The 2020 Mid-Year Economic Update_long

Actuant Sales Down 8.2% in 2Q

Core sales declined 2 percent for the quarter.

Actuant Corp. (NYSE: ATU), Milwaukee, WI, reported sales for the second quarter of $301 million, an 8.2 percent decrease from the same period a year ago. The company posted a net loss of $64.8 million, down from a profit of $41.4 million a year ago.

Core sales declined 2 percent, while net acquisitions and divestitures were neutral while unfavorable foreign exchange rate changes reduced sales 6 percent.

“In addition to normal seasonality, the second quarter proved challenging given the further strengthening of the U.S. dollar, low oil and gas prices and weak conditions across a number of end markets," said Mark E. Goldstein, president and CEO.

For the first six months, the company reported sales of $628.8 million, a 5.8 percent decrease from the same period a year ago. The company posted a net loss of $40.2 million, down from a profit of $77.4 million a year ago.

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