Posted March 21, 2019

Actuant sales dip in Q2

Actuant reported net sales for the second quarter were $271.9 million, 1.2 percent lower than the $275.2 million recorded in the comparable prior year quarter.

Core sales improved 7 percent year-over-year, while foreign currency rate changes decreased net sales by 4 percent and the impact of divestitures (Precision-Hayes International and Cortland Fibron) also reduced net sales by 4 percent.

Net income of $2.8 million, or 4 cents per share, compared to a net loss of $18.2 million and a loss of 30 cents per share in the comparable prior year quarter.

Second quarter fiscal 2019 Industrial Tools & Services segment net sales were $149.5 million, 9 percent higher than the prior year.

Engineered Components & Systems segment net sales were $122.4 million, an 11 percent decrease from the prior year. The divestiture of Precision-Hayes International and Cortland Fibron resulted in a decrease in net sales of $11.8 million (9 percent) and the strengthening of the U.S. dollar reduced net sales an additional 2 percent.