Actuant Corporation (NYSE:ATU) reported its results for the first quarter. Actuant is a global manufacturer and marketer of a range of industrial products and systems.
Earnings season is back and more important than ever. Get our newest CHEAT SHEET stock picks now
Actuant Corporation Earnings Cheat Sheet
Results: Net income for Actuant Corporation fell to $36.3 million (49 cents per share) vs. $37.2 million (50 cents per share) a year earlier. This is a decline of 2.2% from the year-earlier quarter.
Revenue: Fell 4% to $377.2 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Actuant Corporation fell short of the mean analyst estimate of 50 cents per share. It fell short of the average revenue estimate of $429.1 million.
Quoting Management: Robert C. Arzbaecher, Chairman and CEO of Actuant commented, “Actuant’s first quarter results reflect our customers’ cautious approaches to spending and managing inventory levels in light of economic uncertainty. Despite the benefit of prior year acquisitions and continued core growth in both the Industrial and Energy segments, overall revenue declined. This was primarily the result of significant customer production declines across various OEM markets such as heavy-duty truck and off-highway equipment to reduce inventories, as well as weak solar sales in the Electrical segment.”
A year-over-year revenue decrease last quarter breaks a four-quarter streak of revenue increases. The best quarter in that span was the first quarter of the last fiscal year, which saw revenue rise 23.4%.
After beating analyst estimates for the two previous quarters, the company fell short of forecasts. In the fourth quarter of the last fiscal year, it topped the mark by one cent, and in the third quarter of the last fiscal year, it was ahead by one cent.
The company reported a profit last quarter after being in the red the prior quarter. In the third quarter of the last fiscal year, the company booked a net loss of $34.4 million, or a loss of 45 cents per share.
Looking Forward: Over the past ninety days, the average estimate for the second quarter has fallen from 47 cents per share to 46 cents, indicating that analysts are growing pessisimistic about the company’s performance next quarter. The average estimate for the fiscal year is $2.27 per share, falling from $2.28 thirty days ago.
Stocks with improving earnings metrics are worthy of your extra attention. In fact, “E = Earnings Are Increasing Quarter-Over-Quarter” is a core component of our CHEAT SHEET investing framework for this very reason. Don’t waste another minute — click here and get our CHEAT SHEET stock picks now.
(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)