MENOMONEE FALLS – Actuant
Corp. said Tuesday sales increased 10 percent in its third
quarter to $378.2 million from $344.2 million during the same
time last year.
The Menomonee Falls-based industrial company reported earnings
of $50.6 million, or 70 cents a share, up from $46.9 million, or
62 cents per share, for the same period a year ago. Earnings per
share rose 13 percent, excluding discontinued operations, the
“Energy and engineered solutions both delivered a solid 5
percent increase in core sales, while industrial’s core sales
growth rate improved sequentially. Our targeted margin
improvement activities are progressing, but third quarter
results included unfavorable segment mix, choppy demand, and
costs and inefficiencies related to the facility closures,
consolidations and relocations that we are completing to
simplify our business. EPS increased year-over-year reflecting
higher sales and operating earnings, as well as fewer shares
outstanding,” said Mark Goldstein, Actuant chief executive.
Actuant completed the acquisition of Hayes Industries, a
Sugarland, Texas-based company that makes concrete pre- and
post-tensioning products, for $31 million and completed the sale
and leaseback of $41 million of Viking SeaTech mooring assets.
The company is now forecasting sales of $350 million to $360
million this quarter.