Actuant 2Q earnings fall

Special to The Freeman

March 19, 2014

MENOMONEE FALLS – Actuant Corp. said it had a lower profit in its second quarter due to the Menomonee Falls-based company’s continuing operations.

Actuant said its net income for the second quarter rose to $41.4 million, or 56 cents a share, from $28.4 million, or 38 cents, last year. Earnings from businesses Actuant continues to run fell to $22.3 million, or 30 cents a share, from $25.8 million, or 35 cents.

According to a company statement, sales rose 9 percent to $328 million.

"On a consolidated basis, results in the quarter were generally in line with our forecast and reflected the normal seasonal slowdown. The 4 percent core sales growth includes significantly improved activity in energy and continued solid growth in engineered solutions,” said Mark E. Goldstein, CEO. “Industrial's core sales decline reflected cautious spending patterns by customers as well as negative North American weather and facility relocation impacts. We are pleased with the progress we are making on some of the operational issues within energy that we highlighted last quarter.”

Actuant is anticipating earnings of 60 to 65 cents a share in this quarter, and said full-year earnings will likely come in closer to $2 than $2.10 a share.

www.actuant.com