Hydraulic tools maker Enerpac Tool Group reported its 2020 third quarter financial results on Thursday, which showed major business impacts from COVID-19 and oil & gas volatility.
The Menomonee Falls, WI-based company reported total Q3 sales of $101.9 million, down 42.8 percent year-over-year, with core sales down 38 percent, product sales down 35 percent and service down 47 percent. Impacts of acquisitions and divestitures decreased net sales by an additional 7 percent.
Enerpac took a Q3 net loss of $4.9 million, compared to a net profit of $25.9 million a year earlier.
"The challenging and unprecedented macroeconomic environment caused by the COVID-19 pandemic significantly impacted our third quarter results," said Randy Baker, Enerpac president and CEO. "Consistent with sharp declines in order rates reported by other industrial companies in April, we saw order rate declines of 30-40 percent starting in late March through May. However, we remained focused on keeping our employees safe, serving our customers and preserving our ability to execute our strategy."
Enerpac noted that along with COVID-19 business impacts, its Q3 results were exacerbated by the oil & gas pricing shock.
Enerpac Tool Group manufactures high-pressure hydraulic tools, controlled force products and solutions for precise positioning of heavy loads.