Enerpac Tool's Shares Plummet to 52-Week Low Amid Margin Pressure and Weak Service Business

Enerpac Tool shares dropped 8% to a 52-week low despite reporting better-than-expected revenue and meeting profit estimates. The company faced margin pressure and a weak service business, which clouded its outlook. The industrial tools maker's net sales were $444.5 million, surpassing analyst estimates of $436.7 million. However, the service business, which generates about 50% of the company's revenue, declined 11%.