CORRECTION -- Enerpac Tool Group Reports Fourth Quarter and Full-Year Fiscal 2024 Results; Introduces Full-Year Fiscal 2025 Outlook
Enerpac Tool Group (NYSE: EPAC) reported fiscal 2024 results, highlighting a 1.5% decline in net sales to $590 million, but a 2.2% organic growth. Gross margin expanded by 180 basis points to 51.1%. Operating margin was 20.6% and adjusted operating margin was 23.2%. Net earnings rose by 53% to $82 million, with adjusted net earnings of $95 million, a 14% increase. Diluted EPS was $1.50, and adjusted diluted EPS was $1.72. Adjusted EBITDA grew by 8% to $147 million, with a margin of 25.0%. Cash from operations was $81 million, and free cash flow was $70 million. In Q4, net sales declined by 1.2% to $159 million, with a 0.9% increase in organic sales. Net earnings were $23 million, or $0.43 per diluted share, and adjusted net earnings were $27 million, or $0.50 per diluted share. The company acquired DTA on September 4, 2024. For fiscal 2025, Enerpac forecasts net sales of $610 million to $625 million, adjusted EBITDA of $150 million to $160 million, and free cash flow of $85 million to $95 million.
Enerpac Tool Group (NYSE: EPAC) ha riportato i risultati fiscali del 2024, evidenziando un 1,5% di calo nelle vendite nette a 590 milioni di dollari, ma un 2,2% di crescita organica. Il margine lordo è aumentato di 180 punti base al 51,1%. Il margine operativo è stato del 20,6% e il margine operativo rettificato è stato del 23,2%. Gli utili netti sono saliti del 53% a 82 milioni di dollari, con utili netti rettificati di 95 milioni di dollari, un aumento del 14%. L'utile per azione diluita è stato di $1,50, e l'utile per azione diluita rettificato è stato di $1,72. L'EBITDA rettificato è cresciuto dell'8% a 147 milioni di dollari, con un margine del 25,0%. I flussi di cassa dalle operazioni ammontavano a 81 milioni di dollari e il flusso di cassa libero era di 70 milioni di dollari. Nel quarto trimestre, le vendite nette sono diminuite del 1,2% a 159 milioni di dollari, con un 0,9% di aumento nelle vendite organiche. Gli utili netti sono stati di 23 milioni di dollari, ovvero 0,43 dollari per azione diluita, e gli utili netti rettificati erano di 27 milioni di dollari, ovvero 0,50 dollari per azione diluita. L'azienda ha acquisito DTA il 4 settembre 2024. Per il fiscale 2025, Enerpac prevede vendite nette di 610 milioni a 625 milioni di dollari, EBITDA rettificato di 150 milioni a 160 milioni di dollari e flusso di cassa libero di 85 milioni a 95 milioni di dollari.
Enerpac Tool Group (NYSE: EPAC) informó los resultados del ejercicio fiscal 2024, destacando una caída del 1.5% en las ventas netas a 590 millones de dólares, pero un crecimiento orgánico del 2.2%. El margen bruto se amplió en 180 puntos básicos hasta el 51.1%. El margen operativo fue del 20.6% y el margen operativo ajustado fue del 23.2%. Las ganancias netas aumentaron en un 53% hasta alcanzar los 82 millones de dólares, con ganancias netas ajustadas de 95 millones de dólares, un 14% de aumento. El EPS diluido fue de $1.50, y el EPS diluido ajustado fue de $1.72. El EBITDA ajustado creció un 8% hasta 147 millones de dólares, con un margen del 25.0%. El efectivo de las operaciones fue de 81 millones de dólares y el flujo de caja libre fue de 70 millones de dólares. En el cuarto trimestre, las ventas netas disminuyeron un 1.2% hasta 159 millones de dólares, con un aumento del 0.9% en las ventas orgánicas. Las ganancias netas fueron de 23 millones de dólares, o 0.43 dólares por acción diluida, y las ganancias netas ajustadas fueron de 27 millones de dólares, o 0.50 dólares por acción diluida. La compañía adquirió DTA el 4 de septiembre de 2024. Para el ejercicio fiscal 2025, Enerpac prevé ventas netas de 610 millones a 625 millones de dólares, EBITDA ajustado de 150 millones a 160 millones de dólares, y flujo de caja libre de 85 millones a 95 millones de dólares.
Enerpac Tool Group (NYSE: EPAC)는 2024 회계 연도 결과를 보고하며, 순매출이 5억 9천만 달러로 1.5% 감소했지만, 2.2%의 유기적 성장을 보였다고 하였습니다. 총 마진은 180 베이시스 포인트 확대되어 51.1%에 도달했습니다. 운영 마진은 20.6%였고 조정된 운영 마진은 23.2%였습니다. 순이익은 8천2백만 달러로 53% 증가했으며, 조정된 순이익은 9천5백만 달러로 14% 증가했습니다. 희석 EPS는 $1.50였고 조정된 희석 EPS는 $1.72였습니다. 조정된 EBITDA는 8% 증가하여 1억 4천7백만 달러에 도달했고, 마진은 25.0%였습니다. 운영에서의 현금 흐름은 8천1백만 달러였고, 자유 현금 흐름은 7천만 달러였습니다. 4분기에는 순매출이 1.2% 감소하여 1억 5천9백만 달러에 이르렀으며, 유기적 판매는 0.9% 증가했습니다. 순이익은 2천3백만 달러로 희석 주당 0.43 달러에 해당하고, 조정된 순이익은 2천7백만 달러로 희석 주당 0.50 달러에 해당했습니다. 회사는 2024년 9월 4일 DTA를 인수했습니다. 2025 회계 연도를 위해 Enerpac은 순매출을 6억 1천만 달러에서 6억 2천5백만 달러로, 조정된 EBITDA를 1억 5천만 달러에서 1억 6천만 달러로, 자유 현금 흐름을 8천5백만 달러에서 9천5백만 달러로 예상합니다.
Enerpac Tool Group (NYSE: EPAC) a publié ses résultats pour l'exercice fiscal 2024, soulignant une baisse de 1,5% des ventes nettes à 590 millions de dollars, mais une croissance organique de 2,2%. La marge brute a augmenté de 180 points de base pour atteindre 51,1%. La marge opérationnelle était de 20,6% et la marge opérationnelle ajustée était de 23,2%. Les bénéfices nets ont été de 82 millions de dollars, en hausse de 53%, avec des bénéfices nets ajustés de 95 millions de dollars, soit une augmentation de 14%. Le bénéfice par action diluée s'élevait à $1,50, et le bénéfice par action diluée ajusté était de $1,72. L'EBITDA ajusté a crû de 8% pour atteindre 147 millions de dollars, avec une marge de 25,0%. Les flux de trésorerie provenant des opérations s'élevaient à 81 millions de dollars, et le flux de trésorerie disponible était de 70 millions de dollars. Au quatrième trimestre, les ventes nettes ont diminué de 1,2% pour atteindre 159 millions de dollars, avec une augmentation de 0,9% des ventes organiques. Les bénéfices nets étaient de 23 millions de dollars, soit 0,43 dollar par action diluée, et les bénéfices nets ajustés étaient de 27 millions de dollars, soit 0,50 dollar par action diluée. La société a acquis DTA le 4 septembre 2024. Pour l'exercice fiscal 2025, Enerpac prévoit des ventes nettes de 610 millions à 625 millions de dollars, un EBITDA ajusté de 150 millions à 160 millions de dollars, et un flux de trésorerie disponible de 85 millions à 95 millions de dollars.
