Shares of Actuant Corp. ATU, +0.68% took 8.2% hit in premarket trade Wednesday, after the diversified industrial company reported a fiscal fourth-quarter profit and sales that beat expectations, but provided a downbeat earnings outlook. The net loss for the quarter to Aug. 31 narrowed to $37.7 million, or 62 cents a share, from $98.8 million, or $1.65 a share, in the same period a year ago. Excluding non-recurring item, adjusted earnings per share came to 39 cents, above the FactSet consensus of 35 cents. Sales rose 9% to $301.4 million, beating the FactSet consensus of $290.7 million, boosted by double-digit percentage growth in its industrial and energy businesses. For fiscal 2019, the company expects adjusted EPS of $1.09 to $1.20, below the FactSet consensus of $1.30. Sales are expected to be $1.21 billion to $1.24 billion, compared with the FactSet consensus of $1.22 billion. The stock had run up 17.6% year to date, while the SPDR Industrial Select Sector ETF XLI, -0.31% had gained 3.6% and the S&P 500 SPX, -0.13% had advanced 9.1%.
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