Actuant Corporation, Milwaukee, WI, reported fiscal 2007 sales increased 21% from the prior year to $1.46 billion, with net earnings at $105 million. Fourth-quarter sales were up 20% to $390 million.
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Organic growth was 6% for both the fourth quarter and the full year. Actuant acquired five businesses during the fiscal year and completed a sixth in September.
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Fourth quarter net earnings were $31.4 million, compared to prior year net earnings of $25.2 million.
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Fourth quarter Industrial segment sales increased 23% to $120 million. Excluding currency translation and acquisitions, Industrial segment sales grew 13% driven by continued strong global demand in both the joint integrity and high-force hydraulic tool product lines.
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Fourth quarter Electrical segment sales increased 18% to $132 million, reflecting 3% core sales growth, favorable foreign currency exchange rate changes and the acquisitions of Actown (August 2006) and BH Electronics (July 2007).
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Actuation Systems fourth quarter increased 4% to $104 million. Core sales grew 1% in the quarter as increased demand for the Company’s recreational vehicle and truck actuation products outside of North America was partially offset by declines in both the automotive and North American truck markets. The decline in North American truck was anticipated due to the impact of emissions regulation changes, while automotive sales declined due to new platform launches in the prior year.
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Fourth quarter Engineered Products segment sales more than doubled to $33 million reflecting both 15% 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. The Actuant businesses are in highly engineered position and motion control systems and branded hydraulic and electrical tools and supplies.