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
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