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.
INDUSTRIAL SUPPLY MAGAZINE
The March/April issue of Industrial Supply magazine features an in-depth cover story about Joyce Lansdale and Vallen. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and David Kahle, as well as interviews with numerous product and distribution industry experts.
