Actuant Narrowly Beats Estimates (ATU)

Butler, Wisconsin-based Actuant Corporation ATU released financial results on Thursday morning that narrowly beat Wall Street estimates. Actuant Corporation announced that its 1st quarter net earnings rose to $25.9 million, or 35 cents per share, up from $11.9 million, or 19 cents per share, a year earlier. The company reported earnings from continuing operations of 36 cents per share. Actuant Corporation (ATU) reported revenue of $318.41 million, up from $272.64 million a year earlier. According to a poll of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 34 cents per share, on revenue of $318.04 million. Chairman and CEO Robert C. Arzbaecher said, “Actuant had a strong start to the fiscal year with double digit core revenue growth, solid operating margin expansion and EPS above our expectations. In particular, we were pleased to have all four segments contributing to the core sales growth with Energy at 4%, and robust 22% core growth at both Engineered Solutions and Industrial. We completed the acquisition of Mastervolt, deploying $150 million of capital on this attractive growth platform which repositions our Electrical segment's growth, margin and innovation trajectory.” Actuant Corporation finished the previous trading day at $27.67 per share. The consensus price target of analysts covering the company's stock is $28.18 per share. Actuant Corporation is a diversified industrial company with operations in a broad array of niche markets including branded hydraulic and electrical tools and supplies; specialized products and services for energy markets and highly engineered position and motion control systems. Read more from Benzinga's Company news.