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 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.