Core Insights - Enerpac Tool Group Corp. reported net sales of $150 million for the third quarter of fiscal 2024, reflecting a 4% decline year-over-year, primarily due to the divestiture of Cortland Industrial [1][6] - Organic sales increased by 1.2% year-over-year, with service revenue growth of 7.3% and flat product sales [6][8] - The company achieved a gross margin of 51.8%, an increase of 200 basis points year-over-year, driven by pricing actions and a favorable sales mix [7][9] - Operating profit rose by 31% year-over-year to $33.4 million, with an operating margin of 22.2% [8][9] - Adjusted EBITDA was $39.7 million, up 6% year-over-year, with an adjusted EBITDA margin of 26.4%, expanding by 240 basis points [9][10] - The company narrowed its full-year organic revenue growth guidance to 2% to 3% and raised the midpoint of adjusted EBITDA guidance [17] Financial Performance - Net earnings for the third quarter were $22.6 million, or $0.41 per share, compared to $17.0 million, or $0.30 per share, in the prior year [8][9] - Adjusted net earnings were $26 million, or $0.47 per share, compared to $0.39 per share in the previous year [1][8] - Selling, general, and administrative expenses decreased by $7.4 million year-over-year to $43.7 million, reflecting lower transformation program expenses [7][14] Segment Performance - The Industrial Tools & Services (IT&S) segment reported net sales of $145.9 million, a 1.3% increase year-over-year, with organic growth of 1.8% [13][30] - The IT&S segment's operating profit margin improved by 300 basis points to 28.1% [13][30] Cash Flow and Balance Sheet - Net cash provided by operating activities was $30.3 million for the third quarter, up from $17.3 million in the prior year [10][29] - The company reported a cash balance of $132.4 million and a debt balance of $195.7 million as of May 31, 2024 [12][29] - The net debt to adjusted EBITDA ratio improved to 0.5x, down from 1.0x year-over-year [12][16] Outlook - The company projects net sales for fiscal 2024 to be in the range of $585 million to $590 million, considering a $5 million headwind from foreign exchange rates [17] - Free cash flow guidance remains unchanged at $60 million to $70 million [17]

Third Quarter of Fiscal 2024 Continuing Operations Highlights* Third Quarter Fiscal 2024 Consolidated Results Comparisons Operating profit increased 31% year-over-year to $33.4 million, with an operating profit margin of 22.2%, up from 16.3% in the third quarter of fiscal 2023. Adjusted operating profit increased 9% to $37.0 million, with an adjusted operating margin of 24.6%, a 290 basis point expansion over the prior-year period. Net cash provided by operating activities was $30.3 million for the third qu ...

Company Updates - Iteris, Inc. filed for a $150 million mixed securities shelf offering, resulting in a 1.2% decline in shares to $4.0201 during after-hours trading [2] - Stoke Therapeutics, Inc. announced that COO Huw Nash will step down but remain as Chief Business Officer, leading to a 3.6% drop in shares to $14.23 on Friday [2] - Enerpac Tool Group Corp. is expected to report quarterly earnings of 47 cents per share on revenue of $153.20 million, with shares gaining 1.9% to $39.22 in after-hours trading [4] - Singular Genomics Systems, Inc. executed a 1-for-30 reverse stock split, causing shares to fall 9.3% to $0.3180 in after-hours trading [4] - Beyond Air, Inc. is anticipated to report a quarterly loss of $0.48 per share on revenue of $747.20 thousand, with shares increasing by 8.1% to $1.34 in after-hours trading [4] Market Trends - U.S. stock futures are trading slightly higher, indicating potential positive market sentiment [3]

A real-time webcast of the conference call can be accessed via the Investors section of the Company's website here. For those who are unavailable to listen to the live broadcast, a replay will be available shortly after the call for 90 days. MILWAUKEE, June 04, 2024 (GLOBE NEWSWIRE) -- Enerpac Tool Group Corp. (NYSE: EPAC) announced today that it will release its third quarter fiscal 2024 earnings after the market closes on Monday, June 24, 2024. Management will conduct a conference call to discuss the resu ...

