The Industrial Tools & Services segment achieved revenues of $149 million, with a core sales increase of 4% year-over-year. The Engineered Components & Systems business achieved revenues of $144 million, with a core sales increase of 2% year-over-year.
Net sales for the first quarter were $292.5 million, slightly higher than the $289 million recorded in the comparable prior-year quarter.
“Our solid quarterly results demonstrate sustained momentum as we drive growth and incremental profitability across our two business segments," said Randy Baker, company President and CEO.
The company said sales growth was driven by increased demand in automotive, off-highway vehicle and concrete tensioning markets, new platform wins starting production and price realization to partially offset reduced China truck demand.
Actuant provided guidance for 2019. It forecast annual sales growth of between 3% and 5%, with annual sales at $1.15 to $1.19 billion, which reflect the strengthening of the US Dollar and the sale of the Cortland Fibron business.
It calculated full-year adjusted EPS of between $1.09 and $1.20.
Second quarter sales are projected at $268 to $278 million and the company expects "the back half of our fiscal year to be even stronger."
The fiscal 2019 first-quarter net loss was $17.5 million and EPS reported a loss of $0.29, compared to $5.2 million and $0.09, respectively, in the comparable prior-year quarter.
Fiscal 2019 first-quarter earnings included impairment & divestiture and other charges of $36.5 million, mainly related to the anticipated sale of the Cortland US and Precision-Hayes International businesses as well as other divestiture-related costs, the company said.
Shares of Actuant were down 10.1% at $20.82.
Actuant Corporation designs, manufactures and distributes a range of industrial products and systems worldwide. It operates in two segments, Industrial Tools & Services (IT&S) and Engineered Components & Systems (EC&S).
The company is based in Menomonee Falls, Wisconsin.
Contact Rene Pastor by [email protected]