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What’s happening with ATU?

The entire morning today I was reading about Actuant Corporation which has improved earnings and sales, beat expectations but I was baffled why the stock slumped today by almost 6%. I couldn’t find why; what is behind such behavior.

Well, here is why:

Actuant Sees Second Quarter Earnings Below Estimates; but Raises 2011 Guidance

Actuant Corp. said it expects second quarter earnings of $0.25 to $0.30 per share on revenue of $325.0 million to $335.0 million. The current consensus earnings estimate is $0.31 per share on revenue of $302.6 million for the quarter ending February 28, 2011. The company also said it now expects 2011 earnings of $1.45 to $1.60 per share on revenue of $1.38 billion to $1.43 billion. The company’s previous guidance was earnings of $1.30 to $1.45 per share on revenue of $1.225 billion to $1.275 billion and the current consensus earnings estimate is $1.42 per share on revenue of $1.28 billion for the year ending August 31, 2011.

Source: Trading Markets.com.

However, I believe, Actuant still has a great outlook so I am holding my position for now.





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