Menomonee Falls-based Actuant Corp. reported fiscal third quarter net earnings of $34.4 million, or 45 cents per share, down from $36.4 million, or 49 cents per share, in the same period a year ago.
Robert Arzbaecher, chairman and chief executive officer of Actuant, said, “We are pleased with the results for the third quarter. As expected, our growth rates moderated from the strong pace of the past nine quarters. We delivered financial metrics at the high end of our guidance range even with the impact of foreign currency headwinds. Solid results in the U.S. and in our later cycle businesses such as Energy more than offset some end market softness in Europe and China, highlighting the benefit of our diversity. We continue to execute on our strategic growth and operations initiatives and our capital structure has never been in better shape. This gives us confidence in our ability to drive continued strong performance. I want to thank our employees across the globe for their help in delivering another solid quarter.”
Looking forward, Arzbaecher said, “Consistent with past practice, all guidance excludes the impact of potential future acquisitions and share repurchases. Our acquisition pipeline is robust and with our strong cash flow and borrowing capacity, we are well positioned financially to fund both growth investments and opportunistic share buy-backs. We are optimistic about Actuant’s future as we continue to invest in growth initiatives, pursue opportunities to strengthen our portfolio and improve our market position. We believe these activities will enable us to continue to create long-term shareholder value.”
