The 2020 Mid-Year Economic Update_long

Actuant Sales Up 9.9% in 3Q

Core sales up 3 percent in third quarter.

Actuant Corp. (NYSE: ATU), Milwaukee, WI, reported sales for the third quarter ended May 31 of $378.2 million, an increase of 9.9 year-over-year. Core sales were up 3 percent, while acquisitions contributed 5 percent. Profit was $50.6 million, compared to a loss of $93 million the same quarter the previous year.

"Our targeted margin improvement activities are progressing, but third quarter results included unfavorable segment mix, choppy demand and costs and inefficiencies related to the facility closures, consolidations and relocations that we are completing to simplify our business," said CEO Mark Goldstein.

For the first nine months of the fiscal year, sales were $1 billion, up 9.8 percent from the prior-year period. Profit was $128 million, compared to a loss of $28.2 million the previous year.

Third-quarter industrial segment sales were $110 million, down 1 percent from the previous year, with core sales down 2 percent. Energy segment sales increased 26 percent year-over-year to $125 million, with core sales up 5 percent. Engineered solutions segment sales increased 7 percent from the prior year to $143 million, with core sales up 5 percent.

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