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Enerpac Tool Group Corp. (NYSE: EPAC) is a leading manufacturer and provider of industrial products and solutions with a global footprint. Founded in 1910 and headquartered in Menomonee Falls, Wisconsin, the company operates in two primary segments: Industrial Tools & Services (IT&S) and Other.
The IT&S segment designs, manufactures, and distributes branded hydraulic and mechanical tools. It provides services and tool rentals to a variety of markets including industrial, maintenance, infrastructure, oil and gas, and energy. Key offerings in this segment include high-force hydraulic and mechanical tools, such as cylinders, pumps, valves, and specialty tools. The segment is also known for its engineered heavy lifting technology solutions and hydraulic torque wrenches, marketed primarily under the Enerpac, Hydratight, Larzep, and Simplex brands.
The Other segment focuses on the design and manufacture of synthetic ropes and biomedical assemblies, showcasing the company's diverse product portfolio.
Enerpac Tool Group’s comprehensive range of products and solutions make complex, often hazardous jobs possible in a safe and efficient manner. The company’s offerings are crucial for precise heavy lifting and controlled-force applications. With operations extending across the United States, Asia, Australia, Europe, and the Middle East, the U.S. market remains the largest revenue contributor.
In recent developments, Enerpac Tool Group has reported its Second Quarter Fiscal 2024 Consolidated Results, reflecting its ongoing commitment to delivering high-quality industrial tools and services. The company continues to innovate and expand its product lines to meet the evolving needs of its broad and diverse customer base.
Enerpac Tool Group reported its fiscal third quarter results for 2024, revealing net sales of $150.4 million, a 3.8% decline from the previous year due to the disposition of Cortland Industrial. Despite this, organic sales increased by 1.2%. The company achieved a 200 basis point gross margin expansion to 51.8%, driven by favorable pricing actions and sales mix.
Operating profit rose 31% year-over-year to $33.4 million, with an adjusted operating profit of $37.0 million, up 9%. Net earnings were $22.6 million, or $0.41 per share, and adjusted net earnings were $26 million, or $0.47 per share. Adjusted EBITDA increased by 6% to $40 million, with a margin expansion of 240 basis points to 26.4%.
The company narrowed its full-year organic revenue growth forecast to 2% to 3%, adjusting EBITDA guidance upwards due to better-than-expected margin performance. Free cash flow guidance remains at $60 million to $70 million. Key strategic initiatives and operational efficiencies are driving these positive results.
Enerpac Tool Group (NYSE: EPAC) will release its third quarter fiscal 2024 earnings after the market closes on Monday, June 24, 2024. The company will hold a conference call to discuss the results on Tuesday, June 25, 2024, at 8:30 a.m. ET / 7:30 a.m. CT. A live webcast of the conference call will be available in the Investors section of the company's website, with a replay accessible for 90 days. Enerpac, a leader in industrial tools and solutions, serves customers in over 100 countries and specializes in high-pressure hydraulic tools and solutions for positioning heavy loads. Founded in 1910, Enerpac is headquartered in Menomonee Falls, Wisconsin.
Enerpac Tool Group (NYSE: EPAC) announced the release of its third quarter fiscal 2024 earnings on June 24, 2024, after the market closes. A conference call to discuss the results will be held on June 25, 2024, at 8:30 a.m. ET / 7:30 a.m. CT, accessible via a real-time webcast on the company's website.
A replay of the call will be available for 90 days post-broadcast. Enerpac Tool Group, a leading provider of industrial tools and services, serves customers in over 100 countries with a focus on high-pressure hydraulic tools and load positioning solutions. The company's stock trades on the NYSE under the symbol EPAC.
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