Actuant sales down 2 percent
Actuant Corporation reported consolidated sales for the second quarter were $259 million, 2% lower than the $263 million in the prior year.
Core sales declined 3% while foreign currency rate changes reduced sales 1% and net acquisitions/divestitures were a 2% sales benefit. Fiscal 2017 second quarter net earnings were $5.1 million, or 8 cents per share, compared to a net loss of $159.2 million, or $2.70 per share, in the comparable prior year quarter.
"Core sales in both Industrial and Engineered Solutions turned positive for the first time in approximately two years. Energy comparisons and market conditions were difficult in both maintenance and offshore capex related areas. As we pivot the organization more toward growth, we are increasing investments in new products, commercial effectiveness and growth regions, which in the short term limit margin expansion," said Randy Baker, president and CEO of Actuant.