News Classic

Several aspects of the Social Security program are revised each year to keep payments aligned with inflation and wages. Given that the Social Security Administration says that for about half of U.S. retirees, those benefits provide at least half their retirement income, it is imperative that retirees (and workers nearing retirement) understand those changes. Unfortunately, confusion about the program is common.

The 2024 Social Security Survey conducted by Nationwide Retirement Institute, an insurance and financial services company, found that many adults misunderstand basic aspects of the program. Here are four big changes coming to Social Security in 2025 that may surprise retirees.

1. Social Security benefits will get a 2.5% cost-of-living adjustment (COLA)

According to the Nationwide Retirement Institute, 66% of surveyed adults this past summer incorrectly marked the following statement as true: “Social Security is not protected against inflation.” Meanwhile, 61% of adults incorrectly marked the following statement as true: “Your monthly Social Security benefits amount will be reduced if deflation occurs.”

Consequently, some people will be pleasantly surprised to learn that the buying power of Social Security payments benefits is cushioned against inflation by cost-of-living adjustments (COLAs) almost every year.

In any given year, the COLA applied to Social Security payments depends on how a subset of the Consumer Price Index known as the CPI-W changed during the third quarter of the previous year. For instance, the CPI-W increased 2.5% in the third quarter of 2024, which means Social Security benefits will increase 2.5% in 2025. But COLAs can only be positive — benefits are never adjusted downward, even when there’s deflation. At worst, following a year when Q3 inflation was zero or less, there will be no change to retirees’ checks.

The Social Security Administration estimates the average retired worker’s benefit will increase from $1,927 per month in 2024 to $1,976 per month in January 2025. That means the average retired worker will receive an additional $49 per month in 2025, or $588 more for the year.

2. Some workers will pay more in payroll taxes

According to Nationwide, 74% of its survey respondents incorrectly marked the following statement as true: “Workers pay Social Security taxes on all of their income.” In fact, while Social Security is funded by a payroll tax, the amount of their income subject to taxation is capped.

The maximum taxable earnings limit is generally revised upward each year to account for changes in the average wage. For instance, the taxable maximum is $168,600 right now, but it will increase to $176,100 in 2025. So, in 2025, any income a person has exceeding $176,100 will be exempt from the Social Security payroll tax.

Story continues

Employees generally pay 6.2% of their income to Social Security, while their employers are responsible for an equal amount. So, this year, the most a W-2 employee could pay in payroll taxes is $10,453 (i.e., 6.2% of $168,600). That will increase to $10,918 next year (i.e., 6.2% of $176,100), meaning some workers will pay up to $465 more in payroll taxes in 2025.

3. The maximum Social Security benefit for new retirees will increase

Among respondents to the Nationwide survey, 51% disagreed with the following statement: “I know exactly how to maximize my Social Security benefits.” On a related note, 40% of surveyed adults incorrectly marked this statement as false: “There is a cap to how much Social Security benefits you can get.”

There is indeed a maximum Social Security benefit. To accrue the biggest monthly payouts possible, a worker’s income would have to equal or exceed the taxable earnings limit for at least 35 years. In addition, they would have to delay claiming Social Security until they reach 70, which would give them all the delayed retirement credits available.

Social Security’s benefits formula is modified annually to account for changes in the average wage, such that the maximum payout typically increases each year. For instance, the maximum monthly benefit for newly awarded retirees is currently $4,873, but that figure will increase to $5,108 per month in 2025.

4. Retirees under FRA will be able to earn more money before any of their Social Security benefits are withheld

Among respondents to the Nationwide survey, 44% incorrectly marked this statement as false: “Some of your benefits may be withheld if you’re still working before your full retirement age (FRA).” But it’s true: When people who are taking their benefits before their full retirement age have wage income that exceeds the retirement earnings test (RET) amounts, some of their benefits will be withheld.

There are actually two RET limits — a lower limit that applies to Social Security beneficiaries who will not reach FRA during the year, and a higher limit for beneficiaries who will reach their FRA during the year. The RET limits are usually revised higher each year to account for changes in the average wage. Next year, those limits will be $23,400 and $62,160.

Retirees who are under their FRA for the full year will have $1 in benefits withheld for every $2 they have in earnings above $23,400. Retirees who reach their FRA during the year will have $1 in benefits withheld for every $3 they earn above $62,160. Importantly, the RET amounts no longer apply to money earned during the months after that beneficiary reaches their FRA.

