Actuant sales fall by 7%
Actuant Corporation reported that consolidated sales for the first quarter of fiscal 2016 were $305 million, 7% lower than the $328 million in the comparable prior year quarter.
Core sales were flat while foreign currency exchange rate changes reduced sales 7%. Fiscal 2016 first quarter net earnings and EPS were $15.4 million, or 26 cents per share, compared to $24.7 million and 38 cents, respectively, in the comparable prior year quarter.
“Our first quarter results exceeded expectations due to strong performance from the Energy segment despite the weak oil & gas environment. Sales, excluding currency headwinds, were up nominally on a year-over-year basis which was much better than projected," said Robert C. Arzbaecher, chairman, president and CEO. "We saw robust activity in the maintenance-driven Hydratight business, including a large Middle East service job, which offset continued sluggish activity levels in non-energy markets such as agriculture, off-highway, and general industrial.”
Industrial segment sales were $89 million, 13% lower than the prior year. Energy segment sales increased 2% year-over-year to $114 million. Engineered Solutions segment sales were $102 million, 10% below the prior year.
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