Before we start, let me offer the following cautionary note. During this call, we will be making forward-looking statements within the meaning of the Private Securities Litigation Reform Act. Investors are cautioned that forward-looking statements are inherently uncertain and that there are a number of factors that could cause actual results to differ materially from these statements. These factors are outlined in our SEC filings.

Consistent with prior quarters, we will utilize the one question and one follow-up rule in order to keep today's call to an hour. Thank you in advance for following this practice. And with that, I'll turn the call over to Bob.

Robert C. Arzbaecher

Thank you, Karen, and thanks for taking the time to join us on our second quarter call today. We are very pleased with our performance in the second quarter, including robust core sales growth and a new record in terms of second quarter EPS. Our financial performance topped our expectations on a number of fronts including EPS, cash flow and higher core sales in Electrical. We had great execution, as evidenced by a 190-basis-point improvement in EBITDA margins. The recently acquired Mastervolt and Weasler businesses both exceeded expectations on the top and bottom line and Jeyco, which was acquired in February, added $1 million in sales in February that was not in our original guidance.

As I reflect on the first half of fiscal 2012, multiple factors are driving our performance right now and they bode well for the future. Our top line is experiencing strong growth. A combination of acquisitions, growth and innovation initiatives and a great mix of the Actuant portfolio of later cycle, Energy and Industrial businesses. We are generating strong year-over-year margin improvement driven by our lead OpEx process for continuous improvement, the benefit of our lowered cost structure from the 2009, 2010 restructuring initiatives as well as incremental growth contributions from our higher-margin businesses.

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