Actuant sales up 6 percent
Actuant Corporation said its sales for the second quarter were $275 million, 6 percent higher than the $259 million in the same quarter last year.
Core sales improved 3 percent year-over-year while foreign currency rate changes increased sales 5 percent and the net impact from the Mirage acquisition net of the Viking divestiture reduced sales by 2 percent.
The company had a net loss $18.2 million, or a loss of 30 cents per share, compared to profit of $5.1 million, or 8 cents, in the comparable prior year quarter.
“Actuant delivered solid sales growth in the second quarter, but regrettably we continue to experience margin pressures resulting from longstanding specialty projects along with increasing production, commercial and engineering expenses to support high service levels and growth," said Randy Baker, President and CEO. "We continue to diligently pursue the restructuring and portfolio management actions that are anticipated to simplify and improve the fundamental operating performance of Actuant.”
Second quarter fiscal 2018 Industrial segment sales were $99 million or 8 percent higher than the prior year. Overall demand for standard industrial tools remained strong globally and across the diverse set of end markets served, with particular strength in the bolting and OEM service tool categories.
INDUSTRIAL SUPPLY MAGAZINE
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