higher than the prior year. The impact of foreign
currency exchange rates was a 2% benefit resulting in a 9%
year-over-year core sales increase. Overall demand for standard
industrial tools remained strong globally and across the diverse
set of end markets served, representing both market strength and
the outgrowth associated with our commercial effectiveness efforts.
The first quarter’s robust heavy lifting technology volume more
than offset a decline in the concrete tensioning product category.
First quarter adjusted operating profit margin of 20.1% reflects
solid incremental margins on the industrial tool sales. However,
these were more than offset by both unfavorable sales mix and
discrete costs associated with heavy lifting projects, along with
continued facility consolidation inefficiencies.
Energy Segment (US $ in millions)
Three Months Ended November 30, 2017
2016 Sales $75.8 $84.6 Operating Profit $0.3 $3.2 Adjusted
Operating Profit (2) $1.2 $3.3 Adjusted Operating Profit %(2) 1.6%
3.9%
(2) Excludes restructuring charges of $0.9 million and $0.1
million in the first quarter of fiscal 2018 and 2017,
respectively.
Fiscal 2018 first quarter Energy segment sales declined 10%
year-over-year to $76 million. Excluding the 2% favorable impact of
the weaker US dollar, core sales declined 12%. As anticipated,
Hydratight’s sales decreased in line with expectations due to the
continuation of maintenance deferrals and scope reductions, most
notably in the Asia Pacific region. Cortland sales grew double
digits on the strength of non-energy rope and cable applications
while Viking sales declined as anticipated. Energy segment adjusted
operating profit margin declined to 1.6% but the segment was
profitable despite the lower volumes and Viking operating losses
due to the benefit of cost reductions actions.
Engineered Solutions Segment (US $ in millions)
Three Months Ended November 30, 2017
2016 Sales $116.2 $93.9 Operating Profit $6.3 $0.7 Adjusted
Operating Profit (3) $6.6 $2.8 Adjusted Operating Profit %(3) 5.7%
3.0%
(3) Excludes restructuring charges of $0.3 million and $2.1
million in the first quarter of fiscal 2018 and 2017,
respectively.
First quarter fiscal 2018 Engineered Solutions segment sales
were $116 million or 24% above the prior year. Excluding the 4%
benefit of the weaker US dollar, year-over-year core sales
increased 20%. The robust sales growth was seen across virtually
every end market including heavy-duty truck, agriculture and
various other off-highway equipment categories. First quarter
adjusted operating profit margin improved 270 basis points from the
comparable prior year quarter due to the higher volumes and cost
reduction efforts.
Corporate Expenses and Income Taxes (excluding
restructuring and transition charges)
Corporate expenses for the first quarter of fiscal 2018 were
$6.0 million, or $0.4 million lower than the comparable prior year
period due primarily to the benefit of cost reduction actions. The
approximate 15% first quarter effective income tax rate was higher
than the prior year’s 5% and modestly above expectations.
Financial Position
Net debt at November 30, 2017 was approximately $390 million
(total debt of $555 million less $165 million of cash) which
includes approximately $27 million in lease buy-out payments made
during the quarter as a condition precedent to completion of the
Viking divestiture on December 1, 2017.
Outlook
Baker continued, "As the first quarter results demonstrate, we
believe we are on track to meet our financial guidance for the
fiscal year. Our commitment to investing in organic growth
initiatives, including commercial effectiveness and new products,
is helping to deliver on our goal of sales outperformance versus
the underlying markets. While we have seen margin headwinds, we are
making progress correcting underlying operating inefficiencies,
improving mix and restructuring our businesses where necessary.
For the full year, we are maintaining our prior sales guidance
in the $1.10-1.13 billion range with core sales now up 1-3%. We are
also maintaining our adjusted EPS guidance in the $1.05-1.15 range,
with a full year estimated effective income tax rate of 5-10%. The
effective date of the Viking divestiture and Mirage acquisition is
consistent with our initial 2018 guidance assumptions. Free cash
flow is projected to be in the $85-95 million range in fiscal
2018.
