Actuant sales down 15% in Q4
Actuant Corporation reported fourth quarter total sales of $300 million declined 15% year-over-year with 8% attributable to the strengthening of the U.S. dollar.
Core sales were down 7% (total sales excluding the impact of acquisitions, divestitures and foreign currency rate changes).
Diluted earnings per share were 37 cents in the fourth quarter versus 47 cents in the prior year.
“Fourth quarter sales and operating earnings were in line with our expectations and reflect the continuing impact of the downturn across key end markets including energy, agriculture and general industrial. Our focus remains on tightly managing costs while continuing to fund our best growth initiatives across the businesses," said Robert C. Arzbaecher, chairman, president and CEO.
Sales for the fiscal year were $1.24 billion, 11% lower than the $1.4 billion in the prior year. Excluding the 6% decline from the stronger U/.S. dollar and neutral impact of acquisitions and divestitures, full year core sales declined 5%. Fiscal 2015 earnings from continuing operations were $19.9 million or 32 cents per diluted share.
INDUSTRIAL SUPPLY MAGAZINE
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