Actuant 3Q Sales Drop 35%
Actuant Corp., Milwaukee, WI, reported sales for the third quarter ended May 31, 2009, were $290 million, down 35% from
the prior year. Core sales declined 33%. The diversified industrial company recorded a loss of $17.6 million
for the term, compared to profit of $38.6 million for third quarter 2008.
Year to date, sales
declined 23% to $970 million. The net loss for the nine months ended May 31, 2009 was $2.8 million. Profit
for third quarter of fiscal 2008 was $88.3 million.
Cost-cutting measures have been implemented
throughout the fiscal year, with staff reductions of 7% in the third quarter for a total of 21% reduction
year-to-date. Further reductions are expected as restructuring continues, CEO Robert C. Arzbaecher says.
Industrial
segment sales in the third quarter ...
Actuant Corp., Milwaukee, WI, reported sales for the third quarter ended May 31, 2009, were $290 million, down 35% from
the prior year. Core sales declined 33%. The diversified industrial company recorded a loss of $17.6
million for the term, compared to profit of $38.6 million for third quarter 2008.
Year to
date, sales declined 23% to $970 million. The net loss for the nine months ended May 31, 2009 was $2.8
million. Profit for third quarter of fiscal 2008 was $88.3 million.
Cost-cutting measures
have been implemented throughout the fiscal year, with staff reductions of 7% in the third quarter for a total of
21% reduction year-to-date. Further reductions are expected as restructuring continues, CEO Robert C. Arzbaecher says.
Industrial segment sales in the third quarter decreased 38% to $63 million. Core sales were down
34%, reflecting weaker global end market demand. Headcount in the industrial segment was reduced by 7%
during the quarter.
Fiscal 2009 third quarter Energy segment sales grew 7% to $62 million.
Acquisitions contributed 18% to sales while the stronger US dollar reduced sales by 14%. Core sales grew
3% due to higher maintenance activity in the global oil & gas and power generation markets, predominately outside
of North America.
Electrical segment fiscal 2009 third quarter sales declined 37% to $85 million. Core sales decreased
34%. Total headcount declined approximately 9% during the quarter.
Third quarter fiscal 2009 Engineered Solutions
segment sales declined 46%, with core sales down 44%.The segment's headcount was reduced by approximately
7% during the quarter.
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