Actuant reports robust quarter
Butler-based Actuant Corp. reported second quarter net earnings of $7.9 million, or 11 cents per share, which was up from $7.2 million, or 10 cents per share, in the same period a year ago.
The diversified manufacturer’s quarterly net sales grew to $330.7 million from $267.4 million a year earlier.
During the quarter, the company announced the completion of its previously announced acquisition of Mastervolt acquisition and the divestiture of its European Electrical business.
Robert Arzbaecher, chairman and chief executive officer Actuant, said, “Actuant had a good second quarter and remains on track to meet full year financial expectations. During the seasonally weak second quarter, demand levels continued to be strong across many markets, resulting in a robust 13 percent increase in core sales. Operating margins expanded, the fifth consecutive quarter of year-over-year improvement. The higher sales, coupled with solid margin improvement, drove EPS to the top of our second quarter guidance range. In addition to improved financial results this quarter, we finalized the sale of European Electrical and the acquisition of Mastervolt, repositioning our Electrical segment’s growth, margin and innovation trajectory. In summary, we are pleased with Actuant’s fiscal 2011 first half accomplishments.”
