Actuant Corp. (NYSE: ATU), Milwaukee, WI, reported sales for the third quarter ended May 31, 2012 of $429 million, a 9 percent increase over the same period a year ago. Profit decreased 10 percent to $34.4 million.
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For the first 9 months, sales were $1.2 billion, a 15 percent increase over the same period a year ago. Organic sales increased 6 percent. Profit increased 19 percent to $103.8 million.
Third quarter industrial segment sales were $110 million, 2 percent higher than the prior year. The core sales increase of 5 percent (3 percent foreign currency impact) was driven by continued strong industrial demand across served end markets and geographies.
Third quarter year-over-year energy segment sales increased 24 percent to $96 million. Excluding the 4 percent impact from acquisitions and the negative 3 percent impact from foreign currency rate changes, core sales increased 23 percent reflecting higher activity levels across the segment's diverse end markets.
Electrical segment third quarter sales were $86 million, 7 percent higher than the comparable prior year quarter. Core sales increased 10 percent. The strong core sales growth was broad-based and reflected higher volumes in the solar, utility, industrial, retail and marine aftermarket channels.
Second quarter engineered solutions segment sales increased 8 percent from the prior year to $137 million. Year-over-year core sales declined 11 percent.
“The moderating trends across our markets are in line with expectations, yet currency translation and European macroeconomic headwinds create uncertainty,” said President and CEO Robert C. Arzbaecher. “Given these items, we expect to complete fiscal 2012 with full year sales of $1.6-1.61 billion and EPS in the $2.03-2.08 range.”
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