Enerpac Tool Group sales plunge 38 percent
Sales declined 38 percent to $102 million for Enerpac Tool Group in the third quarter, compared to $178 million in the same period last year.
Product sales declined 35 percent and service sales declined by 47 percent. The net year-over-year impact on net sales from acquisitions and divestitures/strategic exits was a reduction of 7 percent while foreign currency benefited sales 2 percent.
A net loss of $4.9 million, or 8 cents per share, compared to profit of $26.9 million, or 43 cents, in last year's third quarter.
“The challenging and unprecedented macroeconomic environment caused by the COVID-19 pandemic significantly impacted our third quarter results. Consistent with sharp declines in order rates reported by other industrial companies in April, we saw order rate declines of 30-40 percent starting in late March through May. However, we remained focused on keeping our employees safe, serving our customers and preserving our ability to execute our strategy,” said Randy Baker, president and CEO.
INDUSTRIAL SUPPLY MAGAZINE
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