Restructuring activities continued with $3.1 million of pre-tax charges ($0.03 per share) incurred in the fourth quarter related to facility consolidations, structural changes and staffing reductions. Divested Sanlo, a $10 million product line in the Engineered Solutions segment, to simplify the portfolio. he has a good pointStrong fourth quarter GAAP cash flow from operating activities of $43 million, bringing the full year to $118 million. Introduced fiscal 2017 full year sales and EPS guidance of $1.075-1.125 billion and $1.00-1.20, respectively, excluding restructuring charges. Randy Baker, President and CEO of Actuant, commented, Fourth quarter sales and adjusted operating results were in line with our expectations. her comment is hereEnd user demand across our diverse industrial markets appears to be stable at near trough levels. As anticipated, the fourth quarter core sales rate of change was weaker than the third quarter due to further customer destocking within Engineered Solutions and the conclusion of certain large projects within Energy. Margins continued to be adversely impacted by reduced sales volumes, unfavorable business mix and lower production and absorption levels. The pace of restructuring actions remains on track and we have been accelerating lean manufacturing efforts within the businesses to drive additional savings. Our recent acquisitions contributed nicely to the quarters financial results. We were especially pleased with the strong fourth quarter cash flow driving our 16th consecutive year of free cash flow conversion of net earnings in excess of 100%, which provides the capital for future growth investments.
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When individual funds get too big, or when they get stale, or when they get lazy to be honest the money will flow away from them, Man Group CEO Luke Ellis said in a Bloomberg Television interview. Richard Perry said on Monday that he is shuttering his flagship hedge fund after years of losses, falling assets and turnover of senior executives. Low returns and high fees are causing pension managers and other investors to shift allocations away from hedge funds to lower-cost smart beta products and exchange-traded funds. More from Bloomberg.com: OPEC Agrees to First Oil Output Cut in Eight Years There will be other people like Perry who have run funds for 20 years, who have made a lot of money and theyre sitting there thinking its hard work, the returns are not as sexy as they used to be, Ellis said. Any form of active management this year has been incredibly hard work because the flow of money into passive investments is creating headwinds to stock selection. Ellis stills sees opportunities in stocks aside from banks because their values have been beaten up repeatedly, he said. Ellis wouldnt buy discretionary macro today nor would he in future because computer trading has taken that strategys opportunity away. Thats made outperforming the market more difficult for traders. More from Bloomberg.com: California Suspends Business Relationships With Wells Fargo “In a world of these very low rates, the reality is you start the year somewhat in the hole, so people have found it difficult to take the right amount of risk, he said. You need to be very tolerant of swings in P&L, otherwise you really cant make any money in this environment. More from Bloomberg.com
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