Enerpac Tool Group Corp. Files 10-Q for Period Ending February 29, 2024

TL;DR

<b>Enerpac Tool Group Corp. filed its Q2 2024 10-Q report, detailing financial performance and corporate information.</b>

AI Summary

ENERPAC TOOL GROUP CORP (EPAC) filed a Quarterly Report (10-Q) with the SEC on March 22, 2024. Enerpac Tool Group Corp. filed a 10-Q report for the period ending February 29, 2024. The filing covers the second quarter of fiscal year 2024. The company's fiscal year ends on August 31st. Enerpac Tool Group Corp. was formerly known as Actuant Corp. The company is incorporated in Wisconsin.

Why It Matters

For investors and stakeholders tracking ENERPAC TOOL GROUP CORP, this filing contains several important signals. This filing provides investors with the latest financial snapshot of Enerpac Tool Group Corp., crucial for understanding its current performance and making informed investment decisions. The 10-Q report contains detailed financial statements and management's discussion and analysis, offering insights into the company's operational health and strategic direction.

Risk Assessment

Risk Level: low — ENERPAC TOOL GROUP CORP shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain any immediate red flags or significant new information that would suggest a high-risk profile.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to assess Enerpac Tool Group Corp.'s performance and outlook.

Financial Highlights

revenue

54,253,540

total Assets

83,760,798

eps

0.20

revenue Growth

0.2

Key Numbers

• 2024-02-29 — Period of Report (CONFORMED PERIOD OF REPORT)
• 2024-03-22 — Filed As Of Date (FILED AS OF DATE)
• 0831 — Fiscal Year End (FISCAL YEAR END)
• 262-293-1697 — Business Phone (BUSINESS PHONE)

Key Players & Entities

• ENERPAC TOOL GROUP CORP (company) — FILER
• 0000006955 (company) — CENTRAL INDEX KEY
• 3590 (company) — STANDARD INDUSTRIAL CLASSIFICATION
• WI (company) — STATE OF INCORPORATION
• ACTUANT CORP (company) — FORMER COMPANY
• APPLIED POWER INC (company) — FORMER COMPANY
• APPLIED POWER INDUSTRIES INC (company) — FORMER COMPANY
• MENOMONEE FALLS (company) — CITY

FAQ

Industry Context

Enerpac Tool Group Corp. operates in the industrial machinery and equipment sector, providing specialized tools and services.

Regulatory Implications

The filing is a standard 10-Q, adhering to SEC regulations for quarterly financial reporting by public companies.

What Investors Should Do

1. Analyze the revenue figures and EPS for the reported quarter.
2. Examine the balance sheet for assets and debt levels.
3. Review any disclosures regarding restructuring plans or operational changes.

Key Dates

• 2024-02-29: Period End Date — End of the reporting quarter for the 10-Q filing.
• 2024-03-22: Filing Date — Date the 10-Q report was officially filed with the SEC.
• 2024-08-31: Fiscal Year End — Indicates the end of the company's annual fiscal cycle.

Year-Over-Year Comparison

This is the first 10-Q filing for the period ending February 29, 2024, so a direct comparison to a prior period's 10-Q is not applicable within this filing's scope.

Key Financial Figures

• $0.20 — which registered Class A common stock, $0.20 par value per share EPAC NYSE Indicat

Filing Documents

• epac-20240229.htm (10-Q) — 1098KB
• epac-2292024exhibit311.htm (EX-31.1) — 10KB
• epac-2292024exhibit312.htm (EX-31.2) — 10KB
• epac-2292024exhibit321.htm (EX-32.1) — 4KB
• epac-2292024exhibit322.htm (EX-32.2) — 4KB
• 0000006955-24-000037.txt (&nbsp;) — 7482KB
• epac-20240229.xsd (EX-101.SCH) — 53KB
• epac-20240229_cal.xml (EX-101.CAL) — 69KB
• epac-20240229_def.xml (EX-101.DEF) — 290KB
• epac-20240229_lab.xml (EX-101.LAB) — 572KB
• epac-20240229_pre.xml (EX-101.PRE) — 467KB
• epac-20240229_htm.xml (XML) — 1244KB

Forward-Looking Statements and Cautionary Factors

Forward-Looking Statements and Cautionary Factors 1

—Financial Information

Part I—Financial Information

—Condensed Consolidated Financial Statements (Unaudited)

