Menomonee Falls-based Actuant Corp. today reported a fiscal fourth quarter net loss of $16.5 million, or 23 cents per share, compared with a net profit of $41.4 million, or 55 cents per share, in the same period a year ago.
The company’s quarterly net sales grew to $405.3 million from $403.4 million a year earlier.
The most recent quarter included a previously announced $62.5 million pre-tax (77 cents per diluted share after tax) non-cash asset impairment charge related to Actuant’s acquisition of Mastervolt, a Dutch solar inverter that has been a drag on Actuant’s earnings.
For the full fiscal year, Actuant’s earnings per share increased 24 to $2.08 from $1.68 in the prior year.
Robert Arzbaecher, chairman and chief executive officer of Actuant, said, “We closed out fiscal 2012 with fourth quarter results at the high end of our expectations, excluding the impairment charge. As anticipated, core sales growth moderated but was positive in the majority of the portfolio. We successfully converted on this sales growth and achieved a 10 percent increase in EPS despite the toughest comparables of the year from a foreign currency perspective. Our cash flow was outstanding and helped drive free cash flow to net income conversion in excess of 100 percent for the 12th consecutive year.”
Commenting on the full year results, Arzbaecher said, “Fiscal 2012 results illustrate the benefit of Actuant’s diversity and growth oriented business model. We delivered core sales growth for the year of 5 percent and deployed $70 million in tuck-in acquisitions with a focus on higher growth markets.”