Enerpac Tool Group Reports Second Quarter Fiscal 2021 Results and Provides Outlook for Remainder of Fiscal Year

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03/24/2021 - 08:30 AM

Enerpac Tool Group Corp. (NYSE: EPAC) (the “Company”) today announced results for its fiscal second quarter ended February 28, 2021.

“Our second quarter showed a number of encouraging signs in the face of a market that continues to be affected by the COVID-19 pandemic,” said Randy Baker, Enerpac Tool Group’s President and CEO. “As anticipated, we saw a sequential sales increase despite the seasonal decrease we typically see in the second quarter. I am encouraged by the positive sentiment among our distributors with some modest improvement in stocking activity in the quarter along with the overall improving level of project activity we are experiencing. Collectively, these serve as clear indicators of the ongoing market recovery.”

Mr. Baker added, “As we have progressed through the pandemic we have kept a long-term view of our business and remained focused on our key strategic initiatives, including investing in new product development, managing our acquisition pipeline, driving greater levels of dealer and customer engagement, and building a culture of inclusion and acceptance for our employees. At the same time, we have been disciplined in our response to shorter term challenges and we have maintained our strong balance sheet, paying down $45 million in debt in the quarter with leverage well within our preferred range. As we move forward and enter a post-COVID world, we believe we are well-positioned to capitalize on growth and increase both profitability and shareholder returns as we pursue our long-term vision as a pure play industrial tool company.”

Consolidated Results from Continuing Operations

(US$ in millions, except per share)

Three Months Ended

Six Months Ended