Enerpac Tool Group (NYSE: EPAC) hat die Ergebnisse für das Geschäftsjahr 2024 bekannt gegeben und zeigt einen Rückgang von 1,5% bei den Nettoumsätzen auf 590 Millionen Dollar, jedoch ein organisches Wachstum von 2,2%. Die Bruttomarge konnte um 180 Basispunkte auf 51,1% gesteigert werden. Die operative Marge betrug 20,6% und die bereinigte operative Marge lag bei 23,2%. Die Nettogewinne stiegen um 53% auf 82 Millionen Dollar, mit bereinigten Nettogewinnen von 95 Millionen Dollar, was einem 14% Anstieg entspricht. Der verwässerte EPS betrug $1,50, und der bereinigte verwässerte EPS lag bei $1,72. Das bereinigte EBITDA wuchs um 8% auf 147 Millionen Dollar, mit einer Marge von 25,0%. Der Cashflow aus dem operativen Geschäft betrug 81 Millionen Dollar und der freie Cashflow belief sich auf 70 Millionen Dollar. Im vierten Quartal sanken die Nettoumsätze um 1,2% auf 159 Millionen Dollar, während die organischen Umsätze um 0,9% zunahmen. Die Nettogewinne betrugen 23 Millionen Dollar oder 0,43 Dollar pro verwässerter Aktie, und die bereinigten Nettogewinne lagen bei 27 Millionen Dollar oder 0,50 Dollar pro verwässerter Aktie. Das Unternehmen erwarb DTA am 4. September 2024. Für das Geschäftsjahr 2025 erwartet Enerpac Nettoumsätze zwischen 610 Millionen und 625 Millionen Dollar, ein bereinigtes EBITDA zwischen 150 Millionen und 160 Millionen Dollar sowie einen freien Cashflow zwischen 85 Millionen und 95 Millionen Dollar.
- Gross margin expanded by 180 basis points to 51.1%.
- Net earnings increased by 53% to $82 million.
- Adjusted EBITDA grew by 8% to $147 million.
- Free cash flow guidance for fiscal 2025 is $85 million to $95 million.
- Net sales declined by 1.5% year-over-year to $590 million.
- Q4 net sales decreased by 1.2% to $159 million.
Insights
Enerpac Tool Group's fiscal 2024 results show resilience in a challenging market. Despite a 1.5% decline in net sales to
- Gross margin expansion of 180 basis points to
51.1% - Adjusted EBITDA increase of
8% to$147.5 million - Adjusted EBITDA margin improvement of 220 basis points to
25.0% - Free cash flow of
$70 million
The company's focus on efficiency and productivity is evident in the reduced SG&A expenses and improved margins. The acquisition of DTA and the
Enerpac's performance in fiscal 2024 reflects its strong market position and strategic execution. The
- Product revenue growth of
1.2% and service revenue growth of6.6% , highlighting the importance of the service segment - IT&S segment's
2.7% organic growth, driving overall performance - Continued focus on operational efficiency, as evidenced by margin improvements
The fiscal 2025 guidance of
In a release issued under the same headline yesterday by Enerpac Tool Group Corp. (NYSE: EPAC), please note that in the Outlook section, the third paragraph should have read "Forecasted adjusted EBITDA is
Fiscal 2024 Continuing Operations Highlights*
- Net sales were
$590 million , a decline of1.5% year-over-year, with organic growth of2.2% .** - Gross margin expanded 180 basis points year-over-year to
51.1% . - Operating margin was
20.6% and adjusted operating margin was23.2% . - Net earnings were
$82 million and adjusted net earnings were$95 million , representing year-over-year increases of53% and14% , respectively. - Diluted EPS was
$1.50 and adjusted diluted EPS was$1.72 . - Adjusted EBITDA was
$147 million , an increase of8% year-over-year. Adjusted EBITDA margin of25.0% increased 220 basis points. - Cash from operations was
$81 million with free cash flow of$70 million . - Returned
$38 million to shareholders through repurchase of 1.3 million shares and$2 million in dividend payments.
Fourth Quarter Continuing Operations Highlights*
- Net sales were
$159 million , a1.2% decline compared to the prior year, with a0.9% increase in organic sales.** - Operating margin was
18.9% and adjusted operating margin was22.5% . - Net earnings were
$23 million , or$0.43 per diluted share, and adjusted net earnings were$27 million , or$0.50 per diluted share. - Adjusted EBITDA was
$39 million and adjusted EBITDA margin was24.3% . - Completed the acquisition of DTA on September 4, 2024 (subsequent to fiscal year-end).
*This press release contains financial measures in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”) in addition to non-GAAP financial measures. Reconciliations of the non-GAAP financial measures to the comparable GAAP measures are presented in the tables accompanying this release.
**Organic growth represents revenue growth excluding the impact of foreign exchange rates, acquisitions, and divestitures. A reconciliation of organic sales to the comparable net sales are presented in the tables accompanying this release.
MILWAUKEE, Oct. 16, 2024 (GLOBE NEWSWIRE) -- Enerpac Tool Group Corp. (NYSE: EPAC) (the “Company” or “Enerpac”) today announced results for the fiscal year and fourth quarter ended August 31, 2024.
“In what remains a challenging macro-environment for the general industrial marketplace, Enerpac continued to achieve organic growth in fiscal 2024,” said Paul Sternlieb, Enerpac Tool Group’s President & CEO. “We also continued to drive productivity and efficiency gains, further expanding gross margins and adjusted EBITDA margins for the year. Moreover, we remained good stewards of capital, investing in our growth strategy – including the September 4, 2024 acquisition of DTA – and returned
“We are also excited that Darren Kozik will be joining Enerpac as Executive Vice President and Chief Financial Officer,” continued Sternlieb. “As noted in a separate release issued today, Darren’s operational leadership and deep experience in global corporate finance, accounting, treasury, tax, and investor relations will make him a tremendous asset to the company.”
