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.
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.
