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Actuant Corp. (NYSE: ATU), Milwaukee, WI, reported sales for the third quarter ended May 31, 2010, were $335 million, 17 percent higher than the comparable prior year quarter. Core sales increased 16 percent. Profit was $21.8 million, compared to $3.2 million a year ago.
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Fiscal year to date, sales were $934 million, a decrease of 2 percent from the prior year period. Core sales were down 4 percent. Profit more than doubled to $40.8 million, compared to $19.3 million a year ago.
Industrial segment sales increased 27 percent during the quarter to $79.7 million, with core sales increasing 20 percent due to higher demand across most regions and end markets. Fiscal year to date, segment sales were down 4.7 percent to $214.3 million.
Third quarter Energy segment sales fell 9 percent to $57 million, with core sales declining 11 percent due primarily to weakness in refinery maintenance activity, seismic exploration and large capital project based revenue. Improving sales in emerging markets, alternative energy and adjacent markets partially offset those declined. Fiscal year to date, energy segment sales declined 10.8 percent to $174.6 million.
Electrical segment sales were $86.5 million in the third quarter, an increase of 3 percent over the year ago period. Core segment sales increased 8 percent during the period. For the first nine months, sales declined 7.8 percent to $254.8 million.
Third quarter Engineered Solutions segment sales increased 46 percent to $111.7 million. Fiscal year to date, sales increased 14.9 percent.
Actuant is a diversified industrial company with operations in more than 30 countries.