MILWAUKEE (AP) -- Actuant Corp.'s third-quarter profit slipped 6 percent, stung by weakness in Europe and China. But its adjusted results beat Wall Street's expectations and revenue rose.
The industrial products maker raised the low end of its fiscal 2012 earnings outlook on Wednesday and trimmed the high end of its revenue guidance. Its shares fell more than 5 percent in premarket trading.
Actuant said its net income fell to $34.4 million, or 45 cents per share, for the three months ended May 31, down from $36.4 million, or 49 cents per share, a year ago.
Removing debt refinancing charges, earnings from continuing operations were 60 cents per share.
Analysts forecast earnings of 59 cents per share, according to a FactSet survey. They typically exclude one-time items from their estimates.
Revenue rose 9 percent to $429.2 million from $392.8 million, benefiting from acquisitions and higher sales across its business segments. Wall Street expected $429 million.
Actuant predicts fiscal 2012 earnings of $2.03 to $2.08 per share, with revenue in range of $1.6 billion to $1.61 billion. The company previously forecast earnings of $1.98 to $2.08 per share on revenue of $1.6 billion to $1.63 billion.
Analysts expect earnings of $2.08 per share on revenue of $1.62 billion.
The Menomonee Falls, Wis. company anticipates fiscal 2013 earnings of $2.15 to $2.30 per share on revenue between $1.67 billion and $1.7 billion. Wall Street predicts earnings of $2.29 per share on revenue of $1.71 billion.
Its shares fell $1.45, or 5.3 percent, to $26 in premarket trading. They are down 13 percent from their 52-wek high $29.97 set in late March.
