NEW YORK (AP) -- Actuant moved to a loss in its fiscal third quarter, pulled down by debt refinancing costs and a large charge related to a write-down.
But the industrial products company reported adjusted results and revenue that topped Wall Street's expectations, and shares climbed in premarket trading on Wednesday.
Actuant Corp., which announced plans to sell its electrical unit earlier this month, posted a net loss of $93 million, or $1.24 per share, for the three months ended May 31. That compares with a profit of $34.4 million, or 45 cents per share, a year earlier.
The current quarter included debt refinancing costs of 15 cents per share and a $2 per share charge from a write-down related to the electrical unit.
Actuant said earlier this month that it plans to sell its electrical division so that it can better focus on other units. The electrical division sells products under the Gardner Bender, Marinco, Mastervolt, Acme and Turner Electric brands. It had 2012 sales of about $325 million. The company expects to complete the sale during fiscal 2014.
Excluding those items, earnings from continuing operations climbed to 62 cents per share, from 51 cents per share.
Analysts, on average, expected adjusted earnings of 60 cents per share, according to FactSet.
Actuant's stock gained 62 cents to $33.70 before the market open.
Revenue for the Menomonee Falls, Wis. company rose slightly to $344.2 million from $343.3 million. Wall Street was looking for $343.8 million in revenue.
Actuant foresees fiscal 2013 earnings of $1.85 to $1.90 per share, on revenue between $1.28 billion and $1.29 billion.
Analysts predict earnings of $2.01 per share on revenue of $1.31 billion, on average.
For fiscal 2014, Actuant anticipates earnings from continuing operations in a range of $1.95 to $2.05 per share on revenue between $1.32 billion and $1.34 billion.
Wall Street expects earnings of $2.18 per share on revenue of $1.35 billion.
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