Industry Overview - The Zacks Manufacturing-Tools & Related Products industry is expected to benefit from strong demand in industrial and automotive markets, driven by urbanization and investments in product development [1][4] - The industry includes companies that develop and distribute various tools and technologies used across multiple sectors, including industrial, commercial, and healthcare [3] Growth Drivers - Strength in end markets, particularly in machine tools for manufacturing parts, is anticipated to fuel industry growth, despite recent concerns over a slowdown in manufacturing activities [4] - Improvement in supply chain conditions, particularly regarding electronic components, is expected to support growth in 2024, alongside a reduction in raw material costs [5] - Continuous investments in product development and innovation are crucial for maintaining competitiveness and driving long-term growth, although they may lead to leveraged balance sheets [6] Current Performance - The Zacks Manufacturing-Tools & Related Products industry currently holds a Zacks Industry Rank of 65, placing it in the top 26% of over 250 Zacks industries, indicating solid prospects [7][8] - Over the past year, the industry has appreciated by 25.2%, underperforming compared to the sector's growth of 30.2% and the S&P 500's growth of 27.1% [10] Valuation Metrics - The industry is currently trading at a forward P/E ratio of 20.10X, which is slightly below the S&P 500's 20.88X but above the sector's 18.59X [10] - Historical trading ranges for the industry have been between 10.98X and 25.05X over the past five years, with a median of 17.73X [11] Notable Companies - Enerpac Tool Group, with a strong product line and innovation capabilities, is well-positioned for growth, having gained 53.1% in the past year [13][14] - Stanley Black & Decker is expected to benefit from momentum in engineered fastening and cost-reduction efforts, with a 16.6% gain in the past year [14][15] - Lincoln Electric has seen improving orders and strong backlogs, with a 37.7% increase in stock value over the past year [17][19]

Irrespective of market conditions, companies with favorable efficiency levels are more likely to be investors’ choice. The reason is that a company with a favorable efficiency level is expected to offer impressive returns as it is believed to be positively correlated to its price performance.Notably, efficiency ratio is an indication of company’s financial health. It analyzes how efficiently a company uses its assets and liabilities internally.However, at times it becomes difficult to measure the efficiency ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ——————————— FORM 10-Q ———————————— (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended February 29, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File No. 1-11288 ———————————— ENERPAC TOOL GROUP CORP. (Exact name of registrant as specified in its charter) ———————————— Wisconsin 39-0168610 (State ...

EXHIBIT 99.1 Enerpac Tool Group Reports Second Quarter Fiscal 2024 Results and Affirms Full-Year Guidance Second Quarter of Fiscal 2024 Continuing Operations Highlights 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 sales, formerly referred to as c ...

Second Quarter of Fiscal 2024 Continuing Operations Highlights* Net sales were $138 million, a 2% decline year-over-year, due to the disposition of Cortland IndustrialOrganic sales increased 2% year-over-year**Gross margin expanded 200 basis points year-over-year to 51.6%Operating margin was 21.3% and adjusted operating margin was 22.8%Net earnings were $18 million, or $0.33 per share, and adjusted net earnings were $20 million, or $0.36 per shareAdjusted EBITDA was $34 million, an increase of 6% year-over- ...

MILWAUKEE--(BUSINESS WIRE)--Enerpac Tool Group Corp. (NYSE: EPAC) announced today that it will release its second quarter fiscal 2024 earnings after the market closes on Wednesday, March 20, 2024. Management will conduct a conference call to discuss the results on Thursday, March 21, 2024, beginning at 8:30 a.m. ET / 7:30 a.m. CT. A real-time webcast of the conference call can be accessed via the Investors section of the Company’s website here. For those who are unavailable to listen to the live broadcast, ...