The 2020 Mid-Year Economic Update_long

Actuant Sales Down 15.4% in 3Q

Core sales down 8 percent in third quarter.

Actuant Corp. (NYSE: ATU), Milwaukee, WI, reported sales for the third quarter ended May 31 of $320.1 million, a decrease of 15.4 percent year-over-year. Core sales were down 8 percent. Profit decreased 24.9 percent to $38 million.

Third-quarter industrial segment sales were $103.5 million, down 5.7 percent from the previous year, with core sales down 6 percent. The Hayes Industries acquisition contributed 7 percent to total sales growth.

Energy segment sales decreased 20.7 percent year-over-year to $99.3 million, with core sales down 12 percent. Engineered solutions segment sales decreased 18 percent from the prior year to $117.3 million, with core sales down 4 percent.

"As anticipated, the Energy segment’s core sales turned negative due to well-publicized oil & gas headwinds," said Mark Goldstein, president and CEO. "Engineered Solution’s core sales improved sequentially as higher truck volumes more than offset the expected moderation in agriculture demand."

For the first nine months of the fiscal year, sales were $948.9 million, down 9.2 percent from the prior-year period. The company reported a loss of $2.2 million, compared to a profit of $128 million the previous year.

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