Consolidated Results from Continuing Operations | |||||||||||
(US$ in millions, except per share data) | |||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||
August 31, 2024 | August 31, 2023 | August 31, 2024 | August 31, 2023 | ||||||||
Net Sales | |||||||||||
Operating Profit | |||||||||||
Adjusted Operating Profit | |||||||||||
Net Earnings | |||||||||||
Diluted EPS | |||||||||||
Adjusted Diluted EPS | |||||||||||
Adjusted EBITDA | |||||||||||
Fiscal 2024 Consolidated Results from Continuing Operations Comparisons
Consolidated net sales were
Gross margin expanded 180 basis points year-over-year to
Operating profit increased
Fiscal 2024 net earnings and diluted EPS were
Fiscal 2024 adjusted EBITDA increased
Net cash provided by operating activities was
Fourth Quarter Consolidated Results from Continuing Operations Comparisons
Consolidated net sales for the fourth quarter of fiscal 2024 were
Operating profit declined
Fiscal 2024 fourth quarter net earnings and diluted earnings per share were
Fourth quarter adjusted EBITDA was
Industrial Tools & Services (IT&S) | |||||||
(US$ in millions) | |||||||
Three Months Ended | Twelve Months Ended | ||||||
August 31, 2024 | August 31, 2023 | August 31, 2024 | August 31, 2023 | ||||
Net Sales | |||||||
Operating Profit | |||||||
Operating Profit % | |||||||
Adjusted Op Profit (1) | |||||||
Adjusted Op Profit % (1) |
(1) Excludes
IT&S Results Comparisons
Fiscal 2024 net sales for IT&S were
Fourth quarter fiscal 2024 net sales for IT&S were
Corporate Expenses from Continuing Operations
Corporate expenses were
Corporate expenses were
(2) Fiscal 2024 adjusted corporate expense excludes approximately
Balance Sheet and Leverage | ||||
(US$ in millions) | ||||
August 31, 2024 | May 31, 2024 | August 31, 2023 | ||
Cash Balance | ||||
Debt Balance | ||||
Net Debt to Adjusted EBITDA* | 0.2x | 0.5x | 0.6x | |
Net debt on August 31, 2024 was
*Calculated in accordance with the terms of the Company’s September 2022 Senior Credit Facility.
Outlook
“In setting our guidance for fiscal 2025, we are taking into account an expectation of a continued decline in the general industrial market. However, we believe Enerpac will continue to generate growth in fiscal 2025, representing our ability to outperform the industry and gain share driven by our targeted growth strategy," concluded Sternlieb.
The company set its full-year fiscal 2025 net sales guidance range at
Forecasted adjusted EBITDA is
Conference Call Information
An investor conference call is scheduled for 7:30 am CT on October 16, 2024. Webcast information and conference call materials, including an earnings presentation, are available on the Enerpac Tool Group company website (www.enerpactoolgroup.com).
Safe Harbor Statement
Certain of the above comments represent forward-looking statements made pursuant to the provisions of the Private Securities Litigation Reform Act of 1995. In addition to statements with respect to guidance, the terms “outlook,” “guidance,” “may,” “should,” “could,” “anticipate,” “believe,” “estimate,” “expect,” “objective,” “plan,” “project” and similar expressions are intended to identify forward-looking statements. Such forward-looking statements are subject to inherent risks and uncertainties that may cause actual results or events to differ materially from those contemplated by such forward-looking statements. In addition to the assumptions and other factors referred to specifically in connection with such statements, risks and uncertainties that may cause actual results or events to differ materially from those contemplated by such forward-looking statements include, without limitation, general economic uncertainty, market conditions in the industrial, oil & gas, energy, power generation, infrastructure, commercial construction, truck and automotive industries, supply chain risks, including disruptions in deliveries from suppliers due to political tensions or the imposition, or threat of imposition, of tariffs, which could be affected by the outcome of the upcoming U.S. presidential election, the impact of geopolitical activity, including the invasion of Ukraine by Russia and international sanctions imposed in response thereto, as well as armed conflicts in the Middle East, including the impact on shipping in the Red Sea, the ability of the Company to achieve its plans or objectives related to its growth strategy, market acceptance of existing and new products, market acceptance of price increases, successful integration of acquisitions, the impact of dispositions and restructurings, the ability of the Company to continue to achieve its plans or objectives related to the ASCEND program, including any assumptions underlying its calculation of expected incremental operating profit or program investment, operating margin risk due to competitive pricing and operating efficiencies, risks related to reliance on independent agents and distributors for the distribution and service of products, material, labor, or overhead cost increases, tax law changes, foreign currency risk, interest rate risk, commodity risk, tariffs, litigation matters, cybersecurity risk, impairment of goodwill or other intangible assets, the Company’s ability to access capital markets and other risks and uncertainties that may be referred to or noted in the Company’s reports filed with the Securities and Exchange Commission from time to time, including those described in the Company’s Form 10-K for the fiscal year ended August 31, 2023 and most recent report on Form 10-Q. Enerpac Tool Group disclaims any obligation to publicly update or revise any forward-looking statements as a result of new information, future events or any other reason.
Non-GAAP Financial Information
This press release contains financial measures that are not measures presented in conformity with GAAP. These non-GAAP measures include organic sales, EBITDA from continuing operations, adjusted EBITDA from continuing operations, adjusted earnings from continuing operations, adjusted diluted earnings per share from continuing operations, adjusted operating profit from continuing operations, segment organic sales, adjusted operating profit and adjusted EBITDA, adjusted corporate expense, adjusted SG&A expense, free cash flow and net debt. This press release includes reconciliations of non-GAAP measures to the most comparable GAAP measure, included in the tables attached to this press release or in footnotes to the tables included in this press release. Management believes the non-GAAP measures presented in this press release are commonly used financial measures for investors to evaluate Enerpac Tool Group’s operating performance and financial position with respect to the periods presented and, when read in conjunction with the condensed consolidated financial statements, present a useful tool to evaluate ongoing operations and provide investors with metrics they can use to evaluate aspects of the Company’s performance from period to period. In addition, these are some of the financial metrics management uses in internal evaluations of the overall performance of the Company’s business. Management acknowledges that there are many items that impact a company’s reported results and the adjustments reflected in these non-GAAP measures are not intended to present all items that may have impacted these results. In addition, these non-GAAP measures are not necessarily comparable to similarly titled measures used by other companies.
About Enerpac Tool Group
Enerpac Tool Group Corp. is a premier industrial tools, services, technology, and solutions provider serving a broad and diverse set of customers and end markets for mission-critical applications in more than 100 countries. The Company makes complex, often hazardous jobs possible safely and efficiently. Enerpac Tool Group’s businesses are global leaders in high pressure hydraulic tools, controlled force products, and solutions for precise positioning of heavy loads that help customers safely and reliably tackle some of the most challenging jobs around the world. The Company was founded in 1910 and is headquartered in Menomonee Falls, Wisconsin. Enerpac Tool Group common stock trades on the NYSE under the symbol EPAC. For further information on Enerpac Tool Group and its businesses, visit the Company's website at www.enerpactoolgroup.com.
