Actuant sales remained flat in 4Q

Freeman Staff

Sept. 28, 2017

MILWAUKEE — Consolidated sales and core sales were flat for Actuant Corporation’s fourth quarter, according to a financial report released Wednesday.

The company said the sales were flat for the quarter compared to the fourth quarter of the previous fiscal year because foreign currency rate changes increased 1 percent and net acquisition and divestitures were a 1 percent headwind.

In addition, solid core sales growth in both the Industrial and Engineered Solutions segments was offset by difficult market conditions in the Energy segment, according to the announcement.

“The fourth quarter came in largely as expected, with continued positive momentum within industrial tools, broad-based OEM production increases within Engineered Solutions, offset by persistent challenges within the served energy markets,” said Randy Baker, president and CEO of Actuant, in a statement. “... Most importantly, we delivered strong fourth quarter cash flow, extending our track record of cash conversion in excess of 100 percent of adjusted net earnings. Also significant was the action taken on reshaping the portfolio, reaching an agreement to divest the offshore mooring business and acquire an attractive tool tuck-in for Hydratight. In summary, while many challenges remain, I am confident in the progress we are making on our commercial, operational, and portfolio management strategies and I want to extend my appreciation to the entire Actuant organization for their hard work and accomplishments in 2017.”