But as the Social Security Administration points out: “It is important to note that any benefits withheld while you continue to work are not “lost”. Once you reach [FRA], your monthly benefit will be increased permanently to account for the months in which benefits were withheld.”

The $22,924 Social Security bonus most retirees completely overlook

If you’re like most Americans, you’re a few years (or more) behind on your retirement savings. But a handful of little-known “Social Security secrets” could help ensure a boost in your retirement income. For example: one easy trick could pay you as much as $22,924 more… each year! Once you learn how to maximize your Social Security benefits, we think you could retire confidently with the peace of mind we’re all after. Simply click here to discover how to learn more about these strategies.

View the “Social Security secrets” »

The Motley Fool has a disclosure policy.

4 Big Social Security Changes Coming in 2025 May Surprise Many Retirees was originally published by The Motley Fool

Rockville, MD , Oct. 16, 2024 (GLOBE NEWSWIRE) — The global Marine Buoy Market is anticipated to be valued at US$ 921.2 million in 2024 and is projected to grow at 4.9% through 2034. The market for marine buoys is expected to register a valuation of US$ 1,486.3 million by 2034. This growth is attributed to the growing importance of maritime safety regulations, advancements in oil and gas development, and the ever-increasing demand for shipping and technical advances in the maritime industry.

Marine buoys are an essential component of the maritime industry that serve as navigational aids and ensure maritime explorers’ safety while providing security to the aquaculture sector. These buoys are designed to keep ships in their intended locations for a specific period, and their customized applications and significance in waterways-related concerns make them increasingly important in the industry.

For More Insights into the Market, Request a Sample of this Report: https://www.factmr.com/connectus/sample?flag=S&rep_id=9692

Key Takeaways from the Market Study:

• The global marine buoy market is expected to evolve at 4.9% CAGR through 2034.
• With a significant CAGR of 5.1% through 2034, the market for marine buoys in North America is predicted to expand.
• The industry for marine buoys in East Asia is projected to grow at 5.0% until 2034.
• In 2024, the United States marine buoy market is likely to command 72.4% of the market.
• China is anticipated to have 56.9% of the global market in 2024 for marine buoys.

“Marine byous are employed in several sectors, such as aquaculture, oil and gas, and maritime defense. The demand for effective navigational aids and habitat conservation is driving growth in the marine buoy industry. To get a piece of this expanding industry, companies in developed and emerging countries are investing in research, navigation, and sensor technology.” States the Fact.MR. Analyst

Leading Players Driving Innovation in the Marine Buoy Market:

Key industry participants like James and Fisher PLC, Fendercare Marine, Floatex, Sealite, Ocean Scientific International Ltd., Marine Instruments, Wealth Marine Pte Ltd, Walsh Merine Products, JFC Marine, Fugro N.V., Marine Instruments S.A., AXYS Technologies Inc., SABIK Marine, Zeni Lite Buoy Co.Ltd, etc. are driving the marine buoy industry.

Rising Demand for Navigational Buoys:

Many marine and defense industries, including floating production boats, support vessels, transport ships, and offshore rigs, rely on buoys to hold their positions. However, the oil and gas sector primarily uses marine buoys due to its extensive offshore operations. The COVID-19 epidemic has impacted many offshore businesses, including aquaculture, renewable energy, and oil and gas. The need for navigational buoys is growing, as maintaining maritime buoys is still essential.

The global marine buoy market is expanding due largely to the increased emphasis on safeguarding maritime habitats and the necessity for efficient navigational aids. Prominent developed-country marine and aqua cultural companies invest in infrastructure, state-of-the-art marine navigation, and research & development to secure a portion of this expanding market, fostering global market growth for marine buoys.

Get Customization on this Report for Specific Research Solutions: https://www.factmr.com/connectus/sample?flag=S&rep_id=9692

Competitive Landscape:

The rapid innovations in the marine industry are driving market expansion by bringing in a new age of sustainability, efficiency, and safety. The industry is changing due to innovations, including eco-friendly propulsion technology, sophisticated navigation systems, and autonomous boats. Automated processes minimize human error and operating expenses.

At the same time, sophisticated positioning systems improve precision and safety. Environmentally friendly projects, such as those using cleaner materials and propulsion techniques, satisfy strict rules, support global environmental goals, and appeal to ethical customers.

These developments boost the performance of the maritime buoys sector, provide access to new markets, and encourage stakeholder cooperation. These technical advancements have profoundly affected the marine industry, placing it on a trajectory of sustainable expansion and guaranteeing a balanced combination of progress and prudent resource management.