(tables follow)
Enerpac Tool Group Corp. | |||||||
Condensed Consolidated Balance Sheets | |||||||
(In thousands) | |||||||
(Unaudited) | |||||||
August 31, | August 31, | ||||||
2024 | 2023 | ||||||
Assets | |||||||
Current assets | |||||||
Cash and cash equivalents | $ | 167,094 | $ | 154,415 | |||
Accounts receivable, net | 104,335 | 97,649 | |||||
Inventories, net | 72,887 | 74,765 | |||||
Other current assets | 27,942 | 28,811 | |||||
Total current assets | 372,258 | 355,640 | |||||
Property, plant and equipment, net | 40,285 | 38,968 | |||||
Goodwill | 269,597 | 266,494 | |||||
Other intangible assets, net | 36,058 | 37,338 | |||||
Other long-term assets | 59,130 | 64,157 | |||||
Total assets | $ | 777,328 | $ | 762,597 | |||
Liabilities and Shareholders' Equity | |||||||
Current liabilities | |||||||
Trade accounts payable | $ | 43,368 | $ | 50,483 | |||
Accrued compensation and benefits | 25,856 | 33,194 | |||||
Current maturities of long-term debt | 5,000 | 3,750 | |||||
Income taxes payable | 5,321 | 3,771 | |||||
Other current liabilities | 49,848 | 56,922 | |||||
Total current liabilities | 129,393 | 148,120 | |||||
Long-term debt, net | 189,503 | 210,337 | |||||
Deferred income taxes | 3,696 | 5,667 | |||||
Pension and postretirement benefit liabilities | 10,073 | 10,247 | |||||
Other long-term liabilities | 52,684 | 61,606 | |||||
Total liabilities | 385,349 | 435,977 | |||||
Shareholders' equity | |||||||
Capital stock | 10,847 | 16,752 | |||||
Additional paid-in capital | 235,660 | 220,472 | |||||
Treasury stock | - | (800,506 | ) | ||||
Retained earnings | 261,870 | 1,011,112 | |||||
Accumulated other comprehensive loss | (116,398 | ) | (121,210 | ) | |||
Stock held in trust | (3,777 | ) | (3,484 | ) | |||
Deferred compensation liability | 3,777 | 3,484 | |||||
Total shareholders' equity | 391,979 | 326,620 | |||||
Total liabilities and shareholders' equity | $ | 777,328 | $ | 762,597 | |||
Enerpac Tool Group Corp. | |||||||||||||||
Condensed Consolidated Statements of Earnings | |||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||
(Unaudited) | |||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||
August 31, | August 31, | August 31, | August 31, | ||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||
Net sales | $ | 158,714 | $ | 160,609 | $ | 589,510 | $ | 598,204 | |||||||
Cost of products sold | 81,312 | 81,701 | 288,499 | 303,165 | |||||||||||
Gross profit | 77,402 | 78,908 | 301,011 | 295,039 | |||||||||||
Selling, general and administrative expenses | 43,524 | 50,948 | 168,565 | 205,064 | |||||||||||
Amortization of intangible assets | 831 | 1,037 | 3,312 | 5,112 | |||||||||||
Restructuring charges | 3,007 | 876 | 7,400 | 7,096 | |||||||||||
Impairment & divestiture (benefit) charges | - | (6,155 | ) | 147 | (6,155 | ) | |||||||||
Operating profit | 30,040 | 32,202 | 121,587 | 83,922 | |||||||||||
Financing costs, net | 2,731 | 3,219 | 13,524 | 12,389 | |||||||||||
Other expense, net | 465 | 688 | 2,544 | 2,635 | |||||||||||
Earnings before income tax expense | 26,844 | 28,295 | 105,519 | 68,898 | |||||||||||
Income tax expense | 3,435 | 5,190 | 23,312 | 15,249 | |||||||||||
Net earnings from continuing operations | 23,409 | 23,105 | 82,207 | 53,649 | |||||||||||
Earnings (loss) from discontinued operations, net of income taxes | 1,007 | (874 | ) | 3,542 | (7,088 | ) | |||||||||
Net earnings | $ | 24,416 | $ | 22,231 | $ | 85,749 | $ | 46,561 | |||||||
Earnings per share from continuing operations | |||||||||||||||
Basic | $ | 0.43 | $ | 0.41 | $ | 1.51 | $ | 0.95 | |||||||
Diluted | 0.43 | 0.41 | 1.50 | 0.94 | |||||||||||
Earnings (loss) per share from discontinued operations | |||||||||||||||
Basic | $ | 0.02 | $ | (0.02 | ) | $ | 0.07 | $ | (0.13 | ) | |||||
Diluted | 0.02 | (0.02 | ) | 0.06 | (0.12 | ) | |||||||||
Earnings per share* | |||||||||||||||
Basic | $ | 0.45 | $ | 0.40 | $ | 1.58 | $ | 0.82 | |||||||
Diluted | 0.44 | 0.40 | 1.56 | 0.82 | |||||||||||
Weighted average common shares outstanding | |||||||||||||||
Basic | 54,313 | 55,740 | 54,336 | 56,680 | |||||||||||
Diluted | 54,930 | 56,219 | 54,862 | 57,117 | |||||||||||
*The total of earnings per share from continuing operations and earnings (loss) per share from discontinued operations may not equal earnings per share due to rounding. | |||||||||||||||
Enerpac Tool Group Corp. | |||||||||||||||
Condensed Consolidated Statements of Cash Flows | |||||||||||||||
(In thousands) | |||||||||||||||
(Unaudited) | |||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||
August 31, | August 31, | August 31, | August 31, | ||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||
Operating Activities | |||||||||||||||
Cash provided by operating activities - continuing operations | 44,471 | 54,012 | 84,016 | 78,573 | |||||||||||
Cash used in operating activities - discontinued operations | (110 | ) | (3,440 | ) | (2,697 | ) | (970 | ) | |||||||
Cash provided by operating activities | $ | 44,361 | $ | 50,572 | $ | 81,319 | $ | 77,603 | |||||||
Investing Activities | |||||||||||||||
Capital expenditures | (6,441 | ) | (919 | ) | (11,411 | ) | (8,715 | ) | |||||||
Working capital adjustment from the sale of business assets | - | - | (1,133 | ) | - | ||||||||||
Purchase of business assets | - | - | (1,402 | ) | - | ||||||||||
Proceeds from sale of business, net of transaction costs | - | 20,057 | - | 20,057 | |||||||||||
Cash (used in) provided by investing activities - continuing operations | $ | (6,441 | ) | $ | 19,138 | $ | (13,946 | ) | $ | 11,342 | |||||
