Actuant CEO projects growth for 2011; Dresser Waukesha lands Canadian contract
Actuant CEO projects growth for 2011
Actuant Corp. chairman and chief executive officer Robert Arzbaecher said the Butler company expects 2011 to be a year of growth and acquisitions.
"As we begin fiscal 2011, we expect the overall global economy to continue to grow at a modest pace,” Arzbaecher said. “We are focused on our long-term organic and acquisition driven growth strategies. With our strong cash flow and borrowing capacity, we are well positioned financially to capitalize on these opportunities."
Actuant reported a fiscal 2010 fourth quarter net loss of $16.8 million, or 22 cents per share, compared with net earnings and EPS of $16.5 million and 24 cents, respectively, in the comparable quarter a year ago. The current year quarter included a $37.7 million loss from discontinued operations, primarily the result of the $36.1 million non-cash asset impairment charge related to the planned divestiture of the company’s European Electrical business. Prior year fourth quarter net earnings included a $12.6 million net gain from discontinued operations, primarily reflecting the divestiture of Acme Aerospace.
Actuant’s consolidated sales for the fourth quarter were $310 million, 19 percent higher than the comparable quarter last year.
For the full fiscal year, Actuant reported 2010 net earnings of $24.0 million, or 35 cents per share, up from $13.7 million, or 24 cents per share, in the previous year.
"Actuant had a strong fourth quarter and finished the year on a positive note. In particular, we were pleased to see double-digit core sales growth for the second straight quarter and excellent cash flow,” Arzbaecher said. .”I am tremendously proud of what the Actuant team has achieved this year, especially our second half results, and am equally enthusiastic about our prospects for 2011."
Excluding future acquisitions, the company expects fiscal 2011 earnings per share from continuing operations to be in the range of $1.30 to $1.45.
Dresser Waukesha lands Canadian contract
Dresser Waukesha, a manufacturer of natural gas engines, has been awarded a contract to supply three of its new large, high-performance engines to a Horn River Basin gas production site in northeast British Columbia, Canada.
The three units will join three of Waukesha’s engines already on site at the project. Like the three earlier units, the new engines are being packaged by Enerflex Ltd., Dresser Waukesha’s Canadian distributor.
The 275GL Series engines are designed to simplify and improve packaging, operation and service.
Fuel flexibility was an important consideration in engine selection for the Horn River project.