We expect second quarter sales to be in the $265-275 million
range, with adjusted EPS of $0.10-0.15. The second quarter outlook
incorporates the normal seasonal slowdown experienced across nearly
all of our businesses, along with moderating heavy duty truck
demand in China.
All guidance excludes restructuring and divestiture and
impairment charges, as well as the impact of potential future
acquisitions and share repurchases. We have a strong pipeline of
focused tuck-in acquisitions, and we have ample capital to fund
both our organic and inorganic deployment priorities."
Conference Call
Information
An investor conference call is scheduled for 10 am CT today,
December 20, 2017. Webcast information and conference call
materials will be made available on the Actuant company website
(www.actuant.com) prior to the start of the call.
Safe Harbor Statement
Certain of the above comments represent forward-looking
statements made pursuant to the provisions of the Private
Securities Litigation Reform Act of 1995. Management cautions that
these statements are based on current estimates of future
performance and are highly dependent upon a variety of factors,
which could cause actual results to differ from these estimates.
Actuant’s results are also subject to general economic conditions,
variation in demand from customers, the impact of geopolitical
activity on the economy, continued market acceptance of the
Company’s new product introductions, the successful integration of
acquisitions, restructuring, operating margin risk due to
competitive pricing and operating efficiencies, supply chain risk,
material and labor cost increases, foreign currency fluctuations
and interest rate risk. See the Company’s Form 10-K filed with the
Securities and Exchange Commission for further information
regarding risk factors. Actuant disclaims any obligation to
publicly update or revise any forward-looking statements as a
result of new information, future events or any other reason.
About Actuant
Corporation
Actuant Corporation is a diversified industrial company serving
customers from operations in more than 30 countries. The Actuant
businesses are leaders in a broad array of niche markets including
branded hydraulic tools and solutions; specialized products and
services for energy markets and highly engineered position and
motion control systems. The Company was founded in 1910 and is
headquartered in Menomonee Falls, Wisconsin. Actuant trades on the
NYSE under the symbol ATU. For further information on Actuant and
its businesses, visit the Company's website at www.actuant.com.
(tables follow)
Actuant Corporation Condensed Consolidated Balance
Sheets (Dollars in thousands) (Unaudited)
November 30, August 31,
2017 2017 ASSETS Current assets Cash and cash
equivalents $ 165,050 $ 229,571 Accounts receivable, net 201,317
190,206 Inventories, net 154,246 143,651 Assets held for sale
21,393 21,835 Other current assets 76,330
61,663 Total current assets 618,336 646,926 Property,
plant and equipment, net 98,988 94,521 Goodwill 531,454 530,081