Cash (used in) provided by investing activities | $ | (6,441 | ) | $ | 19,138 | $ | (13,946 | ) | $ | 11,342 | |||||
Financing Activities | |||||||||||||||
Borrowings on revolving credit facility | 14,743 | 9,000 | 62,743 | 69,000 | |||||||||||
Principal repayments on revolving credit facility | (14,743 | ) | (29,000 | ) | (78,743 | ) | (53,000 | ) | |||||||
Principal repayments on term loan | (1,250 | ) | (625 | ) | (3,750 | ) | (1,250 | ) | |||||||
Proceeds from issuance of term loan | - | - | - | 200,000 | |||||||||||
Payment for redemption of revolver | - | - | - | (200,000 | ) | ||||||||||
Swingline borrowings/repayments, net | - | - | - | (4,000 | ) | ||||||||||
Payment of debt issuance costs | - | - | - | (2,486 | ) | ||||||||||
Purchase of treasury shares | (5,661 | ) | (36,831 | ) | (38,354 | ) | (57,662 | ) | |||||||
Stock options, taxes paid related to the net share settlement of equity awards & other | 2,049 | 3 | 4,016 | (1,458 | ) | ||||||||||
Payment of cash dividend | - | - | (2,178 | ) | (2,274 | ) | |||||||||
Cash used in financing activities - continuing operations | $ | (4,862 | ) | $ | (57,453 | ) | $ | (56,266 | ) | $ | (53,130 | ) | |||
Cash used in financing activities | $ | (4,862 | ) | $ | (57,453 | ) | $ | (56,266 | ) | $ | (53,130 | ) | |||
Effect of exchange rate changes on cash | 1,674 | 157 | 1,572 | (2,099 | ) | ||||||||||
Net increase from cash and cash equivalents | $ | 34,732 | $ | 12,414 | $ | 12,679 | $ | 33,716 | |||||||
Cash and cash equivalents - beginning of period | 132,362 | 142,001 | 154,415 | 120,699 | |||||||||||
Cash and cash equivalents - end of period | $ | 167,094 | $ | 154,415 | $ | 167,094 | $ | 154,415 | |||||||
Enerpac Tool Group Corp. | |||||||||||||||||||||||||||||||
Supplemental Unaudited Data | |||||||||||||||||||||||||||||||
Reconciliation of GAAP Measures to Non-GAAP Measures for Continuing Operations | |||||||||||||||||||||||||||||||
(In thousands) | Fiscal 2023 | Fiscal 2024 | |||||||||||||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | TOTAL | Q1 | Q2 | Q3 | Q4 | TOTAL | ||||||||||||||||||||||
Net Sales | |||||||||||||||||||||||||||||||
Industrial Tools & Services Segment | $ | 127,297 | $ | 130,904 | $ | 144,126 | $ | 152,851 | $ | 555,178 | $ | 137,035 | $ | 134,822 | $ | 145,936 | $ | 153,360 | $ | 571,153 | |||||||||||
Other | 12,085 | 11,056 | 12,127 | 7,758 | 43,026 | 4,935 | 3,615 | 4,453 | 5,354 | 18,357 | |||||||||||||||||||||
Enerpac Tool Group | $ | 139,382 | $ | 141,960 | $ | 156,253 | $ | 160,609 | $ | 598,204 | $ | 141,970 | $ | 138,437 | $ | 150,389 | $ | 158,714 | $ | 589,510 | |||||||||||
% Net Sales Growth (Decline) Year over Year | |||||||||||||||||||||||||||||||
Industrial Tools & Services Segment | 4.9 | % | 3.9 | % | 2.7 | % | 9.4 | % | 5.3 | % | 7.6 | % | 3.0 | % | 1.3 | % | 0.3 | % | 2.9 | % | |||||||||||
Other | 26.0 | % | 3.7 | % | 5.5 | % | -36.1 | % | -1.9 | % | -59.2 | % | -67.3 | % | -63.3 | % | -31.0 | % | -57.3 | % | |||||||||||
Enerpac Tool Group | 6.5 | % | 3.9 | % | 2.9 | % | 5.8 | % | 4.7 | % | 1.9 | % | -2.5 | % | -3.8 | % | -1.2 | % | -1.5 | % | |||||||||||
Adjusted Selling, general and administrative expenses | |||||||||||||||||||||||||||||||
Selling, general and administrative expenses | $ | 53,247 | $ | 52,059 | $ | 48,810 | $ | 50,948 | $ | 205,064 | $ | 42,216 | $ | 40,723 | $ | 42,101 | $ | 43,524 | $ | 168,565 | |||||||||||
Leadership transition charges | (400 | ) | (202 | ) | (90 | ) | (90 | ) | (783 | ) | - | - | - | - | - | ||||||||||||||||
M&A charges | - | (196 | ) | (166 | ) | (653 | ) | (1,015 | ) | - | - | - | (121 | ) | (121 | ) | |||||||||||||||
ASCEND transformation program charges | (9,382 | ) | (11,197 | ) | (5,536 | ) | (8,381 | ) | (34,495 | ) | (1,093 | ) | (1,370 | ) | (1,457 | ) | (2,109 | ) | (6,029 | ) | |||||||||||
Adjusted Selling, general and administrative expenses | $ | 43,465 | $ | 40,464 | $ | 43,018 | $ | 41,824 | $ | 168,771 | $ | 41,123 | $ | 39,353 | $ | 40,644 | $ | 41,294 | $ | 162,415 | |||||||||||
Adjusted Selling, general and administrative expenses % | |||||||||||||||||||||||||||||||
Enerpac Tool Group | 31.2 | % | 28.5 | % | 27.5 | % | 26.0 | % | 28.2 | % | 29.0 | % | 28.4 | % | 27.0 | % | 26.0 | % | 27.6 | % | |||||||||||
Adjusted Operating profit | |||||||||||||||||||||||||||||||
Operating profit | $ | 12,309 | $ | 13,972 | $ | 25,439 | $ | 32,202 | $ | 83,922 | $ | 28,662 | $ | 29,521 | $ | 33,363 | $ | 30,040 | $ | 121,587 | |||||||||||
Impairment & divestiture (benefit) charges | - | - | - | (6,155 | ) | (6,155 | ) | 147 | - | - | - | 147 | |||||||||||||||||||
Restructuring charges (1) | 982 | 2,987 | 2,252 | 1,461 | 7,681 | 2,401 | 398 | 1,595 | 3,450 | 7,843 | |||||||||||||||||||||
Leadership transition charges | 400 | 202 | 90 | 90 | 783 | - | - | - | - | - | |||||||||||||||||||||
M&A charges | - | 196 | 166 | 653 | 1,015 | - | - | - | 121 | 121 | |||||||||||||||||||||
ASCEND transformation program charges | 9,419 | 11,372 | 5,947 | 8,681 | 35,419 | 1,229 | 1,607 | 2,042 | 2,168 | 7,047 | |||||||||||||||||||||
Adjusted operating profit | $ | 23,110 | $ | 28,729 | $ | 33,894 | $ | 36,932 | $ | 122,665 | $ | 32,439 | $ | 31,526 | $ | 37,000 | $ | 35,779 | $ | 136,745 | |||||||||||
Adjusted Operating Profit by Segment | |||||||||||||||||||||||||||||||
Industrial Tools & Services Segment | $ | 29,099 | $ | 34,836 | $ | 39,814 | $ | 45,269 | $ | 149,019 | $ | 38,470 | $ | 38,909 | $ | 43,648 | $ | 42,989 | $ | 164,016 | |||||||||||
Other | 1,424 | 1,156 | 1,965 | 254 | 4,799 | 2,118 | (79 | ) | 1,284 | 1,120 | 4,443 | ||||||||||||||||||||
