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Actuant Sales Up 23% in 1Q

Diversified industrial manufacturer Actuant Corp. (NYSE: ATU), Milwaukee, WI, reported sales for the first quarter ended Nov. 30, 2011, were $393 million, up 23 percent over the prior year quarter. Core sales increased 7 percent with acquisitions contributing 15 percent.

Profit grew 43.6 percent to $37.2 million.

Industrial segment sales were $100 million, 15 percent higher than the prior year. Excluding foreign currency rate changes (+2%), core sales increased 13 percent reflecting higher demand across nearly all geographies and served markets.

Energy segment sales increased 14 percent year-over-year to $80 million. Excluding the 2 percent favorable foreign currency impact, core sales increased 12 percent due primarily to higher activity levels in both maintenance and capital spending within the oil & gas and power generation markets.

Electrical segment first-quarter sales were $83 million, 50 percent higher than the comparable prior year quarter. Core sales increased 7 percent reflecting higher volumes in the retail, industrial and utility markets as well as the impact of price increases.

Engineered Solutions segment sales increased 23 percent from the prior year to $129 million. Year-over-year core sales were unchanged.

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