Other intangible assets, net 216,032 220,489 Other long-term assets
25,431 24,938 Total assets $
1,490,241 $ 1,516,955
LIABILITIES AND
SHAREHOLDERS' EQUITY Current liabilities Trade accounts payable
$ 141,745 $ 133,387 Accrued compensation and benefits 37,770 50,939
Current maturities of debt and short-term borrowings 30,000 30,000
Income taxes payable 6,642 6,080 Liabilities held for sale 70,787
101,083 Other current liabilities 56,975
57,445 Total current liabilities 343,919 378,934
Long-term debt, net 524,629 531,940 Deferred income taxes 29,567
29,859 Pension and postretirement benefit liabilities 19,539 19,862
Other long-term liabilities 56,269 55,821
Total liabilities 973,923 1,016,416 Shareholders'
equity Capital stock 16,079 16,040 Additional paid-in capital
145,938 138,449 Treasury stock (617,731 ) (617,731 ) Retained
earnings 1,196,268 1,191,042 Accumulated other comprehensive loss
(224,236 ) (227,261 ) Stock held in trust (2,722 ) (2,696 )
Deferred compensation liability 2,722 2,696
Total shareholders' equity 516,318
500,539 Total liabilities and shareholders' equity $
1,490,241 $ 1,516,955
Actuant
Corporation Condensed Consolidated Statements of
Earnings (Dollars in thousands, except per share
amounts) (Unaudited)
Three Months Ended
November 30, November 30, 2017
2016 Net sales $ 288,955 $ 265,793 Cost of products
sold 188,044 172,726 Gross profit
100,911 93,067 Selling, administrative and engineering
expenses 74,478 68,602 Amortization of intangible assets 5,131
5,262 Director & officer transition charges - 7,784
Restructuring charges 6,629 2,948
Operating profit 14,673 8,471 Financing costs, net 7,514
7,132 Other expense (income), net 329 (628 )
Earnings before income tax expense (benefit) 6,830 1,967
Income tax expense (benefit) 1,604 (2,998 )
Net earnings $ 5,226 $ 4,965
Earnings per
share Basic $ 0.09 $ 0.08 Diluted 0.09 0.08
Weighted
average common shares outstanding Basic 59,871 58,972 Diluted
60,609 59,616
Actuant Corporation Condensed
Consolidated Statements of Cash Flows (In thousands)
(Unaudited)
Three Months Ended November
30, November 30, 2017 2016
Operating Activities Net earnings $ 5,226 $ 4,965
Adjustments to reconcile net earnings to net cash (used in)
provided by operating activities: Depreciation and amortization
10,090 10,896 Stock-based compensation expense 5,420 9,554 Benefit
for deferred income taxes (307 ) (2,865 ) Amortization of debt
issuance costs 413 413 Other non-cash adjustments 113 464 Changes
in components of working capital and other: Accounts receivable
(11,478 ) (8,252 ) Inventories (11,628 ) (8,142 ) Trade accounts
payable 6,204 6,768 Prepaid expenses and other assets (12,043 )
(5,485 ) Income tax accounts (1,714 ) (1,946 ) Accrued compensation
and benefits (12,588 ) (2,757 ) Other accrued liabilities
1,834 8,850 Cash (used in) provided by
operating activities (20,458 ) 12,463
Investing
Activities Capital expenditures (7,904 ) (5,139 ) Proceeds from
sale of property, plant and equipment 32 130 Lease buyout for
future divested business (27,718 ) - Cash used
