Actuant Corporation, Milwaukee, WI, reported sales of $415 million in the first quarter 2007, a 21% increase from the prior year. The manufacturer had 3% organic growth.
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Robert Arzbaecher, President and CEO of Actuant said: Robust Industrial segment sales as well as continued strength in the European truck market had a favorable impact on our core sales growth in the quarter. These results reinforce the benefits of Actuant’s end market, geographic and customer diversification.”
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First quarter fiscal 2008 net earnings were $27.4 million, compared to prior year net earnings $25.1 million.
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Industrial Segment
First quarter fiscal 2008 Industrial segment sales increased 32% to $137 million. Excluding currency translation and acquisitions, Industrial segment core sales grew 11% driven by continued strong global demand in both the joint integrity and high-force hydraulic tool product lines.
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Electrical Segment
Electrical segment sales increased 10% to $134 million due to favorable foreign currency exchange rate changes and the acquisition of BH Electronics (July 2007). Core sales declined 3% due primarily to the impact of weaker European demand and lower OEM transformer sales.
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Actuation Systems Segment
Actuation Systems segment sales increased 7% to $113 million. Core sales grew 1% in the quarter as increased demand from the company’s recreational vehicle and European and Asian truck customers was partially offset by declines in both the automotive and North American truck markets.
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The decline in North American truck was the result of the prior year emissions related pre-buy, while automotive sales declined due to new platform launches in the prior year.
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Engineered Products Segment
Engineered Products segment sales increased to $31 million from $11 million in the prior year reflecting both 19% core sales growth and the acquisition of Maxima in December 2006.
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Actuant is a diversified industrial company with operations in more than 30 countries.