(RTTNews) - While reporting financial results for the fourth quarter and fiscal 2019 on Thursday, Actuant Corp. (ATU) initiated adjusted earnings and sales outlook for the full-year 2020. The company also provided guidance for the first quarter of fiscal 2020.
For fiscal 2020, the company now expects earnings from continuing operations in a range of $0.68 to $0.81 per share on annual net sales between $575 million and $600 million.
On average, analysts polled by Thomson Reuters expect the company to report earnings of $0.93 per share on sales of $682.08 million for the year. Analysts' estimates typically exclude special items.
For the first quarter of fiscal 2020, the company projects adjusted earnings in the range of $0.08 to $0.12 per share on quarterly net sales between $135 million and $144 million. The Street is looking for earnings of $0.16 per share on sales of $164.30 million for the quarter.
Looking ahead to fiscal 2020, the company said it will continue to focus on its growth initiatives, building on its premier Enerpac brand. It will also continue taking strategic actions to exit low margin product lines, and have already completed one small product line divestiture in fiscal 2020 and expect to complete another by the end of the first quarter. The company expects these actions will provide significant improvement to its bottom line.
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