Why Enerpac Tool Group Jumped 11% at the Open Today
Shares of Enerpac Tool Group (NYSE: EPAC), which makes precision industrial tools, rose a quick 11% at the open of trading on March 23. The company's fiscal second-quarter 2022 results, released before the market opened, were a key factor here. But so, too, was a promise to enhance shareholder value.
Sales in the fiscal second quarter of 2022 came in at $137 million, up 16% from the same quarter of fiscal 2021. Adjusted earnings per share tallied $0.14, up from $0.06 in the year-ago period. Both the top and bottom lines beat out analyst expectations, something that investors tend to like. Management highlighted that it achieved these results despite logistics and supply chain challenges, with core growth in all of the regions it serves. And while the company remains cautious, given the difficult business backdrop, it is seeing improving demand dynamics in several key business lines. All in, it was a solid report and it is understandable that investors were pleased.
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Source Fool.com