in investing activities (35,590 ) (5,009 )
Financing
Activities Principal repayments on term loan (7,500 ) (3,750 )
Stock option exercises & other
2,231 964 Taxes paid related to the net share settlement of equity
awards (282 ) (223 ) Cash dividend (2,390 ) (2,358 )
Cash used in financing activities (7,941 ) (5,367 ) Effect
of exchange rate changes on cash (532 ) (4,820 ) Net
decrease in cash and cash equivalents (64,521 ) (2,733 ) Cash and
cash equivalents - beginning of period 229,571
179,604 Cash and cash equivalents - end of period $ 165,050
$ 176,871
ACTUANT CORPORATION
SUPPLEMENTAL UNAUDITED DATA (Dollars in
thousands) FISCAL 2017 FISCAL 2018
Q1 Q2 Q3 Q4
TOTAL Q1 Q2 Q3
Q4 TOTAL SALES INDUSTRIAL SEGMENT $
87,290 $ 91,648 $ 100,503 $ 100,315 $ 379,756 $ 96,916 $ - $
- $ - $ 96,916 ENERGY SEGMENT 84,646 72,884 83,480
68,584 309,594 75,841 - - - 75,841 ENGINEERED SOLUTIONS SEGMENT
93,857 94,337
111,444 106,796 406,434
116,198 -
- - 116,198 TOTAL
$ 265,793 $ 258,869 $ 295,427
$ 275,695 $ 1,095,784 $ 288,955
$ - $ - $ - $
288,955
% SALES GROWTH INDUSTRIAL SEGMENT -2 %
13 % 5 % 7 % 6 % 11 % - - - 11 % ENERGY SEGMENT -26 % -15 % -18 %
-25 % -21 % -10 % - - - -10 % ENGINEERED SOLUTIONS SEGMENT -8 % -2
% 3 % 18 % 2 % 24 % - - - 24 % TOTAL -13 % -2 % -3 % 0 % -5 % 9 % -
- - 9 %
OPERATING PROFIT (LOSS) INDUSTRIAL SEGMENT $
19,491 $ 19,037 $ 24,019 $ 24,076 $ 86,623 $ 19,482 $ - $ - $ - $
19,482 ENERGY SEGMENT 3,328 (647 ) 895 (3,675 ) (99 ) 1,224 - - -
1,224 ENGINEERED SOLUTIONS SEGMENT 2,834 3,282 8,174 6,069 20,359
6,618 - - - 6,618 CORPORATE / GENERAL (6,450 )
(6,372 ) (5,372 ) (6,935 )
(25,128 ) (6,022 ) -
- - (6,022 )
ADJUSTED OPERATING PROFIT $ 19,203 $ 15,300 $ 27,716 $ 19,535 $
81,755 $ 21,302 $ - $ - $ - $ 21,302 IMPAIRMENT & OTHER
DIVESTITURE CHARGES - - - (116,979 ) (116,979 ) - - - - -
RESTRUCTURING CHARGES (2,948 ) (2,101 ) (384 ) (1,795 ) (7,228 )
(6,629 ) - - - (6,629 ) DIRECTOR & OFFICER TRANSITION CHARGES
(7,784 ) - -
- (7,784 ) -
- -
- - OPERATING PROFIT (LOSS) $ 8,471
$ 13,199 $ 27,332 $ (99,239 )
$ (50,236 ) $ 14,673 $ - $
- $ - $ 14,673
ADJUSTED OPERATING PROFIT % INDUSTRIAL SEGMENT 22.3 % 20.8 %
23.9 % 24.0 % 22.8 % 20.1 % - - - 20.1 % ENERGY SEGMENT 3.9 % -0.9
% 1.1 % -5.4 % 0.0 % 1.6 % - - - 1.6 % ENGINEERED SOLUTIONS SEGMENT
3.0 % 3.5 % 7.3 % 5.7 % 5.0 % 5.7 % - - - 5.7 % ADJUSTED OPERATING
PROFIT % 7.2 % 5.9 % 9.4 % 7.1 % 7.5 % 7.4 % - - - 7.4 %
EBITDA INDUSTRIAL SEGMENT $ 21,217 $ 21,064 $ 25,575 $
25,851 $ 93,707 $ 21,202 $ - $ - $ - $ 21,202 ENERGY SEGMENT 9,108
2,943 4,633 142 16,826 5,125 - - - 5,125 ENGINEERED SOLUTIONS
SEGMENT 6,281 7,277 11,716 9,533 34,807 10,254 - - - 10,254
CORPORATE / GENERAL (5,879 ) (5,846 )
(4,868 ) (6,637 ) (23,230 )
(5,518 ) - -
- (5,518 ) ADJUSTED EBITDA $
30,727 $ 25,438 $ 37,056 $ 28,889 $ 122,110 $ 31,063 $ - $ - $ - $
31,063 IMPAIRMENT & OTHER DIVESTITURE CHARGES - - - (116,979 )
(116,979 ) - - - - - RESTRUCTURING CHARGES (2,948 ) (2,101 ) (384 )
(1,795 ) (7,228 ) (6,629 ) - - - (6,629 ) DIRECTOR & OFFICER
TRANSITION CHARGES (7,784 ) -
- - (7,784 )
