Posted June 29, 2021

Enerpac Tool Group's sales soar 40.4 percent

Enerpac Tool Group's third-quarter sales jumped 40.4 percent to $143.9 million, compared to $101.9 million in the same period last year.

Industrial Tools & Services (IT&S) product core sales grew 44 percent year-over-year in the third quarter compared to a 10 percent year-over-year decline in the second quarter.

Net income from continuing operations was $25.3 million, or 42 cents per diluted share, compared to a net loss in the prior year period of $4.9 million, or a loss of 8 cents per share.

“We are pleased with our return to year-over-year organic sales growth and the increased momentum as we progressed throughout the quarter,” said Randy Baker, Enerpac Tool Group’s president and CEO. “The continued positive sentiment among our distributors, the overall strength we are seeing across our vertical markets and product order rates in line with fiscal 2019 gives us confidence that our business will return to pre-COVID levels as we exit fiscal 2021.”