Enerpac Tool Group Files Q1 2024 10-Q

Ticker: EPAC · Form: 10-Q · Filed: Jun 25, 2024 · CIK: 6955

Sentiment: neutral

Topics: 10-Q, quarterly-report, sec-filing

Related Tickers: EPAC

TL;DR

EPAC filed its 10-Q for May 31, 2024. All good on filings.

AI Summary

Enerpac Tool Group Corp. filed its quarterly report for the period ended May 31, 2024. The company is registered in Wisconsin and its Class A common stock trades under the ticker EPAC on the NYSE. It has met all filing requirements for the preceding 12 months and submitted all Interactive Data Files.

Why It Matters

This filing provides investors with an update on Enerpac Tool Group's financial performance and operational status for the most recent quarter.

Risk Assessment

Risk Level: low — This is a routine quarterly filing and does not contain any immediately apparent negative news or significant changes.

Key Players & Entities

FAQ

What is the primary purpose of this Form 10-Q filing?

The Form 10-Q is a quarterly report filed by Enerpac Tool Group Corp. pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended May 31, 2024.

What is the ticker symbol for Enerpac Tool Group Corp.'s Class A common stock?

The ticker symbol for Enerpac Tool Group Corp.'s Class A common stock is EPAC.

On which exchange is Enerpac Tool Group Corp.'s Class A common stock traded?

Enerpac Tool Group Corp.'s Class A common stock is traded on the NYSE.

Has Enerpac Tool Group Corp. filed all required reports for the preceding 12 months?

Yes, the filing indicates that Enerpac Tool Group Corp. has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months.

Has Enerpac Tool Group Corp. submitted all required Interactive Data Files?

Yes, the filing indicates that Enerpac Tool Group Corp. has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months.

Filing Stats: 4,542 words · 18 min read · ~15 pages · Grade level 17.3 · Accepted 2024-06-25 16:47:09

Key Financial Figures

Filing Documents

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 19

—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 May 31, Nine Months Ended May 31, 2024 2023 2024 2023 Net sales $ 150,389 $ 156,253 $ 430,796 $ 437,595 Cost of products sold 72,506 78,395 207,188 221,464 Gross profit 77,883 77,858 223,608 216,131 Selling, general and administrative expenses 42,101 48,810 125,041 154,116 Amortization of intangible assets 824 1,357 2,480 4,075 Restructuring charges 1,595 2,252 4,393 6,220 Impairment & divestiture charges — — 147 — Operating profit 33,363 25,439 91,547 51,720 Financing costs, net 3,385 3,250 10,793 9,170 Other expense, net 544 525 2,079 1,948 Earnings before income tax expense 29,434 21,664 78,675 40,602 Income tax expense 6,813 4,688 19,877 10,058 Net earnings from continuing operations 22,621 16,976 58,798 30,544 Earnings (loss) from discontinued operations, net of income taxes 3,157 ( 4,596 ) 2,535 ( 6,214 ) Net earnings $ 25,778 $ 12,380 $ 61,333 $ 24,330 Earnings per share from continuing operations Basic $ 0.42 $ 0.30 $ 1.08 $ 0.54 Diluted $ 0.41 $ 0.30 $ 1.07 $ 0.53 Earnings (loss) per share from discontinued operations Basic $ 0.06 $ ( 0.08 ) $ 0.05 $ ( 0.11 ) Diluted $ 0.06 $ ( 0.08 ) $ 0.05 $ ( 0.11 ) Earnings per share* Basic $ 0.47 $ 0.22 $ 1.13 $ 0.43 Diluted $ 0.47 $ 0.22 $ 1.12 $ 0.42 Weighted average common shares outstanding Basic 54,292 57,052 54,344 56,993 Diluted 54,826 57,432 54,840 57,417 *The total of Earnings per share from continuing operations and Earnings (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 May 31, Nine Months Ended May 31, 2024 2023 20

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