Skip to main content

Actuant releases 3Q earnings

Actuant Corp. reported a 33 percent decline in sales for its third quarter, which ended May 31.

The net loss and diluted loss per share in the fiscal 2009 third quarter were $17.6 million and 31 cents, respectively, compared to net earnings of $38.6 million and diluted earnings per share of 60 cents in the comparable quarter last year.

Sales for the nine months ending May 31 were $970 million, 23 percent lower than the $1.25 billion in the year-ago period. Net loss for the nine-month period was $2.8 million, or 5 cents per diluted share, compared to net earnings of $88.3 million, or $1.39 per diluted share last year.

The company also reported a net debt reduction of nearly $65 million in the quarter and a secured amendment to a $515 million bank credit agreement providing additional flexibility with respect to financial covenants, while maintaining the size and maturity of the facility.

"As we move into the fourth quarter, we are encouraged that revenues have begun to stabilize in several of our end markets and that improved consumer confidence, higher oil prices and global stimulus investments could benefit the Actuant businesses," chairman and CEO Robert C. Arzbaecher said in a statement.

"However, we are attempting to be realistic in our expectations that global economic conditions, including higher unemployment and lagging European demand, will constrain growth in the near term," he added.

The company estimates fourth-quarter earnings per share to be in the range of 12 to 20 cents (excluding restructuring charges) on sales of $275 to $295 million.

Based on this fourth-quarter guidance, full year fiscal 2009 sales and earnings per share are expected to be $1.24 to $1.26 billion and 87 cents to 95 cents (excluding restructuring and impairment charges), respectively.



Northpoint Expands Marine Presence

Northpoint Commercial Finance has partnered with Elite Recreational Finance to offer retail financing.


BRP Reports 71% Increase in Q3 Revenues

The Sea-Doo manufacturer had total revenue of $2.7 billion, but North American marine retail sales were down 47%.


Airmar Announces Training Dates

Certified Installer and SmartBoat system classes are being held this month in New Jersey and next year in New Hampshire.


The Survey Says …

Surveying customers to find out what they think about your business has never been more important.


Marine Development Inc. Changes Hands

Mick Webber, the former president/CEO and owner of HydroHoist, has purchased the company from its founders.

Screen Shot 2022-11-30 at 10.06.58 AM

Yanmar Reports Record First Half

Supported by overseas growth in construction equipment, generators and components, the company announced net sales of approximately $3.5 billion.


FWC Accepting Vessel Turn-In Applications

The program disposes of unwanted, at-risk vessels before they become derelict at no cost to owners.


Walstrom Acquires Grand Bay Marine

The transaction expands the company’s footprint in the Great Lakes region and brings the Regal, Starcraft, Godfrey, Bayliner, Robalo and Berkshire brands to Walstrom’s portfolio.


Indmar Co-Founder Dies at 95

A 20-year veteran of the U.S. Marine Corps, Dick Rowe dedicated himself to the recreational boating industry for more than four decades.