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Shares of Actuant dropped nearly 9 percent Wednesday after it released fiscal third-quarter results.
The Wisconsin-based industrial company reported adjusted earnings per share of 40 cents, beating a Reuters estimate for 37 cents. Revenue also topped expectations, coming in at $305 million.
That said, Actuant reported weaker-than-expected earnings guidance for the fiscal fourth quarter.
CEO Randal Baker said in a statement that market demand remains sluggish, yet the company is focused on efforts that it can control like, "accelerating commercial effectiveness, improving operational execution and carefully managing costs to enhance shareholder value."
The fiscal third-quarter results came in "modestly" better than expected, Baker also said. "The trends by end market remain largely consistent with prior quarters, with growth in our maintenance-driven Hydratight business as well as European truck being more than offset by upstream oil and gas, agriculture and general industrial weakness."
Actuant's stock is up nearly 3 percent for the year.
ATU 2016 Chart