Marine Buoy Industry News:

• The US-based business Ocean Power Technologies was awarded a US$ 6.5 million contract in December 2024 to provide wave-powered buoys called PowerBuoys to American government organizations in order to improve their awareness of the maritime environment.
• China Telecom, ZTE, and SpaceIoT successfully installed 5G NTN in Zhoushan, China, in September 2024. This allowed for the provision of real-time, multi-terminal services, including emergency rescue, temperature and humidity monitoring, and water quality monitoring.

Segmentation of the Marine Buoy Market:

• By Material Type:
• By Product:
  • Mooring Buoys
  • Anchor Buoys
  • Signaling Buoys
  • Cardinal Buoys
  • Beacon Buoys
  • Fender Buoys
  • Lifebuoys
  • Others

Check out More Related Studies Published by Fact.MR Research:

Marine Scrubber Systems Market is expected to be worth US$17.06 Billion by 2032, and it is expected to grow at a CAGR of 10.4% during the forecast period 2022 – 2032.

Ultramarine pigment market is expected to garner US$240.5 million in 2024 and is predicted to soar at a CAGR of 3.9% to reach US$352.5 million by 2034.

Gas and liquid flow management systems market is projected to grow at a 3.9% CAGR, reaching a valuation of US$ 27.25 billion by 2032.

Sales of gas detection equipment are projected to increase from US$ 4.8 billion in 2024 to US$ 8.12 billion by the end of 2034.

Gas insulated transmission line market size is estimated to attain at US$ 534.1 million in 2024. During the forecast period, 2024 to 2034, the market is projected to grow with a 4.6% CAGR by 2034, and is expected to reach a valuation of US$ 839.0 million.

Gas and liquid flow management system market stands at US$ 18.58 billion and is expected to climb to a market valuation of US$ 27.25 billion by the end of 2032.

About Us:

Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning.

With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay competitive.

Contact:
11140 Rockville Pike
Suite 400
Rockville, MD 20852
United States
Tel: +1 (628) 251-1583
Sales Team: sales@factmr.com
Follow Us: LinkedIn | Twitter | Blog

Investment advisors and broker-dealers attended a live event to learn more about Cove Capital’s history, a risk-averse platform of debt-free Delaware Statutory Trust offerings and plans to launch a new product.

TORRANCE, Calif., Oct. 16, 2024 /PRNewswire/ — Dwight Kay and Chay Lapin, Managing Members and Founding Partners of Cove Capital Investments, a Delaware Statutory Trust sponsor company specializing in debt-free DST offerings for 1031 exchange investors, announced the firm recently held a Due Diligence conference at the firm’s Los Angeles headquarters.

Due Diligence events help due diligence officers, brokers/dealers, and RIAs gain better insight into a DST sponsor company by providing attendees with an in-depth look at the company history, current DST property offerings, market trends, risk factors, and financial track record*. They also offer expert insights from industry professionals to help them make more informed decisions.  *Past performance is no guarantee of future results.

Coordinated by Cove Capital’s Vice President of Wholesaling, Corey Nolen, the two-day event featured in-depth presentations by Cove Capital founders Dwight Kay and Chay Lapin on the company’s history and why the two created a Delaware Statutory Trust sponsor company that focused on debt-free DST offerings.

“I travel across the country speaking with  due diligence officers, RIAs and broker-dealers, and one of the first questions I get asked is about the history of Cove Capital and why we are so dedicated to the concept of debt-free DST offerings. Listening directly to Dwight and Chay describe Cove’s dedication to risk mitigation and principal preservation made a very positive impression on the many members of our selling group distribution partners in attendance,” said Nolen.

The Cove Capital DST Due Diligence conference also included presentations from Ted Vidmar, Cove Capital’s Chief Financial Officer, and key members of its operations, investor relations, wholesaling and asset management departments.

Additional topics included a review of past offerings and their performance* and deep dives into current debt-free DST real estate offerings, which are available on the www.covecapitalinvestments.com website for 1031 exchange investors as well as direct cash investors. *Past performance is no guarantee of future results.

One of the highlights of the Cove Capital Due Diligence event included an indication of interest on a soon-to-launch 721 “UPREIT” vehicle.

