Posted December 21, 2020

Enerpac Tool Group sales decline 18.6 percent

Enerpac Tool Group Corp. said its first quarter fiscal 2021 sales of $119 million compared to $146.7 million in the prior year first quarter, a decline of 18.6 percent.

Core sales decreased 18% year-over-year, with product sales down 16% and service down 24%. The net impact of acquisitions and divestitures/strategic exits decreased net sales by an additional 2%, and the impact of foreign currency had a minimal impact on net sales.

Compared to the fourth quarter of fiscal 2020, sales grew by 7% sequential. 

Fiscal 2021 first quarter net income from continuing operationswas $4.8 million, or 8 cents per diluted share, compared to $6.4 million, 11 cents. in the first quarter of fiscal 2020.