The following is a summary of the Enerpac Tool Group Corp. (EPAC) Q2 2024 Earnings Call Transcript:
Financial Performance:
Enerpac Tool Group reported Q2 organic sales growth in Industrial Tools & Services (IT&S) segment of 3%, and a half fiscal organic revenue growth of 4%.
Company's net sales reported a decline of 2.5% year-on-year, due to the sale of Cortland Industrial.
Despite a 25% decline at Cortland Biomedical, operating efficiency and SG&A productivity gains led to a year-over-year increase in adjusted EBITDA of 6.4%.
EBITDA margins improved from 22.7% to 24.8% due to improvements in operating efficiency.
There was a $0.33 report in diluted earnings per share for Q2 2024.
There was a reduction in net debt from the previous quarter, total liquidity summed up to $500 million.
Business Progress:
Enerpac saw growth in the Americas and EMEA but minor decline in Asia-Pacific.
The company launched new product innovations including battery-powered portable pumps and a 100-ton hydraulic lock-grip puller for railcar maintenance.
The ECX program was initiated in Americas with the objective to augment commercial effectiveness and fuel growth in sales.
The company has announced plans for headquarters relocation to downtown Milwaukee by early 2025.
More details: Enerpac Tool IR
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