Actuant Sales Down 3.5% in 1Q - Modern Distribution Management

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Actuant Sales Down 3.5% in 1Q

Core sales declined 1 percent for the quarter.

Actuant Corp. (NYSE: ATU), Milwaukee, WI, reported sales for the first quarter of $327.8 million, a 3.5 percent decrease from the same period a year ago. Profit was $24.7 million, down 31.5 percent from $36 million a year ago.

Core sales declined 1 percent, while net acquisitions and divestitures were neutral while unfavorable foreign exchange rate changes were 2 percent.

"Conditions in oil and gas markets have deteriorated in the last 60 days, but did not significantly impact our energy segment in the quarter," said Mark E. Goldstein, president and CEO. "Offsetting the strong energy segment results were sluggish demand in other markets and foreign currency headwinds."

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