Actuant’s sales decline 15 percent during third quarter

Freeman Staff

June 17, 2015

MILWAUKEE — Actuant Corporation released its financial results for the third quarter Wednesday, which showed that total sales declined 15 percent compared to the same period in 2014.

The company reports 7 percent of the sales decline can be attributed to the strengthening of the U.S. dollar. Core sales were down 8 percent (total sales excluding the impact of acquisitions, divestitures and foreign currency rate changes). Diluted earnings per share were $0.63, compared to $0.70 in the prior year, according to the release.

Actuant said its updated full year sales and EPS guidance is now expected to be in the range of $1.24 to $1.25 billion and $1.55 to $1.60 per share.

“Excluding the impact of foreign currency assumptions, third quarter sales and operating profit were modestly lower than our expectations. Demand from oil and gas, mining, agriculture, and general industrial markets weakened as the quarter progressed,” said Mark E. Goldstein, president and CEO of Actuant, in a statement. “As anticipated, the Energy segment’s core sales turned negative due to well-publicized oil and gas headwinds, including reduced capital spending, project and maintenance deferrals and pricing. Industrial demand decelerated globally, in part reflecting distributor destocking as well as end-user spending reductions. Engineered Solution’s core sales improved sequentially as higher truck volumes more than offset the expected moderation in agriculture demand.”