UPDATE: Actuant Posts FQ3 Profit, Lowers FY14 Forecast
Actuant (NYSE: ATU) posted a profit in the fiscal third quarter and lowered its fiscal 2014 forecast.
Actuant now expects FY14 earnings of $1.92 to $1.97 per share on revenue of $1.4 billion. The company had earlier expected earnings of $2 to $2.10 per share on revenue of $1.41 billion to $1.45 billion.
Actuant projects Q4 earnings of $0.48 to $0.53 per share on revenue of $350.0 million to 360.0 million. Analysts expected earnings of $0.61 per share on revenue of $372.90 million.
Actuant swung to a quarterly profit of $50.6 million, or $0.70 per share, from a year-ago loss of $92.9 million, or $1.24 per share.
Its revenue climbed 9.9% to $378.2 million. Actuant in March had expected earnings of $0.60 to $0.65 per share on revenue of $370 million to $380 million. However, analysts were expecting earnings of $0.63 per share on revenue of $376.57 million.
Industrial segment sales fell 1% to $110 million, while energy segment sales jumped 26% to $125 million. Engineered Solutions segment sales climbed 7% to $143 million.
Mark E. Goldstein, Chief Executive Officer of Actuant said, “I am pleased with the results for the third quarter which were in line with our guidance, including 3% core growth and EPS at the mid-point of our range, excluding the income tax planning benefit.”
Actuant shares dropped 4.82% to $34.55 in pre-market trading.
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