Corporate / General | (7,413 | ) | (7,263 | ) | (7,885 | ) | (8,591 | ) | (31,153 | ) | (8,149 | ) | (7,304 | ) | (7,932 | ) | (8,330 | ) | (31,714 | ) | |||||||||||
Adjusted operating profit | $ | 23,110 | $ | 28,729 | $ | 33,894 | $ | 36,932 | $ | 122,665 | $ | 32,439 | $ | 31,526 | $ | 37,000 | $ | 35,779 | $ | 136,745 | |||||||||||
Adjusted Operating Profit % by Segment | |||||||||||||||||||||||||||||||
Industrial Tools & Services Segment | 22.9 | % | 26.6 | % | 27.6 | % | 29.6 | % | 26.8 | % | 28.1 | % | 28.9 | % | 29.9 | % | 28.0 | % | 28.7 | % | |||||||||||
Other | 11.8 | % | 10.5 | % | 16.2 | % | 3.3 | % | 11.2 | % | 42.9 | % | -2.2 | % | 28.8 | % | 20.9 | % | 24.2 | % | |||||||||||
Adjusted Operating Profit % | 16.6 | % | 20.2 | % | 21.7 | % | 23.0 | % | 20.5 | % | 22.8 | % | 22.8 | % | 24.6 | % | 22.5 | % | 23.2 | % | |||||||||||
EBITDA from Continuing Operations (2) | |||||||||||||||||||||||||||||||
Net earnings from continuing operations | $ | 6,409 | $ | 7,158 | $ | 16,976 | $ | 23,105 | $ | 53,649 | $ | 18,305 | $ | 17,871 | $ | 22,621 | $ | 23,409 | $ | 82,207 | |||||||||||
Financing costs, net | 2,815 | 3,105 | 3,250 | 3,219 | 12,389 | 3,697 | 3,711 | 3,385 | 2,731 | 13,524 | |||||||||||||||||||||
Income tax expense | 2,383 | 2,988 | 4,688 | 5,190 | 15,249 | 5,669 | 7,396 | 6,813 | 3,435 | 23,312 | |||||||||||||||||||||
Depreciation & amortization | 4,193 | 4,226 | 4,084 | 3,810 | 16,313 | 3,426 | 3,328 | 3,216 | 3,304 | 13,275 | |||||||||||||||||||||
EBITDA | $ | 15,800 | $ | 17,477 | $ | 28,998 | $ | 35,324 | $ | 97,600 | $ | 31,097 | $ | 32,306 | $ | 36,035 | $ | 32,879 | $ | 132,318 | |||||||||||
Adjusted EBITDA from Continuing Operations (2) | |||||||||||||||||||||||||||||||
EBITDA | $ | 15,800 | $ | 17,477 | $ | 28,998 | $ | 35,324 | $ | 97,600 | $ | 31,097 | $ | 32,306 | $ | 36,035 | $ | 32,879 | $ | 132,318 | |||||||||||
Impairment & divestiture (benefit) charges | - | - | - | (6,155 | ) | (6,155 | ) | 147 | - | - | - | 147 | |||||||||||||||||||
Restructuring charges (1) | 982 | 2,987 | 2,252 | 1,461 | 7,681 | 2,401 | 398 | 1,595 | 3,450 | 7,843 | |||||||||||||||||||||
Leadership transition charges | 400 | 202 | 90 | 90 | 783 | - | - | - | - | - | |||||||||||||||||||||
M&A charges | - | 196 | 166 | 653 | 1,015 | - | - | - | 121 | 121 | |||||||||||||||||||||
ASCEND transformation program charges | 9,419 | 11,372 | 5,947 | 8,681 | 35,419 | 1,229 | 1,607 | 2,042 | 2,168 | 7,047 | |||||||||||||||||||||
Adjusted EBITDA | $ | 26,601 | $ | 32,234 | $ | 37,453 | $ | 40,054 | $ | 136,343 | $ | 34,874 | $ | 34,311 | $ | 39,672 | $ | 38,618 | $ | 147,476 | |||||||||||
Adjusted EBITDA by Segment | |||||||||||||||||||||||||||||||
Industrial Tools & Services Segment | $ | 31,698 | $ | 37,458 | $ | 42,525 | $ | 47,952 | $ | 159,633 | $ | 40,880 | $ | 41,443 | $ | 45,706 | $ | 45,629 | $ | 173,659 | |||||||||||
Other | 2,316 | 2,050 | 2,855 | 739 | 7,961 | 2,324 | 141 | 1,497 | 1,367 | 5,330 | |||||||||||||||||||||
Corporate / General | (7,413 | ) | (7,274 | ) | (7,927 | ) | (8,637 | ) | (31,251 | ) | (8,330 | ) | (7,273 | ) | (7,531 | ) | (8,378 | ) | (31,513 | ) | |||||||||||
Adjusted EBITDA | $ | 26,601 | $ | 32,234 | $ | 37,453 | $ | 40,054 | $ | 136,343 | $ | 34,874 | $ | 34,311 | $ | 39,672 | $ | 38,618 | $ | 147,476 | |||||||||||
Adjusted EBITDA % by Segment | |||||||||||||||||||||||||||||||
Industrial Tools & Services Segment | 24.9 | % | 28.6 | % | 29.5 | % | 31.4 | % | 28.8 | % | 29.8 | % | 30.7 | % | 31.3 | % | 29.8 | % | 30.4 | % | |||||||||||
Other | 19.2 | % | 18.5 | % | 23.5 | % | 9.5 | % | 18.5 | % | 47.1 | % | 3.9 | % | 33.6 | % | 25.5 | % | 29.0 | % | |||||||||||
Adjusted EBITDA % | 19.1 | % | 22.7 | % | 24.0 | % | 24.9 | % | 22.8 | % | 24.6 | % | 24.8 | % | 26.4 | % | 24.3 | % | 25.0 | % | |||||||||||
Notes: | |||||||||||||||||||||||||||||||
(1) Approximately | |||||||||||||||||||||||||||||||
(2) EBITDA represents net earnings from continuing operations before financing costs, net, income tax expense, and depreciation & amortization. Neither EBITDA nor adjusted EBITDA are calculated based upon generally accepted accounting principles ("GAAP"). The amounts included in the EBITDA and adjusted EBITDA calculation, however, are derived from amounts included in the Condensed Consolidated Statements of Earnings. EBITDA and adjusted EBITDA should not be considered as alternatives to net earnings, operating profit or operating cash flows. The Company has presented EBITDA and adjusted EBITDA because it regularly reviews these performance measures. In addition, EBITDA and adjusted EBITDA are used by many of our investors and lenders, and are presented as a convenience to them. The EBITDA and adjusted EBITDA measures presented may not always be comparable to similarly titled measures reported by other companies due to differences in the components of the calculation. | |||||||||||||||||||||||||||||||
Enerpac Tool Group Corp. | |||||||||||||||||||||||||||||||
Supplemental Unaudited Data | |||||||||||||||||||||||||||||||
Reconciliation of GAAP Measures to Non-GAAP Measures (Continued) | |||||||||||||||||||||||||||||||
(In thousands) | Fiscal 2023 | Fiscal 2024 | |||||||||||||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | TOTAL | Q1 | Q2 | Q3 | Q4 | TOTAL | ||||||||||||||||||||||
Net Sales by Segment | |||||||||||||||||||||||||||||||
Industrial Tools & Services Segment | $ | 127,297 | $ | 130,904 | $ | 144,126 | $ | 152,851 | $ | 555,178 | $ | 137,035 | $ | 134,822 | $ | 145,936 | $ | 153,360 | $ | 571,153 | |||||||||||
Other | 12,085 | 11,056 | 12,127 | 7,758 | 43,026 | 4,935 | 3,615 | 4,453 | 5,354 | 18,357 | |||||||||||||||||||||
