Actuant issues fiscal 1Q outlook below Street

Diversified industrial product maker issues fiscal 1st-qtr outlook below Street estimate

• On 9:22 am EDT, Wednesday September 30, 2009

CLEVELAND (AP) -- Actuant Corp., which makes industrial tools and products, on Wednesday said it expects earnings in its fiscal first quarter of 2010 to miss Wall Street expectations.

The company said it expects earnings per share of 12 cents to 17 cents for the three months ending in November.

Analysts polled by Thomson Reuters expect 22 cents per share.

Actuant also said it expects sales for the quarter of $280 million to $300 million. Wall Street expects $310.6 million.

"While the rate of change in sales has stabilized in most of our end markets, we still have difficult year-over-year comparisons ahead of us, most pronounced in the first two fiscal quarters of 2010," CEO Robert C. Arzbaecher said.

Actuant also reported its fiscal fourth-quarter profit fell 52 percent as falling sales offset lower costs for the industrial products maker.

In premarket trading, shares fell 76 cents, or 5 percent, to $14.41.