“Section 721 of the Internal Revenue Code states that no gain or loss will be recognized when property is contributed to a partnership in exchange for an interest. Specifically, the 721 exchange allows real estate investors to defer capital gains taxes by exchanging their property for operating partnership units (OP units) in the operating partnership of a real estate investment trust (REIT). As a Delaware Statutory Trust sponsor firm, it is a natural evolution for Cove Capital to establish a 721 UPREIT strategy for our investors,” explained Kay.

Any due diligence officers, broker-dealers or RIAs interested in attending future events should contact Corey Nolen to inquire about future DST conferences, either in Cove’s Torrance, CA office or on-site at one of Cove Capital’s assets.

About Cove Capital Investments
Cove Capital Investments is a Delaware Statutory Trust sponsor company that operates a portfolio of over 2.4 million square feet of real estate in 33 states nationwide.  Over 1,800 investors have trusted Cove Capital with their 1031 exchange and investment dollars, many of them being repeat investors in multiple DST offerings over the years. Our offerings are attractive to those investors seeking to lower risk potential as the majority of Cove Capital’s DST offerings are debt free (no mortgage – no lender foreclosure risk).  To sign up for a list of the current Cove Capital offerings available for 1031 exchange and direct investments please visit www.covecapitalinvestments.com.

For further information, please visit www.covecapitalinvestments.com or contact Cove Capital at (877) 899-1315 and via email at info@covecapitalinvestments.com.

*Past performance is no guarantee of future results.
* Diversification does not guarantee profits or protect against losses. 
*This material does not constitute an offer to sell nor a solicitation of an offer to buy any security. Such offers can be made only by the confidential Private Placement Memorandum (the “Memorandum”). Please read the entire Memorandum paying special attention to the risk section prior to investing. This material contains information that has been obtained from sources believed to be reliable. However, Cove Capital Investments, LLC does not guarantee the accuracy and validity of the information herein. Investors should perform their own investigations before considering any investment. IRC Section 1031, IRC Section 1033 and IRC Section 721 are complex tax codes therefore you should consult your tax or legal professional for details regarding your situation. This material is not intended as tax or legal advice. There are material risks associated with investing in real estate, Delaware Statutory Trust (DST) properties and real estate securities including illiquidity, tenant vacancies, general market conditions and competition, lack of operating history, interest rate risks, the risk of new supply coming to market and softening rental rates, general risks of owning/operating commercial and multifamily properties, short term leases associated with multi-family properties, financing risks, potential adverse tax consequences, general economic risks, development risks and long hold periods. There is a risk of loss of the entire investment principal. Past performance is not a guarantee of future results. Potential cash flow, potential returns and potential appreciation are not guaranteed. For an investor to qualify for any type of investment, there are both financial requirements and suitability requirements that must match specific objectives, goals and risk tolerances. Securities offered through FNEX Capital, member FINRA, SIPC.

View original content to download multimedia:https://www.prnewswire.com/news-releases/cove-capital-investments-founders-dwight-kay-and-chay-lapin-host-dst-due-diligence-seminar-at-firms-los-angeles-headquarters-302277308.html

SOURCE Cove Capital Investments

Fiscal 2024 Continuing Operations Highlights^*

• Net sales were $590 million, a decline of 1.5% year-over-year, with organic growth of 2.2%.^**
• Gross margin expanded 180 basis points year-over-year to 51.1%.
• Operating margin was 20.6% and adjusted operating margin was 23.2%.
• Net earnings were $82 million and adjusted net earnings were $95 million, representing year-over-year increases of 53% and 14%, respectively.
• Diluted EPS was $1.50 and adjusted diluted EPS was $1.72.
• Adjusted EBITDA was $147 million, an increase of 8% year-over-year. Adjusted EBITDA margin of 25.0% increased 220 basis points.
• Cash from operations was $81 million with free cash flow of $70 million.
• Returned $38 million to shareholders through repurchase of 1.3 million shares and $2 million in dividend payments.

Fourth Quarter Continuing Operations Highlights^*

• Net sales were $159 million, a 1.2% decline compared to the prior year, with a 0.9% increase in organic sales.^**
• Operating margin was 18.9% and adjusted operating margin was 22.5%.
• Net earnings were $23 million, or $0.43 per diluted share, and adjusted net earnings were $27 million, or $0.50 per diluted share.
• Adjusted EBITDA was $39 million and adjusted EBITDA margin was 24.3%.
• Completed the acquisition of DTA on September 4, 2024 (subsequent to fiscal year-end).

