Actuant Corp., Milwaukee, WI, reported sales for its second quarter ended Feb. 29, 2008, were up 17% to $400 million, with 4% core sales growth.
Sales for the first half were $815 million, up 19%. Core sales increased 4%. Net earnings for the six months rose 13% to $49.7 million.
Second quarter fiscal 2008 Industrial segment sales increased 36% to $131 million. Industrial segment core sales grew 16% driven by continued strong global demand for joint integrity products and services for the oil &gas and power generation markets, as well as high-force hydraulic tools.
Electrical segment sales increased 6% to $131 million in the quarter. Core sales declined 6% reflecting weaker demand from DIY, marine and transformer customers.
Actuation Systems segment second quarter sales increased 12% to $110 million. Core sales grew 5% in the quarter due to higher demand from the company’s global truck and automotive customers, with the balance of the increase due to currency translation. Sales to the recreational vehicle (RV”) market declined due to lower OEM build levels caused by weaker consumer demand.
Second quarter Engineered Products segment sales increased to $28 million from $23 million in the prior year reflecting 1% core sales growth and the acquisition of Maxima in December 2006.
Actuant is a diversified industrial company with operations in more than 30 countries.
