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Enerpac Tool Group Corp (EPAC) delivers mission-critical hydraulic tools and precision lifting solutions for industrial sectors worldwide. This dedicated news hub provides investors and professionals with timely updates on corporate developments, product innovations, and market positioning.
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Enerpac Tool Group Corp. (NYSE: EPAC) has announced a cash dividend on its Class A common stock. The annual dividend of $0.04 per common share will be paid on October 18, 2024 to shareholders of record as of the close of business on October 7, 2024. This announcement demonstrates the company's commitment to returning value to shareholders, albeit with a relatively modest dividend yield. The declaration of a dividend can be seen as a positive signal of the company's financial health and confidence in its future prospects.
Enerpac Tool Group (NYSE:EPAC) announced the appointment of Eric Chack as Executive Vice President (EVP) of Operations, effective July 22, 2024.
Chack will oversee all aspects of the company's global operations, including manufacturing, procurement, logistics, and quality. He will report directly to Paul Sternlieb, President and CEO, and will join the executive leadership team.
Chack brings extensive experience from his previous roles at Mohawk Industries, Briggs & Stratton, SPX , and IDEX , and has served as an Infantry Officer in the US Marine Corps.
Sternlieb highlighted Chack's strategic leadership and operational expertise, while Chack expressed enthusiasm for driving competitive advantage through operational excellence and efficiency.
Enerpac Tool Group reported its fiscal third quarter results for 2024, revealing net sales of $150.4 million, a 3.8% decline from the previous year due to the disposition of Cortland Industrial. Despite this, organic sales increased by 1.2%. The company achieved a 200 basis point gross margin expansion to 51.8%, driven by favorable pricing actions and sales mix.
Operating profit rose 31% year-over-year to $33.4 million, with an adjusted operating profit of $37.0 million, up 9%. Net earnings were $22.6 million, or $0.41 per share, and adjusted net earnings were $26 million, or $0.47 per share. Adjusted EBITDA increased by 6% to $40 million, with a margin expansion of 240 basis points to 26.4%.
The company narrowed its full-year organic revenue growth forecast to 2% to 3%, adjusting EBITDA guidance upwards due to better-than-expected margin performance. Free cash flow guidance remains at $60 million to $70 million. Key strategic initiatives and operational efficiencies are driving these positive results.
Enerpac Tool Group (NYSE: EPAC) will release its third quarter fiscal 2024 earnings after the market closes on Monday, June 24, 2024. The company will hold a conference call to discuss the results on Tuesday, June 25, 2024, at 8:30 a.m. ET / 7:30 a.m. CT. A live webcast of the conference call will be available in the Investors section of the company's website, with a replay accessible for 90 days. Enerpac, a leader in industrial tools and solutions, serves customers in over 100 countries and specializes in high-pressure hydraulic tools and solutions for positioning heavy loads. Founded in 1910, Enerpac is headquartered in Menomonee Falls, Wisconsin.
Enerpac Tool Group (NYSE: EPAC) announced the release of its third quarter fiscal 2024 earnings on June 24, 2024, after the market closes. A conference call to discuss the results will be held on June 25, 2024, at 8:30 a.m. ET / 7:30 a.m. CT, accessible via a real-time webcast on the company's website.
A replay of the call will be available for 90 days post-broadcast. Enerpac Tool Group, a leading provider of industrial tools and services, serves customers in over 100 countries with a focus on high-pressure hydraulic tools and load positioning solutions. The company's stock trades on the NYSE under the symbol EPAC.
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