Enerpac Tool Group sales decline 29.6 percent
Enerpac Tool Group reported fourth-quarter net sales of $111 million, a 29.6 percent decline from $158.3 million in last year's fourth quarter.
Core sales decreased 27 percent year-over-year, with product sales down 23 percent and service down 45 percent. Compared to sales of $102 million in the third quarter, sequential sales improved by 11 percent.
Fourth quarter net income of $0.2 million, or $0.00 per share, compared to a loss of $3.1 million, or a loss of 5 cents per share, in the same period last year.
For the full year, sales of $493.3 million declined 24.7 percent from $654.8 million in 2019. Net income of $5.6 million, or 9 cents per share, declined from $8.1 million, or 13 cents, in the previous year.
“Based on our sequential improvements from the third to fourth quarter, we believe our business is beginning to see signs of recovery from the ongoing COVID-19 global pandemic. Our team was able to drive increased commercial activity, which resulted in quarter-over-quarter improvement, and our cost control actions resulted in solid decremental margins as we wrapped up fiscal 2020. During the quarter we remained focused on our top priorities, including keeping our employees safe, supporting our customers, launching new products, diligently managing our costs and maintaining our strong balance sheet,” said Randy Baker, Enerpac Tool Group’s president and CEO.
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