Enerpac Tool Group sales fall 11 percent
Enerpac Tool Group posted net sales of $121 million for the second quarter, an 11 percent drop from $133 million in the same period last year.
Sales improved by 1 percent compared to the first quarter.
Industrial Tools & Services (IT&S) product core sales improved to a 10 percent year-over-year decline in the second quarter from a 14 percent year-over-year decline in the first quarter.
Net income from continuing operations were $3.6 million, or 6 cents per share, compared to net income $3.9 million, or 6 cents, in the second quarter of fiscal 2020.
"Our second quarter showed a number of encouraging signs in the face of a market that continues to be affected by the COVID-19 pandemic,” said Randy Baker, Enerpac Tool Group’s president and CEO. “As anticipated, we saw a sequential sales increase despite the seasonal decrease we typically see in the second quarter. I am encouraged by the positive sentiment among our distributors with some modest improvement in stocking activity in the quarter along with the overall improving level of project activity we are experiencing. Collectively, these serve as clear indicators of the ongoing market recovery.”
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