Enerpac Tool Group | $ | 139,382 | $ | 141,960 | $ | 156,253 | $ | 160,609 | $ | 598,204 | $ | 141,970 | $ | 138,437 | $ | 150,389 | $ | 158,714 | $ | 589,510 | |||||||||||
Adjustment: Fx Impact on Net Sales | |||||||||||||||||||||||||||||||
Industrial Tools & Services Segment | $ | 2,262 | $ | 294 | $ | (747 | ) | $ | (734 | ) | $ | 1,075 | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||
Other | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||
Enerpac Tool Group | $ | 2,262 | $ | 294 | $ | (747 | ) | $ | (734 | ) | $ | 1,075 | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||
Adjustment: Impact from Divestitures or Acquisitions on Net Sales | |||||||||||||||||||||||||||||||
Industrial Tools & Services Segment | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||
Other | (7,031 | ) | (6,220 | ) | (6,938 | ) | (2,548 | ) | (22,737 | ) | - | - | - | - | - | ||||||||||||||||
Enerpac Tool Group | $ | (7,031 | ) | $ | (6,220 | ) | $ | (6,938 | ) | $ | (2,548 | ) | $ | (22,737 | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||
Organic Sales by Segment (3) | |||||||||||||||||||||||||||||||
Industrial Tools & Services Segment | $ | 129,559 | $ | 131,198 | $ | 143,379 | $ | 152,117 | $ | 556,253 | $ | 137,035 | $ | 134,822 | $ | 145,936 | $ | 153,360 | $ | 571,153 | |||||||||||
Other | 5,054 | 4,836 | 5,189 | 5,210 | 20,289 | 4,935 | 3,615 | 4,453 | 5,354 | 18,357 | |||||||||||||||||||||
Enerpac Tool Group | $ | 134,613 | $ | 136,034 | $ | 148,568 | $ | 157,327 | $ | 576,542 | $ | 141,970 | $ | 138,437 | $ | 150,389 | $ | 158,714 | $ | 589,510 | |||||||||||
Organic Sales Growth (Decline) % | |||||||||||||||||||||||||||||||
Industrial Tools & Services Segment | 5.8 | % | 2.8 | % | 1.8 | % | 0.8 | % | 2.7 | % | |||||||||||||||||||||
Other | -2.4 | % | -25.2 | % | -14.2 | % | 2.8 | % | -9.5 | % | |||||||||||||||||||||
Enerpac Tool Group | 5.5 | % | 1.8 | % | 1.2 | % | 0.9 | % | 2.2 | % | |||||||||||||||||||||
Net Sales by Product Line | |||||||||||||||||||||||||||||||
Product | $ | 111,002 | $ | 115,251 | $ | 129,995 | $ | 134,379 | $ | 490,629 | $ | 109,856 | $ | 111,557 | $ | 122,195 | $ | 130,395 | $ | 474,004 | |||||||||||
Service | 28,380 | 26,709 | 26,258 | 26,230 | 107,575 | 32,114 | 26,880 | 28,194 | 28,319 | 115,506 | |||||||||||||||||||||
Enerpac Tool Group | $ | 139,382 | $ | 141,960 | $ | 156,253 | $ | 160,609 | $ | 598,204 | $ | 141,970 | $ | 138,437 | $ | 150,389 | $ | 158,714 | $ | 589,510 | |||||||||||
Adjustment: Fx Impact on Net Sales | |||||||||||||||||||||||||||||||
Product | $ | 1,481 | $ | (90 | ) | $ | (768 | ) | $ | (319 | ) | $ | 304 | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||
Service | 781 | 384 | 21 | (415 | ) | 770 | - | - | - | - | - | ||||||||||||||||||||
Enerpac Tool Group | $ | 2,262 | $ | 294 | $ | (747 | ) | $ | (734 | ) | $ | 1,075 | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||
Adjustment: Impact from Divestitures or Acquisitions on Net Sales | |||||||||||||||||||||||||||||||
Product | (7,031 | ) | (6,220 | ) | (6,938 | ) | (2,548 | ) | (22,737 | ) | - | - | - | - | - | ||||||||||||||||
Service | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||
Enerpac Tool Group | $ | (7,031 | ) | $ | (6,220 | ) | $ | (6,938 | ) | $ | (2,548 | ) | $ | (22,737 | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||
Organic Sales by Product Line (3) | |||||||||||||||||||||||||||||||
Product | $ | 105,452 | $ | 108,941 | $ | 122,289 | $ | 131,512 | $ | 468,196 | $ | 109,856 | $ | 111,557 | $ | 122,195 | $ | 130,395 | $ | 474,004 | |||||||||||
Service | 29,161 | 27,093 | 26,279 | 25,815 | 108,345 | 32,114 | 26,880 | 28,194 | 28,319 | 115,506 | |||||||||||||||||||||
Enerpac Tool Group | $ | 134,613 | $ | 136,034 | $ | 148,568 | $ | 157,327 | $ | 576,542 | $ | 141,970 | $ | 138,437 | $ | 150,389 | $ | 158,714 | $ | 589,510 | |||||||||||
Organic Sales Growth (Decline) % | |||||||||||||||||||||||||||||||
Product | 4.2 | % | 2.4 | % | -0.1 | % | -0.8 | % | 1.2 | % | |||||||||||||||||||||
Service | 10.1 | % | -0.8 | % | 7.3 | % | 9.7 | % | 6.6 | % | |||||||||||||||||||||
Enerpac Tool Group | 5.5 | % | 1.8 | % | 1.2 | % | 0.9 | % | 2.2 | % | |||||||||||||||||||||
(3) Organic Sales (formerly referred to as "core sales") is defined as sales excluding the impact to foreign currency changes and the impact from recent acquisitions and divestitures to net sales. | |||||||||||||||||||||||||||||||
Enerpac Tool Group Corp. | |||||||||||||||||||||||||||||||
Supplemental Unaudited Data | |||||||||||||||||||||||||||||||
Reconciliation of GAAP Measures to Non-GAAP Measures (Continued) | |||||||||||||||||||||||||||||||
(In thousands, except for per share amounts) | |||||||||||||||||||||||||||||||
Fiscal 2023 | Fiscal 2024 | ||||||||||||||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | TOTAL | Q1 | Q2 | Q3 | Q4 | TOTAL | ||||||||||||||||||||||
Adjusted Earnings (4) | |||||||||||||||||||||||||||||||
Net Earnings | $ | 7,453 | $ | 4,497 | $ | 12,380 | $ | 22,231 | $ | 46,561 | $ | 17,738 | $ | 17,817 | $ | 25,778 | $ | 24,416 | $ | 85,749 | |||||||||||
Earnings (loss) from Discontinued Operations, net of income tax | 1,044 | (2,661 | ) | (4,596 | ) | (874 | ) | (7,088 | ) | (567 | ) | (54 | ) | 3,157 | 1,007 | 3,542 | |||||||||||||||
Net Earnings from Continuing Operations | $ | 6,409 | $ | 7,158 | $ | 16,976 | $ | 23,105 | $ | 53,649 | $ | 18,305 | $ | 17,871 | $ | 22,621 | $ | 23,409 | $ | 82,207 | |||||||||||
Impairment & divestiture (benefit) charges | - | - | - | (6,155 | ) | (6,155 | ) | 147 | - | - | - | 147 | |||||||||||||||||||
