Menomonee Falls, Wisconsin-based industrial tools distributor Enerpac Tool Group on March 21 reported 2023 second-quarter sales of $142 million, with a 6% increase year-over-year in core sales.

For the company’s second quarter that ended Feb. 28, Enerpac had an adjusted operating margin of 20.2% and adjusted EBITDA margin of 22.7% — an increase of nearly 1,100 basis points year-over-year. The company’s 2Q gross profit margins and adjusted EBITDA margins were records since Enerpac rebranded from Actuant in 2019.

While Enerpac’s 2Q core sales growth of 6% was down from 1Q 2023’s 13% growth, Enerpac President and CEO Paul Sternlieb noted that it was an impressive performance compared to the company’s typical 2Q.

“Thanks to solid execution by our global team, we delivered strong and encouraging performance in the second quarter,” Sternlieb said in a news release. “While the second quarter is typically our seasonally weakest quarter, we saw year-over-year core growth in three out of four regions and we achieved record gross profit margins and adjusted EBITDA margins since the launch of Enerpac Tool Group in 2019.

“We are driving positive, meaningful, and permanent change across our organization, making us more efficient, more productive, and easier to do business with. We are also undertaking key growth investments in areas such as our expansion in targeted vertical markets, our digital transformation and digital marketing program, our customer-driven innovation, and our expansion in Asia Pacific.”