Actuant (ATU) Misses On Q2 Earnings, Tops Revenue Estimates
Zacks Investment Research | Mar 21, 2018 10:35PM ET
Actuant Corporation (NYSE:ATU) reported mixed results for second-quarter fiscal 2018 (ended February 2018).
This Zacks Rank #3 (Hold) company reported higher-than-expected revenues in the quarter. However, margins were hurt due to the commercial, engineering and production expenses, as well as long-standing specialty projects.
Earnings and Revenues
Quarterly adjusted earnings came in at 13 cents per share, missing the Zacks Consensus Estimate by a penny. However, the bottom line came in 18.2% higher than the year-ago tally.
Net sales during the reported quarter came in at $275.2 million, outpacing the Zacks Consensus Estimate of $269 million. The top line also came in 6.3% higher than the prior-year tally. Core sales were up 3% year over year in the quarter.
Segmental Details
Revenues in the Industrial segment were up 8.1% year over year to $99.1 million. The upside primarily stemmed from sturdy sales of standard industrial tools across all end markets. Core sales of the segment increased 4% year over year.
Net sales of the Engineered Solutions segment jumped 16.7% year over year to $110.1 million. Continued sales growth from off-highway equipment markets as well as modest truck sales growth supported the uptick. Core sales of the segment were up 10% year over year.
However, the Energy segment revenues dipped 9.5% to $66 million in the quarter. Actaunt noted that headwinds rising from the Viking business spin-off and the Mirage buyout, as well as dismal Hydratight sales, resulted in the downside. Core sales of the segment were down 8% year over year.
Actuant Corporation Price, Consensus and EPS Surprise
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