Actuant Sales Down 8% in Fiscal 2016 - Modern Distribution Management

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Actuant Sales Down 8% in Fiscal 2016

Fourth quarter sales decreased 8.2 percent year-over-year.

Actuant Corp. (NYSE: ATU), Milwaukee, WI, reported sales for the fiscal year ended August 31 of $1.2 billion, an 8 percent decrease over the same period a year ago. Core sales declined 6 percent.

The company reported a loss for the year of $105.2 million, compared to a profit of $19.9 million a year ago.

Fourth quarter sales were $275.8 million, down 8.2 percent over the same period a year ago. Profit for the quarter decreased 21.2 percent to $17.4 million. Core sales declined 11 percent.

Fourth quarter industrial segment sales were $94 million, down 6 percent from the previous year. The Larzep acquisition added 2 percent sales growth while currency translation was neutral resulting in a core sales decline of 8 percent.

Energy segment sales decreased 9 percent year-over-year to $91.4 million, with core sales down 15 percent. Engineered solutions segment sales decreased 9 percent from the prior year to $90.3 million, with core sales down 9 percent.

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