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Actuant Reports Second Quarter Results

Stocks in this article: ATU

Actuant Corporation (NYSE: ATU) today announced results for its second quarter ended February 28, 2013.

Highlights

  • Delivered second quarter sales and earnings at the high end of the guidance ranges.
  • Total sales were $370 million, down 2% year-over-year with acquisitions contributing 4% and core sales declining 6%.
  • Diluted earnings per share (“EPS”) of $0.38, 12% lower than the comparable prior year period.
  • Operating profit margins were 11.3%, a 180 basis point reduction from the prior year due primarily to the impact of lower sales and production levels.
  • Revised full year sales and EPS guidance to $1.575-1.600 billion and $2.15-2.25, respectively.

Robert C. Arzbaecher, Chairman and CEO of Actuant commented, “We delivered results for the second quarter at the high end of our sales and EPS guidance. During the normally seasonally weak quarter, we experienced generally subdued activity in the global industrial markets reflecting both cautious spending and continued destocking initiatives by OEM customers. While economic conditions remain weak in most end markets and regions, we have kept our organization agile and are anticipating both seasonal and core growth in the second half of the fiscal year. I want to thank our global team for their solid execution in the quarter.”

Consolidated Results

Consolidated sales for the second quarter were $370 million, 2% lower than the comparable prior year quarter. Core sales declined 6% with acquisitions contributing 4% and the consolidated impact of foreign exchange negligible. Fiscal 2013 second quarter net earnings were $28.4 million compared to $32.2 million in the comparable prior year quarter. EPS of $0.38 in the second quarter of fiscal 2013 was 12% lower than the $0.43 in the comparable prior year quarter.

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