Actuant Corp. (ATU) reported that its second quarter net earnings declined to $28.4 million from $32.2 million in the comparable prior year quarter. Earnings per share of $0.38 in the second quarter of fiscal 2013 was 12% lower than the $0.43 in the comparable prior year quarter. Analysts polled by Thomson Reuters expected the company to report earnings of $0.37 per share for the quarter. Analysts' estimates typically exclude special items.
Consolidated sales for the second quarter were $370 million, 2% lower than the comparable prior year quarter. Twelve had consensus revenue estimate of $365.56 million for the quarter. Core sales declined 6% with acquisitions contributing 4% and the consolidated impact of foreign exchange negligible.
The company expects third quarter sales to be in the $410 million - $420 million range. Earnings per share are expected to be in the $0.63- $0.68 range compared to $0.60 in the prior year, with continued cost reduction actions and a lower than full year average income tax rate incorporated into the guidance. Analysts expect the company to report earnings of $0.67 per share on revenues of $441.42 million for the third-quarter.
Citing the current economic environment, first half performance, and the divestiture of an approximate $7 million product line last week, the company said it has modestly adjusted its full year 2013 sales and earnings per share guidance to $1.575- $1.600 billion and $2.15 - $2.25, respectively. Analysts expect the company to report earnings of $2.18 per share on revenues of $1.61 billion for fiscal 2013.
While announcing the first-quarter result, the company said it maintained its forecast for earnings in a range of $2.20 to $2.30 per share, but believed that the probability of attaining the high end of the range is low if current economic conditions and uncertainty continued. The company had expected its full-year outlook for sales to a range of about $1.600 billion to $1.625 billion.
The company now expects full year 2013 core sales to decline 3 to 5% from the previous negative 1 to 3%.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.