Restructuring charges (1) | 982 | 2,987 | 2,252 | 1,461 | 7,681 | 2,401 | 398 | 1,595 | 3,450 | 7,843 | |||||||||||||||||||||
Leadership transition charges | 400 | 202 | 90 | 90 | 783 | - | - | - | - | - | |||||||||||||||||||||
M&A charges | - | 196 | 166 | 653 | 1,015 | - | - | - | 121 | 121 | |||||||||||||||||||||
ASCEND transformation program charges | 9,419 | 11,372 | 5,947 | 8,681 | 35,419 | 1,229 | 1,607 | 2,042 | 2,168 | 7,047 | |||||||||||||||||||||
Accelerated debt issuance costs | 317 | - | - | - | 317 | - | - | - | - | - | |||||||||||||||||||||
Net tax effect of reconciling items above | (719 | ) | (1,652 | ) | (3,197 | ) | (4,408 | ) | (9,976 | ) | (411 | ) | (185 | ) | (666 | ) | (1,683 | ) | (2,945 | ) | |||||||||||
Other income tax expense | - | 144 | - | - | 144 | - | 137 | - | - | 137 | |||||||||||||||||||||
Adjusted Net Earnings from Continuing Operations | $ | 16,808 | $ | 20,407 | $ | 22,234 | $ | 23,427 | $ | 82,877 | $ | 21,671 | $ | 19,828 | $ | 25,592 | $ | 27,465 | $ | 94,557 | |||||||||||
Adjusted Diluted Earnings per share (4) | |||||||||||||||||||||||||||||||
Net Earnings | $ | 0.13 | $ | 0.08 | $ | 0.22 | $ | 0.40 | $ | 0.82 | $ | 0.32 | $ | 0.33 | $ | 0.47 | $ | 0.44 | $ | 1.56 | |||||||||||
Earnings (loss) from Discontinued Operations, net of income tax | 0.02 | (0.05 | ) | (0.08 | ) | (0.02 | ) | (0.12 | ) | (0.01 | ) | (0.00 | ) | 0.06 | 0.02 | 0.06 | |||||||||||||||
Net Earnings from Continuing Operations | $ | 0.11 | $ | 0.12 | $ | 0.30 | $ | 0.41 | $ | 0.94 | $ | 0.33 | $ | 0.33 | $ | 0.41 | $ | 0.43 | $ | 1.50 | |||||||||||
Impairment & divestiture (benefit) charges, net of tax effect | - | - | - | (0.11 | ) | (0.11 | ) | 0.00 | - | - | - | 0.00 | |||||||||||||||||||
Restructuring charges (1), net of tax effect | 0.02 | 0.05 | 0.03 | 0.01 | 0.11 | 0.04 | 0.00 | 0.02 | 0.04 | 0.11 | |||||||||||||||||||||
Leadership transition charges, net of tax effect | 0.01 | 0.00 | 0.00 | 0.00 | 0.01 | - | - | - | - | - | |||||||||||||||||||||
M&A charges, net of tax effect | - | 0.00 | 0.00 | 0.01 | 0.01 | - | - | - | 0.00 | 0.00 | |||||||||||||||||||||
ASCEND transformation program charges, net of tax effect | 0.15 | 0.17 | 0.06 | 0.10 | 0.48 | 0.02 | 0.03 | 0.03 | 0.03 | 0.11 | |||||||||||||||||||||
Accelerated debt issuance costs, net of tax effect | 0.01 | 0.00 | 0.00 | 0.00 | 0.00 | - | - | - | - | - | |||||||||||||||||||||
Other income tax expense | - | 0.00 | - | - | - | - | 0.00 | - | - | 0.00 | |||||||||||||||||||||
Adjusted Diluted Earnings per share from Continuing Operations | $ | 0.29 | $ | 0.35 | $ | 0.39 | $ | 0.42 | $ | 1.45 | $ | 0.39 | $ | 0.36 | $ | 0.47 | $ | 0.50 | $ | 1.72 | |||||||||||
Free Cash Flow | |||||||||||||||||||||||||||||||
Cash provided by (used in) operating activities | $ | 17,533 | $ | (7,756 | ) | $ | 17,254 | $ | 50,572 | $ | 77,603 | $ | (6,675 | ) | $ | 13,327 | $ | 30,306 | $ | 44,361 | $ | 81,319 | |||||||||
Capital expenditures | (2,535 | ) | (2,346 | ) | (2,915 | ) | (919 | ) | (8,715 | ) | (1,567 | ) | (1,585 | ) | (1,818 | ) | (6,441 | ) | (11,411 | ) | |||||||||||
Free Cash Flow | $ | 14,998 | $ | (10,102 | ) | $ | 14,339 | $ | 49,653 | $ | 68,888 | $ | (8,242 | ) | $ | 11,742 | $ | 28,488 | $ | 37,920 | $ | 69,908 | |||||||||
Notes continued: | |||||||||||||||||||||||||||||||
(4) Adjusted earnings from continuing operations and adjusted diluted earnings per share represent net earnings and diluted earnings per share per the Condensed Consolidated Statements of Earnings net of charges or credits for items to be highlighted for comparability purposes. These measures are not calculated based upon GAAP and should not be considered as an alternative to net earnings or diluted earnings per share or as an indicator of the Company's operating performance. However, this presentation is important to investors for understanding the operating results of the current portfolio of Enerpac Tool Group companies. | |||||||||||||||||||||||||||||||
For all reconciliations of GAAP measures to Non-GAAP measures, the summation of the individual components may not equal the total due to rounding. With respect to the earnings per share reconciliations the impact of share dilution on the calculation of the net earnings or loss per share and discontinued operations per share may result in the summation of these components not equaling the total earnings per share from continuing operations. | |||||||||||||||||||||||||||||||
Enerpac Tool Group Corp. | ||||||
Supplemental Unaudited Data | ||||||
Reconciliation of GAAP To Non-GAAP Guidance | ||||||
(In millions) | ||||||
Fiscal 2025 | ||||||
Low | High | |||||
Reconciliation of Continued Operations GAAP Operating Profit | ||||||
To Adjusted EBITDA (5) | ||||||
GAAP Operating profit | $ | 135 | $ | 147 | ||
Other expense, net | (1 | ) | (1 | ) | ||
Depreciation & amortization | 16 | 14 | ||||
Adjusted EBITDA | $ | 150 | $ | 160 | ||
Reconciliation of GAAP Cash Flow From Operations to Free Cash Flow | ||||||
Cash provided by operating activities | $ | 61 | $ | 76 | ||
Capital expenditures | 24 | 19 | ||||
Free Cash Flow Guidance | $ | 85 | $ | 95 | ||
Notes continued: | ||||||
(5) Management does not provide guidance on GAAP financial measures as we are unable to predict and estimate with certainty items such as potential impairments, refinancing costs, business divestiture gains/losses, discrete tax adjustments, or other items impacting GAAP financial metrics. As a result, we have included above only those items about which we are aware and are reasonably likely to occur during the guidance period covered. | ||||||
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