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Enerpac Tool’s $13.2 Million Bad Receivable is 84.6% of FY22 Net Income
Industrial tool manufacturer says key customer hasn’t paid in nearly two years.
November 15, 2022
Enerpac Tool Group (EPAC), a manufacturer of hydraulic and mechanical tools, acknowledges a key customer has been delinquent for nearly two years. In its latest annual filing, Enerpac recorded a $13.2 million bad debt reserve, which fully reserves for the outstanding account receivable.
The bad receivable is the equivalent of 84.6% of the FY22 net income and 12.4% of the company’s receivables.
The key customer has not made a payment, according to Enerpac, since February 28, 2021.
Related: HLIOS, FLOW, FLS
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