_{^*This press release contains financial measures in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”) in addition to non-GAAP financial measures. Reconciliations of the non-GAAP financial measures to the comparable GAAP measures are presented in the tables accompanying this release.}

_{^**Organic growth represents revenue growth excluding the impact of foreign exchange rates, acquisitions, and divestitures. A reconciliation of organic sales to the comparable net sales are presented in the tables accompanying this release.}

MILWAUKEE, Oct. 15, 2024 (GLOBE NEWSWIRE) — Enerpac Tool Group Corp. EPAC (the “Company” or “Enerpac”) today announced results for the fiscal year and fourth quarter ended August 31, 2024.

“In what remains a challenging macro-environment for the general industrial marketplace, Enerpac continued to achieve organic growth in fiscal 2024,” said Paul Sternlieb, Enerpac Tool Group’s President & CEO. “We also continued to drive productivity and efficiency gains, further expanding gross margins and adjusted EBITDA margins for the year. Moreover, we remained good stewards of capital, investing in our growth strategy – including the September 4, 2024 acquisition of DTA – and returned $40 million to shareholders through our share repurchase program and dividend payments, while reducing our balance sheet leverage.”

“We are also excited that Darren Kozik will be joining Enerpac as Executive Vice President and Chief Financial Officer,” continued Sternlieb. “As noted in a separate release issued today, Darren’s operational leadership and deep experience in global corporate finance, accounting, treasury, tax, and investor relations will make him a tremendous asset to the company.”

Fiscal 2024 Consolidated Results from Continuing Operations Comparisons

Consolidated net sales were $589.5 million compared to $598.2 million in fiscal 2023, a decrease of 1.5%. Organic sales, excluding the disposition of Cortland Industrial and the impact of foreign currency, increased 2.2% year-over-year, with product and service revenues ahead 1.2% and 6.6%, respectively. Net sales growth for the Industrial Tools & Services (IT&S) reportable segment was 2.9%, with organic sales growth of 2.7%, partially offset by a year-over-year decline at Cortland Biomedical, which comprises the Other operating segment.

Gross margin expanded 180 basis points year-over-year to 51.1%, driven by several factors, including benefits from pricing actions, a favorable sales mix, and the disposition of Cortland Industrial. Selling, general and administrative expenses of $176.0 million declined $36.2 million year-over-year because of lower ASCEND transformation program expenses and a continued focus on driving greater efficiency and productivity. Adjusted SG&A of $162.4 million declined $6.4 million year-over-year, resulting in an adjusted SG&A of 27.6% of sales, down 60 basis points from 28.2% of sales in fiscal 2023.

Operating profit increased 45% year-over-year to $121.6 million, with an operating profit margin of 20.6%, up from 14.0% in fiscal 2023. Adjusted operating profit increased 11% to $136.7 million, with an adjusted operating margin of 23.2%, a 270 basis point expansion over fiscal 2023.

Fiscal 2024 net earnings and diluted EPS were $82.2 million and $1.50, respectively, compared to $53.6 million and $0.94, respectively, in fiscal 2023.

Fiscal 2024 adjusted EBITDA increased 8% to $147.5 million compared to $136.3 million in fiscal 2023. The adjusted EBITDA margin expanded 220 basis points from 22.8% to 25.0% in fiscal 2024.

Net cash provided by operating activities was $81.3 million in fiscal 2024, compared to $77.6 million in fiscal 2023. The increase in cash from operations was primarily due to higher net earnings as well as lower ASCEND transformation payments, partially offset by changes in working capital.

Fourth Quarter Consolidated Results from Continuing Operations Comparisons

Consolidated net sales for the fourth quarter of fiscal 2024 were $158.7 million compared to $160.6 million in the prior-year period, a 1.2% decline. While the rate of growth decelerated over the course of fiscal 2024, organic sales grew 0.9% year-over-year in the fourth quarter, with product sales down 0.8% and service revenues up 9.7%.

Operating profit declined 7% year-over-year to $30.0 million, with an operating profit margin of 18.9%, down from 20.0% in the fourth quarter of fiscal 2023. Adjusted operating profit declined 3% to $35.8 million in the fourth quarter of 2024, representing an adjusted operating margin of 22.5%. While the Company continued to control SG&A expense in the fourth quarter, gross margins were negatively impacted by lower product sales year-over-year, a higher percentage of service revenue, and unfavorable mix within the service projects completed.

