Actuant Corporation posts loss
Actuant Corporation posted a loss of $16.5 million in its fiscal fourth quarter after taking an impairment charge of $62.5 million related to its acquisition of Mastervolt.
The manufacturer of hydraulic and electrical tools and supplies said its sales for the quarter increased 3% to $405 million compared to $403 million in the comparable prior year quarter.
“We closed out fiscal 2012 with fourth quarter results at the high end of our expectations, excluding the impairment charge," said Robert C. Arzbaecher, chairman and CEO.
Fourth quarter Industrial segment sales were $111 million, 2% higher than the prior year, Energy segment sales increased 13% to $93 million, Electrical segment sales increased 4% to $83 million, while Engineered Solutions segment sales fell 10% to $118 million.
Sales for the year were $1.61 billion, 11% higher than the $1.45 billion in the prior year.
INDUSTRIAL SUPPLY MAGAZINE
The May/June issue of Industrial Supply magazine features an in-depth cover story about GHX Industrial. Plus, we're featuring articles by contributing writers Dr. Bharani Nagarathnam and Frank Hurtte, as well as interviews with numerous product and distribution industry experts.
