Actuant reports 10% increase in 3Q sales

Special to The Freeman

June 18, 2014

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 company said.

“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.