Fiscal 2024 fourth quarter net earnings and diluted earnings per share were $23.4 million and $0.43, respectively, compared to $23.1 million and $0.41, respectively, in the fourth quarter of fiscal 2023.

Fourth quarter adjusted EBITDA was $38.6 million compared to $40.1 million in the year-ago period.

_{⁽¹⁾ Excludes $3.1 million of restructuring charges and $0.8 million of ASCEND charges in the fourth quarter of fiscal 2024 compared to $1.4 million of restructuring charges and $1.3 million of ASCEND charges in the fourth quarter of fiscal 2023. The twelve months ended August 31, 2024, excludes $7.2 million of restructuring charges and $3.7 million of ASCEND charges, compared to $6.0 million of restructuring charges and $7.1 million of ASCEND charges in the prior fiscal year.}

IT&S Results Comparisons

Fiscal 2024 net sales for IT&S were $571.2 million, 2.9% higher than fiscal 2023, with a 2.7% increase in organic sales. The increase was driven by product growth of 1.7% and service growth of 6.6%. The segment’s operating profit margin increased 230 basis points to 26.8% and adjusted operating profit margin increased 190 basis points to 28.7% from 26.8%.

Fourth quarter fiscal 2024 net sales for IT&S were $153.4 million, approximately flat year-over-year with a 0.8% increase in organic sales. The segment’s operating profit margin declined 240 basis points to 25.5% and its adjusted operating profit margin decreased 160 basis points to 28.0%.

Corporate Expenses from Continuing Operations

Corporate expenses were $35.8 million and $62.9 million for fiscal 2024 and fiscal 2023, respectively. Adjusted corporate expenses⁽²⁾ of $31.7 million in fiscal 2024 increased by $0.6 million year-over-year, primarily due to higher incentive compensation expense.

Corporate expenses were $10.1 million and $16.8 million for the fourth quarter of fiscal 2024 and fiscal 2023, respectively. Adjusted corporate expenses⁽²⁾ of $8.3 million for the fourth quarter of fiscal 2024 decreased by $0.3 million.

_{⁽²⁾ Fiscal 2024 adjusted corporate expense excludes approximately $0.6 million of restructuring charges, $3.4 million of ASCEND charges, and $0.1 million in M&A charges, compared to $1.7 million of restructuring charges, $28.3 million of ASCEND charges, $1.0 million in M&A charges, and $0.8 million of leadership transition charges in fiscal 2023. Fourth quarter fiscal 2024 adjusted corporate expense excludes approximately $0.3 million of restructuring charges, $1.4 million of ASCEND charges, and $0.1 million in M&A charges as compared to $0.1 million of restructuring charges, $7.4 million of ASCEND charges, $0.7 million in M&A charges, and $0.1 million of leadership transition charges in the fourth quarter of fiscal 2023.}

Net debt on August 31, 2024 was $27 million, resulting in a net debt to adjusted EBITDA ratio of 0.2x. The company purchased approximately 1.3 million shares of its common stock in fiscal 2024 for a total of approximately $38 million under its share repurchase program announced in March 2022. As of August 31, 2024, there were approximately 2.7 million shares remaining in the current share repurchase authorization program.

_{^*Calculated in accordance with the terms of the Company’s September 2022 Senior Credit Facility.}

Outlook

“In setting our guidance for fiscal 2025, we are taking into account an expectation of a continued decline in the general industrial market. However, we believe Enerpac will continue to generate growth in fiscal 2025, representing our ability to outperform the industry and gain share driven by our targeted growth strategy,” concluded Sternlieb.

The company set its full-year fiscal 2025 net sales guidance range at $610 million to $625 million, which includes organic growth of 0% to 2% and total net sales growth, inclusive of DTA, of 3% to 6%.

Forecasted adjusted EBITDA is $150 million to $160 million, with anticipated free cash flow of $89 million to $99 million. This forecast is based on the Company’s key foreign exchange rate assumptions and assumes that there is no broad-based global recession.

Conference Call Information

An investor conference call is scheduled for 7:30 am CT on October 16, 2024. Webcast information and conference call materials, including an earnings presentation, are available on the Enerpac Tool Group company website (www.enerpactoolgroup.com).

