Actuant sales decline 13 percent
Actuant Corporation reported sales for its fiscal 2017 first quarter were $266 million, 13% lower than the $305 million in the comparable prior year quarter.
Core sales were down 14% while foreign currency rate changes reduced sales 1% with net acquisitions/divestitures a 2% sales benefit.
Fiscal 2017 first quarter net earnings were $5.0 million, or 8 cents per share, compared to $15.4 million and 26 cents in the comparable prior year quarter.
Randy Baker, president and CEO of Actuant commented, “I’m pleased we met our financial commitments for the first quarter given continued weak conditions in most of our end markets. Core sales comparisons were difficult in Energy given last year’s large Middle East maintenance job, while the other segments experienced tepid but stable demand in the general industrial, agriculture and off-highway markets. Margins reflect the impact of the volume declines, and were in line with our outlook.”
Industrial segment sales were $87 million or 2% lower than the prior year. The Larzep acquisition added 2% while currency was neutral, resulting in a 4% year-over-year core sales decline.
Energy segment sales declined 26% year-over-year to $85 million. Excluding the 2% unfavorable impact of the stronger U.S. dollar, and 7% benefit from March’s process & pipeline services acquisition, year-over-year core sales declined 31%.
Engineered Solutions segment sales were $94 million or 8% below the prior year. Excluding the 3% Sanlo divestiture impact, year-over-year core sales were down 5%, but improved sequentially from -9% in the fiscal 2016 fourth quarter.