Actuant sales decline 5 percent
Actuant Corporation reported third quarter sales of $305 million were 5% below the $320 million in the same quarter last year.
The maker of hydraulic tools said a positive 2% impact from acquisitions was offset by a 1% decline from the stronger U.S. dollar. Core sales declined 6% on a year-over-year basis .
Fiscal 2016 third quarter net earnings were $21.2 million, or 36 cents per share, compared to $38.0 million, or 63 cents, in the comparable prior year period.
“The trends by end market remain largely consistent with prior quarters, with growth in our maintenance-driven Hydratight business as well as European truck being more than offset by upstream oil & gas, agriculture and general industrial weakness," said Randal W. Baker, president and CEO.
Baker added that end market demand remains sluggish.
INDUSTRIAL SUPPLY MAGAZINE
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