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Milwaukee, WI-based Actuant Corp. (NYSE: ATU) reported core sales growth of 13 percent year-over-year for the second quarter ended Feb. 28, 2011. Sales were $331 million; including acquisitions, sales were up 24 percent from the prior-year period.
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Profit was $22.1 million.
The manufacturer also reported it has completed its previously announced Mastervolt acquisition and divested its European electrical business.
Sales for the six months ended Feb. 28, 2011, were $649 million, 20 percent higher than the prior-year period. Core sales were up 13 percent.
Industrial segment sales were $89 million, 28 percent higher than the prior-year period. Core sales for the segment were up 15 percent. Growth in this segment was driven by global demand across all served markets.
Energy segment sales were up 14 percent to $62 million for the quarter, with core sales up 5 percent thanks to higher activity levels in emerging markets and improving seismic and umbilical market demand.
Electrical segment second-quarter sales were $70 million, 28 percent higher than the prior-year quarter. Excluding the Mastervolt acquisition, core sales declined 2 percent due to lower DIY retail and commercial construction activity.