Enerpac Tool Group sales decline 7.5 percent
Enerpac Tool Group, formerly Actuant Corporation, reported net sales of $147 million for the first quarter of fiscal 2020, a 7.5 percent decline from $158.6 million in the same period last year.
Core sales remained steady year-over-year, net of foreign currency, which decreased net sales 1 percent while divestitures/strategic exits decreased net sales an additional 6 percent.
Fiscal 2020 first quarter net income of $6.4 million, or 11 cents per share, compared to a net loss of $16.4 million, or 27 cents, in the first quarter of fiscal 2019.
“We had a solid start to fiscal 2020 and are pleased to deliver first quarter results consistent with our expectations, as we continue navigating a challenging economic environment. While demand was softer in the Americas, we saw stabilization in Europe along with continued growth in Middle East service and our Cortland business, demonstrating that our initiatives around commercial effectiveness and new product development are contributing to both the top and bottom line,” said Randy Baker, Enerpac Tool Group’s resident and CEO.
During the quarter, the company completed the sale of the Engineered Components & Systems segment, which is reflected as discontinued operations, to One Rock Capital Partners.
The company has adopted Enerpac Tool Group as its doing-business name, but its legal name continues to be Actuant Corporation until the change is approved by shareholders.
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