Safe Harbor Statement

Certain of the above comments represent forward-looking statements made pursuant to the provisions of the Private Securities Litigation Reform Act of 1995. In addition to statements with respect to guidance, the terms “outlook,” “guidance,” “may,” “should,” “could,” “anticipate,” “believe,” “estimate,” “expect,” “objective,” “plan,” “project” and similar expressions are intended to identify forward-looking statements. Such forward-looking statements are subject to inherent risks and uncertainties that may cause actual results or events to differ materially from those contemplated by such forward-looking statements. In addition to the assumptions and other factors referred to specifically in connection with such statements, risks and uncertainties that may cause actual results or events to differ materially from those contemplated by such forward-looking statements include, without limitation, general economic uncertainty, market conditions in the industrial, oil & gas, energy, power generation, infrastructure, commercial construction, truck and automotive industries, supply chain risks, including disruptions in deliveries from suppliers due to political tensions or the imposition, or threat of imposition, of tariffs, which could be affected by the outcome of the upcoming U.S. presidential election, the impact of geopolitical activity, including the invasion of Ukraine by Russia and international sanctions imposed in response thereto, as well as armed conflicts in the Middle East, including the impact on shipping in the Red Sea, the ability of the Company to achieve its plans or objectives related to its growth strategy, market acceptance of existing and new products, market acceptance of price increases, successful integration of acquisitions, the impact of dispositions and restructurings, the ability of the Company to continue to achieve its plans or objectives related to the ASCEND program, including any assumptions underlying its calculation of expected incremental operating profit or program investment, operating margin risk due to competitive pricing and operating efficiencies, risks related to reliance on independent agents and distributors for the distribution and service of products, material, labor, or overhead cost increases, tax law changes, foreign currency risk, interest rate risk, commodity risk, tariffs, litigation matters, cybersecurity risk, impairment of goodwill or other intangible assets, the Company’s ability to access capital markets and other risks and uncertainties that may be referred to or noted in the Company’s reports filed with the Securities and Exchange Commission from time to time, including those described in the Company’s Form 10-K for the fiscal year ended August 31, 2023 and most recent report on Form 10-Q. Enerpac Tool Group disclaims any obligation to publicly update or revise any forward-looking statements as a result of new information, future events or any other reason.

Non-GAAP Financial Information

This press release contains financial measures that are not measures presented in conformity with GAAP. These non-GAAP measures include organic sales, EBITDA from continuing operations, adjusted EBITDA from continuing operations, adjusted earnings from continuing operations, adjusted diluted earnings per share from continuing operations, adjusted operating profit from continuing operations, segment organic sales, adjusted operating profit and adjusted EBITDA, adjusted corporate expense, adjusted SG&A expense, free cash flow and net debt. This press release includes reconciliations of non-GAAP measures to the most comparable GAAP measure, included in the tables attached to this press release or in footnotes to the tables included in this press release. Management believes the non-GAAP measures presented in this press release are commonly used financial measures for investors to evaluate Enerpac Tool Group’s operating performance and financial position with respect to the periods presented and, when read in conjunction with the condensed consolidated financial statements, present a useful tool to evaluate ongoing operations and provide investors with metrics they can use to evaluate aspects of the Company’s performance from period to period. In addition, these are some of the financial metrics management uses in internal evaluations of the overall performance of the Company’s business. Management acknowledges that there are many items that impact a company’s reported results and the adjustments reflected in these non-GAAP measures are not intended to present all items that may have impacted these results. In addition, these non-GAAP measures are not necessarily comparable to similarly titled measures used by other companies.

About Enerpac Tool Group

Enerpac Tool Group Corp. is a premier industrial tools, services, technology, and solutions provider serving a broad and diverse set of customers and end markets for mission-critical applications in more than 100 countries. The Company makes complex, often hazardous jobs possible safely and efficiently. Enerpac Tool Group’s businesses are global leaders in high pressure hydraulic tools, controlled force products, and solutions for precise positioning of heavy loads that help customers safely and reliably tackle some of the most challenging jobs around the world. The Company was founded in 1910 and is headquartered in Menomonee Falls, Wisconsin. Enerpac Tool Group common stock trades on the NYSE under the symbol EPAC. For further information on Enerpac Tool Group and its businesses, visit the Company’s website at www.enerpactoolgroup.com.

(tables follow)

Market News and Data brought to you by Benzinga APIs

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Market News and Data brought to you by Benzinga APIs

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Happy belated anniversary, bull market. On Oct. 12, 2022, a new bull market began. Tech stocks led the charge then and are doing so now, fueled by surging demand for anything related to artificial intelligence (AI).

