Actuant today reported sales of US$393m for its third quarter ended May 31, 2011, a 27 per cent increase over the same quarter a year ago. Net income was US$38.4m, compared to US$28.3m a year ago.

"Actuant is executing well and delivering terrific results, including another quarter of double digit organic sales growth, margin expansion, higher than expected EPS and healthy cash flow,” said Robert C. Arzbaecher, Chairman and CEO in a statement. “We reported year-over-year core sales growth in all four segments, with sequential increases in three of the four segments and in excess of 20 per cent year-over-year core growth in both Industrial and Energy.”

Its Electrical segment, which includes its Marinco Electrical Group, had sales of US$80.3m compared to US$62.0m a year ago. The division's adjusted operating profit was US$5.5m or 6.8 per cent. The company said that core sales increased 3 per cent because of growth in the North American marine, utility and OEM markets. Revenues from Mastervolt, acquired in December 2010, were “in line with expectations,” said the company, but solar inverter product sales were weaker than expected. The company said that a “solar market weakness” would continue into the fourth quarter.

But Arzbaecher said that he expects companywide sales “momentum” to continue into the fourth quarter and next fiscal year.

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