By Colin Kellaher
Enerpac Tool Group shares rose sharply and hit a new 52-week high Tuesday after the diversified industrial company posted improved quarterly results and forecast a rise in core sales for its current fiscal year.
Shares of the Menomonee Falls, Wis., company were recently changing hands at $29.43, up 13%, after touching a 52-week high of $29.70 earlier in the session.
After Monday’s closing bell, Enerpac reported adjusted earnings of 42 cents a share for its fiscal fourth quarter ended Aug. 31, up from 35 cents a share a year earlier.
Sales rose 6% to $161 million.
Enerpac said it expects fiscal 2024 sales of $590 million to $605 million, with core sales growth of 2% to 4%, compared with sales of $598.2 million in fiscal 2023.
Write to Colin Kellaher at [email protected]
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