Posted June 26, 2019

Actuant sales decline 6.9 percent

Actuant Corporation reported third-quarter sales of $295 million, a decline of 6.9 percent from $317 million in last year's third quarter.

Core sales improved 3 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) reduced net sales by 6 percent.

Net income of $32.4 million, or 52 cents per share, compared to income of $29.0 million, or 48 cents, in the same period last year.

The Industrial Tools & Services segment achieved third quarter revenues of $167 million and delivered a core net sales increase of 8 percent year-over-year.

The Engineered Components & Systems segment achieved revenues of $129 million with a core net sales decrease of 2 percent.

“We are pleased with the continued strong performance of our IT&S segment, which was driven by solid product sales in North America and very strong service sales in the Middle East and North Sea. Despite challenging year-over-year comparisons, this quarter marks five consecutive quarters of total core growth and seven quarters of core product sales growth within the consolidated IT&S business. We continue to take actions to enhance growth and profitability, including driving new product development and executing on our previously announced restructuring actions,” said Randy Baker, Actuant’s president and CEO.