- - -
- - EBITDA $ 19,995
$ 23,337 $ 36,672 $
(89,885 ) $ (9,881 ) $ 24,434 $ -
$ - $ - $ 24,434
ADJUSTED EBITDA % INDUSTRIAL SEGMENT 24.3 % 23.0 % 25.4 %
25.8 % 24.7 % 21.9 % - - - 21.9 % ENERGY SEGMENT 10.8 % 4.0 % 5.5 %
0.2 % 5.4 % 6.8 % - - - 6.8 % ENGINEERED SOLUTIONS SEGMENT 6.7 %
7.7 % 10.5 % 8.9 % 8.6 % 8.8 % - - - 8.8 % ADJUSTED EBITDA % 11.6 %
9.8 % 12.5 % 10.5 % 11.1 % 10.8 % - - - 10.8 %
ACTUANT CORPORATION SUPPLEMENTAL UNAUDITED
DATA RECONCILIATION OF GAAP MEASURES TO NON-GAAP
MEASURES (Dollars in thousands, except for per share
amounts) FISCAL 2017 FISCAL 2018
Q1 Q2 Q3 Q4
TOTAL Q1 Q2 Q3
Q4 TOTAL ADJUSTED EARNINGS (1) NET
EARNINGS (LOSS) $ 4,965 $ 5,074 $ 22,511 $ (98,764 ) $ (66,213 ) $
5,226 $ - $ - $ - $ 5,226 IMPAIRMENT &
OTHER DIVESTITURE CHARGES - - - 116,979 116,979 - - - - - INCOME
TAX BENEFIT ON IMPAIRMENT & OTHER DIVESTITURE CHARGES - - -
(8,119 ) (8,119 ) - - - - - DIRECTOR & OFFICER TRANSITION
CHARGES 7,784 - - - 7,784 - - - - - INCOME TAX BENEFIT ON DIRECTOR
& OFFICER TRANSITION CHARGES (2,880 ) - - - (2,880 ) - - - - -
RESTRUCTURING CHARGES 2,948 2,101 384 1,795 7,228 6,629 - - - 6,629
INCOME TAX BENEFIT ON RESTRUCTURING CHARGES (777 ) (564 ) (124 )
(494 ) (1,959 ) (375 ) - - - (375 ) INCOME TAX BENEFIT -
- (3,193 )
- (3,193 ) -
- - -
- ADJUSTED EARNINGS $ 12,040 $ 6,611
$ 19,578 $ 11,397 $
49,627 $ 11,480 $ - $ -
$ - $ 11,480
ADJUSTED DILUTED
EARNINGS PER SHARE (1) NET EARNINGS (LOSS) $ 0.08 $ 0.08 $ 0.37
$ (1.65 ) $ (1.11 ) $ 0.09 $ - $ - $ - $ 0.09 IMPAIRMENT &
OTHER DIVESTITURE CHARGES - - - 1.96 1.96 - - - - - INCOME TAX
BENEFIT ON IMPAIRMENT & OTHER DIVESTITURE CHARGES - - - (0.14 )
(0.14 ) - - - - - DIRECTOR & OFFICER TRANSITION CHARGES 0.13 -
- - 0.13 - - - - - INCOME TAX BENEFIT ON DIRECTOR & OFFICER
TRANSITION CHARGES (0.05 ) - - - (0.05 ) - - - - - RESTRUCTURING
CHARGES 0.05 0.04 0.01 0.03 0.12 0.11 - - - 0.11 INCOME TAX BENEFIT
ON RESTRUCTURING CHARGES (0.01 ) (0.01 ) (0.01 ) (0.01 ) (0.03 )
(0.01 ) - - - (0.01 ) INCOME TAX BENEFIT -
- (0.05 ) -
(0.05 ) - -
- - - ADJUSTED
DILUTED EARNINGS PER SHARE $ 0.20 $ 0.11
$ 0.32 $ 0.19 $ 0.83 $
0.19 $ - $ - $ -
$ 0.19
ADJUSTED EBITDA (2) NET EARNINGS
(LOSS) (GAAP MEASURE) $ 4,965 $ 5,074 $ 22,511 $ (98,764 ) $
(66,213 ) $ 5,226 $ - $ - $ - $ 5,226 FINANCING COSTS, NET 7,132
7,334 7,553 7,683 29,703 7,514 - - - 7,514 INCOME TAX (BENEFIT)
EXPENSE (2,998 ) 200 (4,029 ) (9,651 ) (16,478 ) 1,604 - - - 1,604
DEPRECIATION & AMORTIZATION 10,896
10,729 10,637 10,847
43,108 10,090
- - -
10,090 EBITDA $ 19,995 $ 23,337 $ 36,672 $
(89,885 ) $ (9,881 ) $ 24,434 $ - $ - $ - $ 24,434 IMPAIRMENT &
OTHER DIVESTITURE CHARGES - - - 116,979 116,979 - - - - - DIRECTOR
& OFFICER TRANSITION CHARGES 7,784 - - - 7,784 - - - - -
RESTRUCTURING CHARGES 2,948 2,101
384 1,795
7,228 6,629 -
- - 6,629
ADJUSTED EBITDA $ 30,727 $ 25,438
$ 37,056 $ 28,889 $ 122,110
$ 31,063 $ - $ - $
- $ 31,063
FOOTNOTES NOTE: The
total of the individual quarters may not equal the annual total due
to rounding. (1) Adjusted earnings and adjusted diluted
