Actuant Corp. (ATU), a manufacturer of industrial products, posted first-quarter net earnings of $24.7 million or $0.28 per share, compared with $36.0 million or $0.48 per share, a year before.
Earnings from continuing operations were $24.7 million or $0.38 per share, down from $36.0 million or $0.44 per share in the comparable quarter last year.
On the other hand, consolidated net sales for the quarter totaled $327.77 million, down 3% from $339.56 million, reported last year. Core sales were down by 1%, while net acquisitions and divestitures were neutral and foreign exchange rate changes were 2%, the company said.
On average, 9 analysts polled by Thomson Reuters expected the company to report earnings per share of $0.42, on revenues of $336.26 million the quarter. Analysts' estimates typically exclude special items.
Looking ahead to the second quarter, the company expects earnings in the range of $0.25 to $0.30 per share and revenues of $310 million to $320 million. Analysts currently expect second quarter earnings of $0.40 per share on revenues of $328.21 million.
For fiscal 2015, the company now expects earnings to be in the range of $1.85 to $2.00 per share and total sales of about $1.33 to $1.37 billion. Nine analysts estimate annual earnings of $2.05 per share on sales of $1.43 billion.
Earlier, the company expected fiscal 2015 earnings of $2.05 to $2.15 per share and total sales in the range of $1.43 to $1.48 billion.
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