However, the venerable Dow Jones Industrial Average (DJINDICES: ^DJI) is holding its own. The Dow is up close to 47% since the bull market began. Are there still some Dow stocks worth buying? Absolutely. Here are three unstoppable stocks to buy with the Dow at an all-time high.

1. Amazon

Amazon (NASDAQ: AMZN) is a relatively new member of the Dow Jones Industrial Average. The e-commerce and cloud-services giant replaced Walgreens Boots Alliance in February 2024. Amazon has been a great addition to the Dow so far, outperforming many other stocks in the index this year.

Perhaps the best indicator of Amazon’s strength is its rapidly improving free cash flow. The company generated free cash flow of $53 billion in the trailing 12 months ending June 30, 2024, compared with $7.9 billion for the trailing 12 months ending June 30, 2023.

Amazon’s cloud business, Amazon Web Services (AWS), continues to be the company’s most important growth driver. Organizations across the world are migrating to the cloud. AI, especially generative AI, is accelerating this trend. Amazon CEO Andy Jassy said in August that AWS remains “customers’ top choice” thanks largely to its broad functionality.

But Amazon is always looking for new ways to grow. The company has found one with advertising. In the second quarter of 2024, advertising-services revenue jumped 20% year over year excluding foreign exchange, slightly higher than AWS revenue growth. Jassy said in the Q2 earning call that Amazon is “at the very beginning of what’s possible in our video advertising.”

2. The Home Depot

The Home Depot (NYSE: HD) isn’t a newbie in the Dow like Amazon. The leading home improvement retailer joined the index on Nov. 1, 1999. Home Depot has more than quadrupled the Dow’s total return since then and has continued to outperform the index in 2024.

You might not think Home Depot looks unstoppable based on its Q2 results. The company’s revenue rose only 0.6% year over year and would have decreased by 3.3% if not for the acquisition of SRS Distribution. However, this temporary snapshot doesn’t tell the full story about Home Depot’s prospects.

Keep one number in mind with Home Depot: 42. That’s the median age of owner-occupied U.S. homes, according to Statista. With a large number of older houses, the demand for home improvement supplies should remain strong for years to come.

Story continues

Home Depot also has another long-term tailwind. The U.S. continues to face a major housing shortage. Zillow estimates the country needs another 4.5 million homes. Home Depot should have a significant opportunity providing materials to professionals building new homes over the next decade and beyond.

3. Visa

Visa (NYSE: V) joined the Dow Jones Industrial Average on Sept. 23, 2013. The payments-technology company has nearly doubled the Dow’s total return since then.

Granted, Visa has lagged behind the Dow in 2024. This underperformance is due primarily to regulatory issues. In June, a federal judge rejected a settlement between Visa, Mastercard, and retailers over swipe fees. In September, the U.S. Justice Department filed an antitrust lawsuit alleging that Visa is monopolizing debit-network markets.

I’m not sure how these regulatory challenges will play out. However, Visa should remain a dominant force in the payments market regardless of the outcomes.

And that market should continue to grow. Cash is going the way of the dinosaurs as people increasingly use digital-payment methods. Visa could have an especially big growth opportunity as the middle classes expand in developing nations.

Don’t miss this second chance at a potentially lucrative opportunity

Ever feel like you missed the boat in buying the most successful stocks? Then you’ll want to hear this.

On rare occasions, our expert team of analysts issues a “Double Down” stock recommendation for companies that they think are about to pop. If you’re worried you’ve already missed your chance to invest, now is the best time to buy before it’s too late. And the numbers speak for themselves:

• Amazon: if you invested $1,000 when we doubled down in 2010, you’d have $21,266!*

• Apple: if you invested $1,000 when we doubled down in 2008, you’d have $43,047!*

• Netflix: if you invested $1,000 when we doubled down in 2004, you’d have $389,794!*

Right now, we’re issuing “Double Down” alerts for three incredible companies, and there may not be another chance like this anytime soon.

See 3 “Double Down” stocks »

*Stock Advisor returns as of October 14, 2024

John Mackey, former CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Keith Speights has positions in Amazon and Mastercard. The Motley Fool has positions in and recommends Amazon, Home Depot, Mastercard, Visa, and Zillow Group. The Motley Fool recommends the following options: long January 2025 $370 calls on Mastercard and short January 2025 $380 calls on Mastercard. The Motley Fool has a disclosure policy.

3 Unstoppable Stocks to Buy With the Dow at an All-Time High was originally published by The Motley Fool

Market News and Data brought to you by Benzinga APIs

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.