Actuant Corp’s sales decline in first quarter

Special to The Freeman

Dec. 18, 2014

MENOMONEE FALLS —Total sales declined by 3 percent and core sales decreased 1 percent for Actuant Corporation ATU during the first quarter ended Nov. 30, compared to the same period a year ago.

The total sales figure reported Thursday excluded the impact of acquisitions, divestitures and foreign exchange rates. Net acquisitions and divestitures were neutral while unfavorable foreign exchange rate changes were 2 percent, according to the company.

Diluted earnings per share from continuing operations were $0.38, compared to $0.44 in the prior year, according to the announcement. Actuant Corporation reported it repurchased 3.3 million shares of common stock for $104 million in the quarter.

“Our first quarter results included solid performance from the energy segment, especially from Viking which posted its best quarter under Actuant ownership,” said Mark E. Goldstein, president and CEO, in a statement. “Conditions in oil and gas markets have deteriorated in the last 60 days, but did not significantly impact our energy segment in the quarter. Offsetting the strong energy segment results were sluggish demand in other markets and foreign currency headwinds. We expected difficult comparisons in the engineered solutions segment with the prior year’s European truck pre-buy, but demand in most other markets in the industrial and engineered solutions segments didn’t improve.”

Consolidated sales for the first quarter were $328 million, 3 percent lower than the $340 million in the comparable prior year quarter while core sales declined 1 percent, foreign currency rate changes reduced sales 2 percent, while the impact of acquisitions and divestitures on sales offset one another, according to Actuant on Thursday.

Actuant Corporation businesses are leaders in a broad array of niche markets including branded hydraulic tools and solutions; specialized products and services for energy markets and highly engineered position and motion control systems.

The Company was founded in 1910 and is headquartered in Menomonee Falls.