Actuant Posts Fiscal Q3 Beat

Actuant, a maker of industrial machinery and equipment, reported pre-market Wednesday stronger-than-expected fiscal Q3 profit and sales, and lowered its FY17 earnings guidance. Adjusted EPS decreased to $0.32, for the three months ended May 31, from $0.40 in the year-ago period, but just beat the $0.31 average estimate of analysts surveyed by Capital IQ. Q3 sales dropped to $295.4 million, from $305.3 million, but still topped the analyst consensus of $294 million.

Moving forward, the company now expects FY17 sales to be within the range of $1.08 billion -1.09 billion. Analysts are forecasting sales of $1.09 billion. It also expects FY17 adjusted EPS to be $0.82-0.87, down from $1.10-1.20 as lower energy maintenance volumes and unfavorable segment sales mix weigh on margins. Analysts are expecting EPS of $0.97 per share.

By Kristen Tardella