The 2020 Mid-Year Economic Update_long

Actuant Core Sales Up 4% in 2Q

Growth due to improved activity in energy and engineered solutions segments.

Actuant Corp. (NYSE: ATU), Milwaukee, WI, reported sales for the second quarter ended Feb. 28 of $328 million, an increase of 9 percent compared to the same period a year ago. Core sales growth was 4 percent, acquisitions contributed 5 percent. Profit increased 0.5 percent to $41 million.

“On a consolidated basis, results in the quarter were generally in line with our forecast and reflected the normal seasonal slowdown. The 4 percent core sales growth includes significantly improved activity in energy and continued solid growth in engineered solutions. Industrial’s core sales decline reflected cautious spending patterns by customers as well as negative North American weather and facility relocation impacts” said Robert Arzbaecher, CEO.

Second quarter industrial segment sales were $94 million, 5 percent lower than the prior year. The 5 percent core sales decline was due to lower global integrated solutions activity compared to the prior year, as well as continued tepid industrial tool demand, particularly in the mining maintenance market.

Energy segment sales increased 31 percent to $106 million. Core sales declined 11 percent from the prior year.

Engineered solutions segment sales increased 6 percent from the prior year to $128 million. Core sales increased 7 percent.

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