Actuant Corp., the parent company of Marinco Electrical Group and Mastervolt, today reported an increase in fiscal first-quarter sales and revenue.
The company reported core revenue growth of 14 percent and all four of its segments reported core sales growth for the quarter that ended Nov. 30.
Consolidated sales for the quarter were $318 million, 17 percent higher than the comparable prior-year quarter. Core sales increased 14 percent and acquisitions contributed an additional 5 percent, offset by the stronger U.S. dollar.
Net earnings for the quarter were $25.9 million, or 35 cents a share, compared with $11.9 million, or 17 cents a share, in the comparable prior-year quarter. First-quarter earnings and per-share earnings from continuing operations were $26.7 million and 36 cents, compared with $13.3 million and 19 cents in the comparable prior-year quarter.
"Actuant had a strong start to the fiscal year with double-digit core revenue growth, solid operating margin expansion and EPS above our expectations," chairman and CEO Robert Arzbaecher said in a statement.
"In particular, we were pleased to have all four segments contributing to the core sales growth, with energy at 4 percent and robust 22 percent core growth at both engineered solutions and industrial," he added. "We completed the acquisition of Mastervolt, deploying $150 million of capital on this attractive growth platform, which repositions our electrical segment's growth, margin and innovation trajectory."