Enerpac Tool Group fiscal year sales up 5%

Enerpac Tool Group fiscall year sales up 5%

Enerpac Tool Group reported fiscal 2023 net sales of $598 million, a 5% increase, with core sales growth of 8%.

“We are extremely pleased with Enerpac’s performance in fiscal 2023,” said Paul Sternlieb, Enerpac Tool Group’s President & CEO. “We generated revenue and free cash flow at the high end of our guidance range, while adjusted EBITDA well outpaced our expectations. We were equally pleased with the benefit of our ASCEND transformation program. In fiscal 2023, the first full year of the program, we achieved our targeted adjusted EBITDA benefits a year ahead of plan and remain on track to attain our 25% adjusted EBITDA margin target by fiscal 2025. Through permanent change across the organization, we are making Enerpac more efficient, more productive, and easier to do business with.”

“We continue to invest in our growth strategy, including expansion in targeted vertical markets, digital transformation, customer-driven innovation, and expansion in Asia Pacific,” continued Sternlieb. “At the same time, we have returned $58 million in capital through our share repurchase program, while reducing our balance sheet leverage.”

Fiscal 2023 Continuing Operations Highlights:

Net sales of $598 million, a 5% increase, with core sales growth of 8%. **

Operating margin was 14.0% and adjusted operating margin was 20.5%.

Net earnings were $54 million, or $0.94 per diluted share.

Adjusted EBITDA was $136 million, an increase of 65% year over year. Adjusted EBITDA margin was 22.8%, an increase of 830 basis points year over year.

Generated operating cash flow of $78 million and free cash flow of $70 million, an increase of 57% year over year.

Returned $58 million to shareholders through repurchase of 2.2 million shares.

Fourth Quarter of Fiscal 2023 Continuing Operations Highlights*

Net sales of $598 million, a 5% increase, with core sales growth of 8%. **
Operating margin was 14.0% and adjusted operating margin was 20.5%.
Net earnings were $54 million, or $0.94 per diluted share.
Adjusted EBITDA was $136 million, an increase of 65% year over year. Adjusted EBITDA margin was 22.8%, an increase of 830 basis points year over year.
Generated operating cash flow of $78 million and free cash flow of $70 million, an increase of 57% year over year.
Returned $58 million to shareholders through repurchase of 2.2 million shares.

*This press release contains financial measures in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”) in addition to non-GAAP financial measures. Reconciliations of the non-GAAP financial measures to the comparable GAAP measures are presented in the tables accompanying this release.

**Core growth represents revenue growth excluding the impact of foreign exchange rates, acquisitions, and divestitures. A reconciliation of core sales to the comparable net sales are presented in the tables accompanying this release.

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Enerpac Tool Group fiscall year sales up 5%

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