earnings per share represent net earnings (loss) and earnings
(loss) per share per the Condensed Consolidated Statements of
Earnings net of charges or credits for items to be highlighted for
comparability purposes. These measures should not be considered as
an alternative to net earnings (loss) or diluted earnings (loss)
per share or as an indicator of the Company's operating
performance. However, this presentation is important to investors
for understanding the operating results of the current portfolio of
Actuant companies. The total of the individual components may not
equal due to rounding. (2) EBITDA represents net earnings
(loss) before financing costs, net, income tax (benefit) expense,
and depreciation & amortization. EBITDA is not a calculation
based upon generally accepted accounting principles (GAAP). The
amounts included in the EBITDA and Adjusted EBITDA calculation,
however, are derived from amounts included in the Condensed
Consolidated Statements of Earnings. EBITDA should not be
considered as an alternative to net earnings (loss), operating
profit (loss) or operating cash flows. Actuant has presented EBITDA
because it regularly reviews this performance measure. In addition,
EBITDA is used by many of our investors and lenders, and is
presented as a convenience to them. The EBITDA measure presented
may not always be comparable to similarly titled measures reported
by other companies due to differences in the components of the
calculation.
ACTUANT
CORPORATION SUPPLEMENTAL UNAUDITED DATA
RECONCILIATION OF GAAP TO NON-GAAP GUIDANCE
(Dollars in millions, except for per share amounts)
Q2 FISCAL 2018 FISCAL 2018 LOW
HIGH LOW HIGH RECONCILIATION
OF GAAP DILUTED EARNINGS PER SHARE TO ADJUSTED DILUTED
EARNINGS PER SHARE GUIDANCE GAAP DILUTED EARNINGS PER SHARE $
(0.21 ) $ (0.16 ) $ 0.67 $ 0.77 IMPAIRMENT & OTHER DIVESTITURE
CHARGES (1) 0.25 0.25 0.25 0.25 RESTRUCTURING CHARGES 0.06
0.06 0.13
0.13 ADJUSTED DILUTED EARNINGS PER SHARE GUIDANCE $ 0.10
$ 0.15 $ 1.05 $ 1.15
RECONCILIATION OF GAAP CASH FLOW FROM OPERATIONS
TO FREE CASH FLOW CASH FLOW FROM OPERATIONS $ 105 $ 115 CAPITAL
EXPENDITURES (30 ) (30 ) OTHER 10 10
FREE CASH FLOW GUIDANCE $ 85 $ 95
FOOTNOTES NOTE:
Management does not provide guidance on
GAAP financial measures as we are unable to predict and estimate
with certainty items such as potential impairments, refinancing
costs, business divestiture gains/losses, discrete tax adjustments,
or other items impacting GAAP financial metrics. As a result, we
have included above only those items about which we are aware and
are reasonably likely to occur during the guidance period
covered.
(1)
Represents the estimated remaining
divestiture loss (net of tax) to be recognized upon completion of
the sale of the Viking Seatech business effective December 1, 2017
(our fiscal 2018 second quarter).
View source
version on businesswire.com: http://www.businesswire.com/news/home/20171220005128/en/
Actuant CorporationKaren BauerCommunications & Investor
Relations Leader262-293-1562
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