Actuant Corporation reports loss
Actuant Corporation reported second quarter sales of $263.3 million were 13% below the comparable prior year quarter of $301.0 million.
The company said the stronger U.S. dollar contributed 5% of the decline and core sales were 8% lower on a year-over-year basis.
The Milwaukee-based manufacturer of hydraulic tools reported a net loss of $159.2 million, compared to a loss of $64.8 million in the same period last year. The loss included a $169.1 million impairment charge related to the upstream oil & gas exposure within the Cortland and Viking businesses and within the Maximatecc off-highway equipment business, plus an $84.4 million net impairment charge related to its Energy businesses as a result of dramatic reductions to oil & gas prices and industrywide capital spending.
“Our second quarter results were impacted by normal seasonality and continued weak demand across a number of end markets. Capital spending cuts by oil & gas customers have eroded activity in certain of our energy verticals, while sluggish conditions persisted in non-energy markets such as agriculture, off-highway, and general industrial," said Randal W. Baker, president and CEO.
Industrial segment sales were $81 million in the quarter, 16% lower than the prior year.
Fiscal 2016 second quarter Energy segment sales declined 14% year-over-year to $86 million.
Engineered Solutions segment sales were $96 million, 8% below the prior year.