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Enerpac Tool Group Corp. (EPAC+1.63%) has submitted its 10-Q filing for the quarterly period ended November 30, 2024.
The filing reports net sales of $145 million, an increase from $142 million in the same quarter of the previous year. The increase is attributed to the acquisition of DTA, which contributed $3 million to sales.
Operating profit for the quarter was $31 million, up from $29 million in the previous year. The increase is mainly due to a reduction in selling, general, and administrative expenses.
Net earnings from continuing operations were reported at $21.7 million, compared to $18.3 million in the previous year. Earnings per share from continuing operations were $0.40, up from $0.33.
The company reported cash and cash equivalents of $130.7 million as of November 30, 2024, down from $167.1 million at the end of the previous fiscal year.
Enerpac completed the ASCEND transformation program as of August 31, 2024, having invested approximately $75 million over the life of the program.
The company acquired DTA The Smart Move, S.A., a leader in industrial heavy loads transportation, for an initial purchase price of $27.2 million.
The IT&S segment reported net sales of $140 million, a 2% increase from the previous year, with operating profit increasing to $38 million from $36 million.
Corporate expenses decreased to $8 million from $9 million, driven by lower ASCEND transformation program charges.
The effective tax rate for the quarter was 22.1%, compared to 23.6% in the previous year, attributed to favorable tax impacts of stock compensation.
Enerpac's senior credit facility remains at $600 million, with $399 million available under the revolving line of credit as of November 30, 2024.
The company repurchased 109,860 shares for $4.4 million during the quarter, with 2,607,189 shares remaining under the current repurchase program.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Enerpac Tool Group Corp. quarterly 10-Q report dated December 20, 2024. To report an error, please email earnings@qz.com.