Actuant reports stronger Q2 results
By IBI Magazine
Actuant today reported sales of US$294.2m for its second quarter ended February 28, 2010, compared to US$293.8m a year ago. The company reported net income of US$7.15m compared to US$3.24m a year ago. Sales in its Electrical Segment, which includes its marine companies, were US$81.7m for the quarter, down 9 per cent compared to the same period a year ago. The company said that sequential quarterly sales were up compared to the 18 per cent decline in the first quarter of 2010 because of "continued moderate improvement in the North American marine and retail DIY markets." "During the seasonally week second quarter, we experienced sequentially higher sales in a number of key end markets and generated earnings significantly ahead of last year," said Robert C. Arzbaecher, chairman and CEO, in a statement. "Consolidated operating profit margins, excluding restructuring costs, improved 350 basis points year-over-year despite unfavorable segment mix, reflecting the benefit of our cost reduction actions." Arzbaecher said he was "encouraged" by improving trends in end markets. "Overall, we expect improving sales trends in all four segments during the back half of fiscal 2010, which will be partially muted by the unfavorable impact of recent US dollar strengthening," he said. "From an earnings standpoint, our investors should see strong second half year-over-year growth."
(17 March 2010)
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