Actuant Corp. (NYSE: ATU), Milwaukee, WI, reported sales for the first quarter ended Nov. 30, 2009, were $305 million, down 17.7% from first quarter a year ago, but an increase of 5% from fourth quarter sales. Core sales were down 20%.
Profit improved 2.2% to $11.9 million.
“From a global economic standpoint, we believe the worst is behind us,” CEO Robert C. Arzbaecher says. “We??ve experienced stabilization in most end markets and sequential improvement in certain early cycle businesses and those where inventory destocking was meaningful.”
First quarter fiscal 2010 Industrial segment sales decreased 28% to $65 million. Excluding foreign currency rate changes, core sales were down 30%. Operating profit for the Industrial segment fell 46.7%.
Energy segment first quarter sales decreased 13% to $64 million. Core sales declined 12%. Weakness in exploration related demand as well as the deferral or reduction of maintenance at certain existing oil and gas installations continued. The segment??s core sales rate of change was approximately level with the prior quarter. Operating profit, excluding restructuring charges, declined 26.3% to $11.5 million.
First quarter sales in the Electrical segment declined 16% to $87 million. Core sales decreased 18%. Operating profit, excluding restructuring charges, decreased 42.4% to $3.4 million.
First quarter fiscal 2010 Engineered Solutions segment sales declined 14% reflecting reduced demand from global truck and specialty vehicle end markets. Operating profit, excluding restructuring charges, declined 30.4% to $5.5 million.
Actuant is a diversified industrial company with operations in more than 30 countries.