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Actuant reports 11% sales increase for fiscal year

Diversified industrial manufacturer Actuant Corp. reported today that its sales for the fiscal year ended Aug. 31st were $1.61 billion, an increase of 11% higher than the $1.45 billion the previous year. Excluding the 8% impact from acquisitions and negative 2% impact of the weaker Euro, full year core sales increased 5%. Earnings and EPS from continuing operations for the year ended August 31, 2012 were $87.3 million and $1.17, respectively, compared to $124.5 million and $1.68 in the prior year.

Consolidated sales for the fourth quarter were $405 million compared to $403 million in the comparable prior year quarter. Core sales increased 3% with acquisitions contributing 2%, offset by the negative 5% impact of the weaker Euro. The fiscal 2012 fourth quarter net loss from continuing operations was $16.5 million, or $0.23 per share compared to net earnings and EPS from continuing operations of $37.3 million and $0.50, respectively, in the comparable prior year quarter.

Actuant Corporation has operations in more than 30 countries. Actuant sells its branded hydraulic and electrical tools and supplies to a broad range of markets and offers specialized products and services for energy related industries and highly engineered position and motion control systems. The company is broken into four segments: industrial, electrical, energy, and engineered solutions.

Fourth quarter fiscal 2012 Industrial segment sales were $111 million, 2% higher than the prior year. Excluding the 5% negative impact of foreign currency rate changes, core sales increased 7% over the prior year. The improvement was driven by generally strong industrial tool demand in North America.

Electrical segment fiscal 2012 fourth quarter sales were $83 million, 4% higher than the comparable prior year quarter. Core sales increased 7%, while the impact of the weaker Euro was a 3% headwind. The core sales growth was broad based and reflected higher volumes in the solar, industrial, retail and marine aftermarket channels. The marine OEM market, most notably in Europe, was weaker than the prior year.

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