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.