Enerpac Tool Group sales decline 16.5 percent
Enerpac Tool Group reported second-quarter net sales of $133.4 million, a decline of 16.5 percent from $159.8 million in the same period last year.
Core sales decreased 10 percent year-over-year, with product sales declining 4 percent and service sales declining 28 percent. The net impact on sales from acquisitions and divestitures/strategic exits was a reduction of 6 percent while foreign currency had a minimal impact on sales.
Net earnings of $2.1 million, or 4 cents per diluted share, compared to $2.7 million, or 4 cents, in last year's second quarter.
“Despite global economic uncertainty along with the early impact of the coronavirus that affected our China results for the second quarter, we continued to execute on our strategic initiatives. We are pleased to have completed the acquisition of HTL Group in the quarter, which is the UK’s leading provider of controlled bolting products. This transaction expands our portfolio of bolting products as well as our global rental offering. In addition, our efforts around new product development have continued to be effective as we achieved greater than 10 percent of sales from new products for a second consecutive quarter. As recently announced, Jeff Schmaling will be moving into his new role as chief operating officer and will continue to drive these growth initiatives,” said Randy Baker, Enerpac Tool Group’s president and CEO.
Based in Milwaukee, Wisconsin, Enerpac Tool Group Corp. is an industrial tools and services company serving a broad and diverse set of customers in more than 90 countries.
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