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Actuant Corp. Reports Operating Results (10-K)
Posted by: gurufocus (IP Logged)
Date: October 28, 2011 10:55AM
Actuant Corp. (ATU) filed Annual Report for the period ended 2011-08-31. Actuant Corp. Cl A has a market cap of $1.62 billion; its shares were traded at around $23.59 with a P/E ratio of 14.2 and P/S ratio of 1.2. The dividend yield of Actuant Corp. Cl A stocks is 0.2%. Actuant Corp. Cl A had an annual average earning growth of 5.6% over the past 10 years.
Highlight of Business Operations:Consolidated net sales increased by approximately $284 million (25%) from $1,161 million in fiscal 2010 to $1,445 million in fiscal 2011. Excluding the $119 million of sales from acquired businesses and the $23 million favorable impact of foreign currency exchange rate changes, fiscal 2011 consolidated core sales increased 13%. Consolidated net sales increased by approximately $43 million (4%) from $1,118 million in fiscal 2009 to $1,161 million in fiscal 2010. Excluding the $14 million of sales from acquired businesses and the $12 million favorable impact of foreign currency exchange rate changes, fiscal 2010 consolidated core sales increased 2% compared to the prior year. Changes in net sales at the segment level are discussed in further detail below.
Compared to fiscal 2010, Industrial segment net sales increased $93 million (31%) during fiscal 2011. The acquisition of two Integrated Solutions businesses (Hydrospex and Team Hydrotec) contributed $36 million of sales for the twelve months ended August 31, 2011. Excluding sales from these acquisitions and the weaker U.S. dollar ($8 million), core sales growth for fiscal 2011 was 19%. In addition to generally improved macroeconomic conditions, the increased sales were the result of new product introductions and increased demand from distributors and end users in the mining, oil & gas and general maintenance industries.
Energy segment operating profit increased $18 million (58%) to $49 million in fiscal 2011 compared to $31 million in fiscal 2010. The year-over-year increase in operating profit margins is primarily the result of continued productivity improvements and significantly increased operating leverage, a $2 million reduction in restructuring charges and favorable acquisition mix, partially offset by higher incentive compensation costs.
Energy segment net sales in fiscal 2010 were $236 million, a $24 million (9%) reduction compared to fiscal 2009. Excluding sales from acquired businesses and foreign currency changes (which favorably impacted fiscal 2010 sales by $2 million), core sales decreased 10% during the year. This decline reflected the continued deferral of maintenance activities at certain oil & gas installations (especially in mature refinery markets) and lower capital project based revenue. The core sales trend improved slightly during the second half of fiscal 2010 due to growth in emerging markets, alternative energy and adjacent markets.
The majority of our manufacturing activities consist of the assembly of components which are sourced from a variety of vendors. As a result, we believe that our capital expenditure requirements are not as extensive as many other industrial companies given the assembly nature of our operations. Capital expenditures were $23 million, $20 million and $21 million in fiscal 2011, 2010 and 2009, respectively. Capital expenditures have historically been funded by operating cash flows. Capital expenditures for fiscal 2012 are expected to be approximately $30 million.
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