Actuant Corp., Milwaukee, WI, reported sales of $380 million for the first quarter ended Nov. 30, a decline of 8% over the same period a year ago. Excluding the impact of currency exchange rates and acquisitions, sales declined 11%. Profit dropped 58% to $11.6 million.
First quarter Industrial segment sales improved 20% to $164.5 million. Core sales grew 12%, driven by strong global demand for joint integrity maintenance products and services for the oil &gas and power generation markets, as well as for high-force hydraulic tools.
Sales in the Electrical segment declined 24% to $102 million. Core sales decreased 22% reflecting weak demand from retail, marine and transformer customers, SKU reduction in the European Electrical product line, and loss of retail business in North America. Headcount in the segment has been reduced by about 9% since Aug. 31, and 25% during the past year.
Actuation Systems segment first quarter sales declined 24% to $85 million reflecting sharply lower demand from the Company’s RV, European truck and automotive customers. Sales to the motorhome industry’s three largest Original Equipment Manufacturers declined about 75% during the first quarter.
Engineered Products segment sales were $28 million, a 10% decrease over the prior year.
Actuant is a diversified industrial company with operations in more than 30 countries.
Actuant Sales Down 8% in 1Q
Actuant Corp., Milwaukee, WI, reported sales of $380 million for the first quarter ended Nov. 30, a decline of 8% over the same period a year ago. Excluding the impact of currency exchange rates and acquisitions, sales declined 11%. Profit dropped 58% to $11.6 million.
First quarter Industrial segment sales improved 20% to $164.5 million. Core sales grew 12%, driven by strong global demand for joint integrity maintenance products and services for the oil &gas and power generation markets, as well as for high-force hydraulic tools.
Sales in the Electrical segment declined 24% to $102 million. Core sales decreased 22% reflecting weak demand from retail, marine and transformer customers, SKU reduction in the European Electrical product line, and loss of ...
First quarter Industrial segment sales improved 20% to $164.5 million. Core sales grew 12%, driven by strong global demand for joint integrity maintenance products and services for the oil &gas and power generation markets, as well as for high-force hydraulic tools.
Sales in the Electrical segment declined 24% to $102 million. Core sales decreased 22% reflecting weak demand from retail, marine and transformer customers, SKU reduction in the European Electrical product line, and loss of ...
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