Actuant reports 3Q net loss of $17.6M - The Business Journal of Milwaukee:

iwyqaxewun.wordpress.com
million, or 31 cents per share. Results were reducef by a non-cash asset impairment charge of $31.7 million to reflect a writedownm on the value of its electrical which is being hurt by a sinking boat The Butler-based manufacturer of branded hydraulic and electrical tooles and motion control systems said the chargwe reduced earnings per share by 39 cents per share. Without the impairment, and restructuring charges of $12.21 million, or 12 cents a share, earnings wouldx have been 20 centsper share. Analystw polled by Thomson First Call expecteed 10 centsa share, on average. Actuant's stocko price was up $1.28, or 9.7 at $14.48 in afternoon trading Wednesday.
Results comparefd with net incomeof $38.6 million, or 60 cent s per share, for the same period a year ago. Salesa dropped 35 percent to $290.4 millionm from $444.7 million. Actuant (NYSE: ATU) reduced its employee headcount by 7 percent in the quarter and by 21 percent for the fiscal year to date in responses to the slowdown in Further costs cuts are expected to be made in the fiscaklfourth quarter, reducing the quarter's pre-tax earningxs by about $5 million, said chairman and CEO Robert Arzbaecher. The company is now projectinb fourth-quarter earnings of 12 to 20 centswper share, excluding impairment and restructuring charges, on sale s of $275 million to $295 million.
That would push full-yeard earnings to 87 to 95 cents a share on salesof $1.245 billiojn to $1.265 billion.