MENOMONEE FALLS — Actuant
Corporation announced Wednesday that its sales during the fourth
quarter declined 15 percent compared to the same period in 2014,
which it attributed to the strengthening of the U.S. dollar.
Core sales, meanwhile, were down 7 percent, which include total
sales excluding the impact of acquisitions, divestitures and
foreign currency rate changes.
Diluted earnings per share
were $0.37 in the fourth quarter of fiscal 2015 versus $0.47 in
the prior year, which excluded a $0.04 divestiture gain.
“Fourth quarter sales and
operating earnings were in line with our expectations and
reflect the continuing impact of the downturn across key end
markets including energy, agriculture and general industrial.
Our focus remains on tightly managing costs while continuing to
fund our best growth initiatives across the businesses,” said
President, Chairma and CEO Robert C. Arzbaecher, in a statement.
“Given our expectations of
continued sluggish demand in fiscal 2016, we are undertaking
actions to further simplify our business and rationalize the
cost structure. This will position Actuant for stronger
profitable growth as end market demand improves. We expect
fiscal 2016 to be a transformative year for Actuant and I am
excited to be able to launch these important actions to help
achieve our vision.”