Menomonee Falls-based Actuant Corp. today reported fiscal third quarter net earnings of $50.6 million, or 70 cents per share, up from a loss of $93 million, or $1.24 lost per share, in the third quarter of 2013.
Revenue was $378.2 million, up from $344.2 million in the same period a year ago.
“I am pleased with the results for the third quarter, which were in line with our guidance, including 3 percent core growth and EPS at the mid-point of our range, excluding the income tax planning benefit,” said Mark Goldstein, chief executive officer. “Energy and Engineered Solutions both delivered a solid 5 percent increase in core sales, while Industrial’s core sales growth rate improved sequentially. Our targeted margin improvement activities are progressing, but third quarter results included unfavorable segment mix, choppy demand, and costs and inefficiencies related to the facility closures, consolidations and relocations that we are completing to simplify our business. EPS increased year-over-year reflecting higher sales and operating earnings, as well as fewer shares outstanding.”
However, Goldstein said the tepid end market demand has persisted in some parts of its business, so Actuant’s full-year results may be lackluster. Mining, offshore mooring, off highway equipment and other sectors are showing poor growth activity.
Fiscal 2014 sales expectations were lowered to $1.4 billion.