Industrial products and systems maker Actuant Corp. (ATU) posted third-quarter net loss of $92.98 million, or $1.24 a share, as against a profit of $34.4 million, or $0.45 a share last year. However, quarterly earnings from continuing operations totaled $46.08 million, or $0.62 a share, up from the prior year's $27.74 million, or $0.36 a share.
On average, 11 analysts polled by Thomson Reuters expected earnings per share of $0.59 for the quarter. Analysts' estimates typically exclude one-time items.
The company reported three-month sales from continuing operations of $344.2 million, compared with $343.27 million a year ago. Excluding the 3% contribution from acquisitions and -1% foreign currency impact, core sales declined 2% with two of the three segments posting core sales growth, the company said in a statement. Analysts estimated sales of $343.71 million for the quarter.
Commenting on Actuant's forecast for the remainder of fiscal 2013, Arzbaecher said, "We expect the inflection in earnings we saw in the third quarter to continue into the fourth quarter, albeit at a more modest rate given a higher prospective effective tax rate. Taking into account current business trends from continuing operations, we expect to complete fiscal 2013 with full year sales of $1.275 - $1.285 billion and EPS in the $1.85 - $1.90 range." Analysts project fiscal 2013 earnings of $1.93 a share, on $1.29 billion sales.
In addition, the firm introduced its fiscal 2014 outlook, with sales and per share earnings from continuing operations expected to be $1.315 billion - $1.34 billion and $1.95- $2.05, respectively. Analysts anticipate earnings of $2.15 a share and sales of $1.35 billion for fiscal 2014.
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