The “Actuant earnings top expectations - Milwaukee Business Journal”

Actuant earnings top expectations - Milwaukee Business Journal

Posted: 17 Mar 2010 07:13 AM PDT

Actuant Corp. reported Wednesday that the decline in core sales leveled off in the fiscal second quarter and that earnings exceeded company expectations.

Actuant (NYSE: ATU), a Butler-based manufacturer of professional tools and motion control equipment, reported net income for the three months ended Feb. 28 of $7.2 million, or 10 cents per share, more than twice the $3.2 million, or 6 cents per share, for the same period a year ago. Net sales were $294.2 million, up slightly from $293.8 million.

Excluding restructuring costs, earnings were 19 cents per share. Analysts polled by Thomson First Call expected 16 cents per share, on average.

Actuant's core sales, which excludes the impact of acquisitions, divestitures and currency translation, declined 3 percent, an improvement from the 20 percent decline posted in the fiscal first quarter. The company saw engineered solutions segment sales rise because of new automotive platforms and better comparisons with last year's restocking by global truck and RV original equipment makers.

For the six months ended Feb. 28, net income increased to $19 million, or 27 cents per share, from $14.8 million, or 25 cents per share, the year before. Net sales declined to $599.4 million from $664.6 million a year ago.

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