Actuant 4Q sales flat
Hydraulic tool manufacturer Actuant Corporation reported fourth quarter sales of $327 million compared to $322 million in the comparable prior year quarter.
Core sales were flat, with acquisitions contributing 2%. Earnings for the quarter were $45.1 million, or 60 cents per share, compared to $35.9 million, or 48 cents, in the comparable prior year quarter.
Sales for the year were essentially unchanged from the prior year. Excluding the 4% benefit of acquisitions, and 1% negative impact from foreign currency translation, core sales declined 3%. Earnings and EPS from continuing operations for the year were $147.6 million, or $1.98 per diluted share, compared to $125.3 million, or $1.68 per diluted share for the comparable prior year period.
“While our performance in fiscal 2013 was impacted by weak global economic conditions, the sequential improvement throughout the year was encouraging. Both Industrial and Energy delivered full year core sales growth and we acquired approximately $90 million of revenue in the higher growth energy market," said Robert C. Arzbaecher, chairman and CEO.
Fourth quarter fiscal 2013 Industrial segment sales were $111 million, 1% higher than the prior year; Energy segment sales decreased 1% to $93 million; and Engineered Solutions segment sales increased 4% from the prior year to $123 million.
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