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Actuant Corp. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: January 7, 2011 01:20PM
Actuant Corp. (ATU) filed Quarterly Report for the period ended 2010-11-30. Actuant Corp. has a market cap of $1.79 billion; its shares were traded at around $26.33 with a P/E ratio of 22.3 and P/S ratio of 1.6. The dividend yield of Actuant Corp. stocks is 0.2%. Actuant Corp. had an annual average earning growth of 3.1% over the past 10 years.ATU is in the portfolios of First Pacific Advisors of First Pacific Advisors, LLC, Jim Simons of Renaissance Technologies LLC, Steven Cohen of SAC Capital Advisors.
Highlight of Business Operations:
Fiscal 2011 first quarter Industrial segment net sales increased by $22 million (34%) to $87 million compared to the prior year period. Excluding foreign currency rate changes (which unfavorably impacted sales comparisons by $1 million) and sales from acquired businesses, core sales increased 22% during the first quarter of fiscal 2011. Sales continued to benefit from robust demand across most markets and geographies, the result of improved global economic conditions.
Energy segment net sales for the three months ended November 30, 2010 increased by $6 million (10%) to $71 million compared to the prior year period. Excluding sales from the Selantic and Biach acquisitions and foreign currency rate changes (which unfavorably impacted sales comparisons by $1 million), core sales increased 4% for the first quarter, the result of increased activity in emerging markets and improved demand in the seismic market.
Engineered Solutions segment first quarter net sales increased by $16 million (18%) to $105 million in 2011. Excluding the $3 million unfavorable impact of foreign currency rate changes, core sales grew 22% in the first quarter due to strong global demand from OEMs serving the heavy-duty truck and specialty vehicle markets (primarily agriculture, construction equipment and defense).
Electrical segment operating profit increased to $4 million for the three months ended November 30, 2010 compared to $3 million in the prior year period. Excluding the $2 million of restructuring costs incurred in the prior year, first quarter fiscal 2011 operating profits were lower as a result of expedited freight costs, investments in growth initiatives and temporary inefficiencies as we completed facility consolidations.
Engineered Solutions segment operating profit increased by $9 million (152%) to $14 million during the three months ended November 30, 2010. Operating profits increased as a result of an improved cost structure, higher sales volumes (increased absorption of fixed costs) and $0.5 million of prior year restructuring costs.
First quarter 2010 cash provided by operations was $7 million, despite a $37 million increase in accounts receivable associated with the expiration of the securitization program. Robust cash flow generated from operating activities during the first quarter of fiscal 2010 resulted from a significant working capital reduction, on account of lower business levels. Borrowings under the Senior Credit Facility of $22 million funded the repurchase of $23 million of 2% Convertible Notes, $3 million of capital expenditures and the $3 million payment of the annual cash dividend.
Stocks Discussed: ATU,