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Actuant Corp. (NYSE: ATU), Milwaukee, WI, reported sales for the fiscal year ended Aug. 31, 2010, were $1.16 billion, an increase of 4 percent over fiscal 2009. Core sales – excluding the impact of acquisitions and currency exchange – increased 2 percent. Profit increased 75 percent to $24 million.
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Fourth-quarter sales were $310 million, an increase of 19 percent compared to the same period a year ago. Core sales increased 18 percent. The diversified industrial company recorded a fourth quarter net loss of $16.8 million, compared to a loss of $16.5 million in the comparable prior year quarter.
"As we begin fiscal 2011, we expect the overall global economy to continue to grow at a modest pace," CEO Robert C. Arzbaecher said. "However, we anticipate that some of our businesses will grow faster than the overall Company average due to cyclical rebounds, similar to what we experienced in the fourth quarter in our industrial and vehicle related markets."
During the fourth quarter, Actuant completed the acquisition of Selantic, strengthening the Cortland engineered cable and rope business. The company also announced its intention to divest the European Electrical business.
Fourth quarter Industrial segment sales were $85.7 million, up 39 percent over fourth quarter 2009. Core sales increased 33 percent, primarily die to increased demand across most markets. For the fiscal year, sales increased 5 percent to $300 million.
The Energy segment reported fourth quarter sales of $61.2 million, down 4 percent from the same period a year ago. Core sales declined 7 percent. For the fiscal year, sales fell 9 percent to $235.7 million.
Electrical segment sales in the fourth quarter were $62.7 million, up 7 percent from a year ago. Sales were down 3 percent for the fiscal year to $233.7 million.
Engineered Solutions segment sales increased 31 percent in the fourth quarter to $100.8 million. Core sales climbed 37 percent. For the fiscal year, sales improved 19 percent to $391.1 million.