Actuant sales slide 8 percent
Actuant Corporation reported fourth quarter total sales declined 8% year-over-year to $276 million.
The manufacturer of hydraulic tools and solutions, and motion control systems said unfavorable foreign currency exchange rate changes negatively impacted sales by 1%, and the net benefit of acquisitions and divestitures added 4%. Core sales were 11% lower year-over-year.
Fiscal 2016 fourth quarter earnings $17.4 million, or 29 cents per share, compared to $22.1 million, or 37 cents, in the comparable prior year quarter.
Sales for the fiscal year were $1.14 billion, 8% lower than the $1.24 billion in the prior year. For the year, Actuant had a net loss of $105.2 million, or $1.78 per share, compared to earnings of $19.9 million or 32 cents per share in the prior year.
Fourth quarter fiscal 2016 Industrial segment sales were $94 million, 6% lower than the comparable prior year, while Energy segment sales declined 9% year-over-year to $91 million. Engineered Solutions segment sales were $90 million, 9% below the prior year.
INDUSTRIAL SUPPLY MAGAZINE
The March/April issue of Industrial Supply magazine features an in-depth cover story about Joyce Lansdale and Vallen. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and David Kahle, as well as interviews with numerous product and distribution industry experts.
