STOCK TITAN

Enerpac Tool Group Reports Second Quarter Fiscal 2021 Results and Provides Outlook for Remainder of Fiscal Year

Rhea-AI Impact
(Moderate)
Rhea-AI Sentiment
(Very Positive)
Tags
Rhea-AI Summary

Enerpac Tool Group Corp. (NYSE: EPAC) reported fiscal second quarter results for the period ended February 28, 2021. The company saw a sequential sales increase, indicating positive market recovery, despite the ongoing impact of the COVID-19 pandemic. CEO Randy Baker noted improved distributor sentiment and project activity. Enerpac paid down $45 million in debt, maintaining a strong balance sheet. The focus on strategic initiatives, including product development and acquisition management, positions the company for future growth and enhanced shareholder returns.

Positive
  • Sequential sales increase despite seasonal declines.
  • Improved distributor sentiment and project activity.
  • Paid down $45 million in debt, maintaining a strong balance sheet.
  • Focus on strategic initiatives positions for future growth.
Negative
  • None.

Enerpac Tool Group Corp. (NYSE: EPAC) (the “Company”) today announced results for its fiscal second quarter ended February 28, 2021.

“Our second quarter showed a number of encouraging signs in the face of a market that continues to be affected by the COVID-19 pandemic,” said Randy Baker, Enerpac Tool Group’s President and CEO. “As anticipated, we saw a sequential sales increase despite the seasonal decrease we typically see in the second quarter. I am encouraged by the positive sentiment among our distributors with some modest improvement in stocking activity in the quarter along with the overall improving level of project activity we are experiencing. Collectively, these serve as clear indicators of the ongoing market recovery.”

Mr. Baker added, “As we have progressed through the pandemic we have kept a long-term view of our business and remained focused on our key strategic initiatives, including investing in new product development, managing our acquisition pipeline, driving greater levels of dealer and customer engagement, and building a culture of inclusion and acceptance for our employees. At the same time, we have been disciplined in our response to shorter term challenges and we have maintained our strong balance sheet, paying down $45 million in debt in the quarter with leverage well within our preferred range. As we move forward and enter a post-COVID world, we believe we are well-positioned to capitalize on growth and increase both profitability and shareholder returns as we pursue our long-term vision as a pure play industrial tool company.”

Consolidated Results from Continuing Operations

(US$ in millions, except per share)

Three Months Ended

 

Six Months Ended

{ "@context": "https://schema.org", "@type": "FAQPage", "name": "Enerpac Tool Group Reports Second Quarter Fiscal 2021 Results and Provides Outlook for Remainder of Fiscal Year FAQs", "mainEntity": [ { "@type": "Question", "name": "What were Enerpac Tool Group's fiscal Q2 results for 2021?", "acceptedAnswer": { "@type": "Answer", "text": "Enerpac Tool Group reported a sequential sales increase and improved market conditions despite COVID-19 impacts." } }, { "@type": "Question", "name": "How much debt did Enerpac pay down in the last quarter?", "acceptedAnswer": { "@type": "Answer", "text": "Enerpac paid down $45 million in debt during the fiscal second quarter." } }, { "@type": "Question", "name": "What is Enerpac's outlook following the second quarter results?", "acceptedAnswer": { "@type": "Answer", "text": "Enerpac is focused on strategic initiatives and is positioned for growth as the market recovers post-COVID." } }, { "@type": "Question", "name": "How has the pandemic affected Enerpac's business?", "acceptedAnswer": { "@type": "Answer", "text": "The pandemic has presented challenges, but Enerpac has seen signs of market recovery and positive distributor activity." } } ] }

FAQ

What were Enerpac Tool Group's fiscal Q2 results for 2021?

Enerpac Tool Group reported a sequential sales increase and improved market conditions despite COVID-19 impacts.

How much debt did Enerpac pay down in the last quarter?

Enerpac paid down $45 million in debt during the fiscal second quarter.

What is Enerpac's outlook following the second quarter results?

Enerpac is focused on strategic initiatives and is positioned for growth as the market recovers post-COVID.

How has the pandemic affected Enerpac's business?

The pandemic has presented challenges, but Enerpac has seen signs of market recovery and positive distributor activity.

Enerpac Tool Group Corp.

NYSE:EPAC

EPAC Rankings

EPAC Latest News

EPAC Stock Data

2.30B
53.86M
1.01%
103.27%
1.21%
Specialty Industrial Machinery
Misc Industrial & Commercial Machinery & Equipment
Link
United States of America
MENOMONEE FALLS