Enerpac Tool Group sales up 6.1 percent
Enerpac Tool Group said its fiscal 2022 third-quarter net sales were $152 million, representing a 6.1 percent increase from $143.1 million in the same period last year.
Core sales improved 10 percent year over year, with product sales up 12 percent and service revenues up 1 percent. driven by continued strong and broad-based demand in most regions; the strengthening of the US dollar reduced sales by 4 percent.
Net income $4.1 million, or 7 cents per diluted share, compared to $25.3 million, or 42 cents, in the third quarter of fiscal 2021. Earnings were negatively impacted by charges to flatten and simplify the organizational structure, and charges related to development of the ASCEND program focused on driving accelerated earnings growth and efficiency across the business, plus leadership transition and board search costs.
“Our solid third quarter sales and profit (excluding the impact of the increase in receivable reserves) were the result of continued broad-based demand and strong execution by our team across our global footprint,” said Paul Sternlieb, Enerpac Tool Group’s president and CEO. "With our ASCEND transformation program well underway, I am encouraged by the momentum it has already generated, thanks to the hard work of our employees across all levels of the organization.”
Industrial Tools & Services (IT&S) segment sales of $140.4 million improved from $133.4 million in last year's third quarter.
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