Item 1—Condensed Consolidated Financial Statements (Unaudited) Condensed Consolidated Statements of Earnings 3 Condensed Consolidated Statements of Comprehensive Income 4 Condensed Consolidated Balance Sheets 5 Condensed Consolidated Statements of Cash Flows 6 Notes to the Condensed Consolidated Financial Statements 7

—Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2—Management's Discussion and Analysis of Financial Condition and Results of Operations 18

—Quantitative and Qualitative Disclosures about Market Risk

Item 3—Quantitative and Qualitative Disclosures about Market Risk 23

—Controls and Procedures

Item 4—Controls and Procedures 24

—Other Information

Part II—Other Information

—Unregistered Sales of Equity Securities and Use of Proceeds

Item 2—Unregistered Sales of Equity Securities and Use of Proceeds 25

— Other Information

Item 5 — Other Information 25

FORWARD-LOOKING STATEMENTS AND CAUTIONARY FACTORS

FORWARD-LOOKING STATEMENTS AND CAUTIONARY FACTORS This quarterly report on Form 10-Q contains certain statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. Such forward-looking statements include statements regarding expected financial results and other planned events, including, but not limited to, anticipated liquidity, anticipated restructuring costs and related savings, anticipated future charges and anticipated capital expenditures. The terms "may," "should," "could," "anticipate," "believe," "estimate," "expect," "objective," "plan," "project" and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual future events or results may differ materially from these statements. We disclaim any obligation to publicly update or revise any forward-looking statements as a result of new information, future events or any other reason. The following is a list of factors, among others, that could cause actual results to differ materially from the forward-looking statements: supply chain issues, including shortages of adequate component supply that increase our costs or cause delays in our ability to fulfill orders; failure to estimate customer demand properly may result or could have an adverse impact on our business and operating results and our relationship with customers; the deterioration of, or instability in, the domestic and international economy and/or in our various end markets, including as a result of geopolitical activity, including the invasion of Ukraine by Russia and international sanctions imposed in response thereto, the armed conflict involving Hamas and Israel, and the attacks on commercial ships in the Red Sea; decreased demand from customers in the oil &

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

—Financial Statements

Item 1—Financial Statements ENERPAC TOOL GROUP CORP. CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (In thousands, except per share amounts) (Unaudited) Three Months Ended Six Months Ended February 29, 2024 February 28, 2023 February 29, 2024 February 28, 2023 Net sales $ 138,437 $ 141,960 $ 280,406 $ 281,342 Cost of products sold 66,962 71,593 134,681 143,069 Gross profit 71,475 70,367 145,725 138,273 Selling, general and administrative expenses 40,723 52,059 82,938 105,306 Amortization of intangible assets 833 1,349 1,657 2,717 Restructuring charges 398 2,987 2,799 3,969 Impairment & divestiture charges — — 147 — Operating profit 29,521 13,972 58,184 26,281 Financing costs, net 3,711 3,105 7,408 5,920 Other expense, net 543 721 1,535 1,423 Earnings before income tax expense 25,267 10,146 49,241 18,938 Income tax expense 7,396 2,988 13,064 5,370 Net earnings from continuing operations 17,871 7,158 36,177 13,568 Loss from discontinued operations, net of income taxes ( 54 ) ( 2,661 ) ( 622 ) ( 1,618 ) Net earnings $ 17,817 $ 4,497 $ 35,555 $ 11,950 Earnings per share from continuing operations Basic $ 0.33 $ 0.13 $ 0.67 $ 0.24 Diluted $ 0.33 $ 0.12 $ 0.66 $ 0.24 Loss per share from discontinued operations Basic $ ( 0.00 ) $ ( 0.05 ) $ ( 0.01 ) $ ( 0.03 ) Diluted $ ( 0.00 ) $ ( 0.05 ) $ ( 0.01 ) $ ( 0.03 ) Earnings per share* Basic $ 0.33 $ 0.08 $ 0.65 $ 0.21 Diluted $ 0.33 $ 0.08 $ 0.65 $ 0.21 Weighted average common shares outstanding Basic 54,213 57,042 54,370 56,964 Diluted 54,685 57,500 54,846 57,409 *The total of Earnings per share from continuing operations and Loss per share from discontinued operations may not equal Earnings per share due to rounding. The accompanying notes are an integral part of these condensed consolidated financial statements. 3 ENERPAC TOOL GROUP CORP. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In thousands) (Unaudited) Three Months Ended Six Months Ended February 29, 20

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View this 10-Q filing on SEC EDGAR