Actuant reports 1Q results - Trade Only Today

Actuant reports 1Q results

Author:
Publish date:

Actuant Corp., the parent company of Marinco Electrical Group and Mastervolt, announced strong first-quarter results, including core sales growth of 7 percent and a 39 percent year-over-year increase in diluted earnings per share from continuing operations.

Consolidated sales for the first quarter were $393 million, 23 percent higher than the comparable prior-year quarter. Core sales increased 7 percent, with acquisitions contributing an additional 15 percent.

Fiscal 2012 first-quarter net earnings from continuing operations were $37.2 million, compared to $26.7 million in the comparable prior-year quarter. EPS of 50 cents in the first quarter of fiscal 2012 was 39 percent higher than the 36 cents in the comparable quarter.

The electrical segment saw sales of $82.8 million, compared to $55.4 million in the prior year.

Commenting on Actuant’s outlook, chairman and CEO Robert Arzbaecher said, “We are off to a strong start to the year, with first-quarter sales, net earnings and cash flow ahead of plan. We believe we will achieve record highs for these financial metrics in fiscal 2012.

“The current economic environment creates uncertainty for Actuant and its customers. Therefore, despite the robust year-over-year growth we have enjoyed over the past quarters, we anticipate that economic conditions in some of our served geographies, most notably Europe, could provide for more challenging business conditions going forward,” he added.

The company said it expects second-quarter sales to be in the $360 million to $370 million range, with EPS of 35 to 40 cents,

Related

E-nnovation Lab to expand at 2018 Metstrade show

The growing demand for hybrid and electric engines is becoming more apparent within the leisure marine market, prompting Metstrade to introduce the E-nnovation Lab platform for electric propulsion technology.

Aluminum, tow boats lead moderate growth in May

Boat registrations were up 2.1 percent in May in the main powerboat categories, and rose 3.2 percent in all categories, according to preliminary data from Statistical Surveys Inc., a Michigan company that tracks new boat registrations.

Retaliatory tariffs on boats to EU start today

The 25 percent tariff the EU announced Wednesday on U.S.-built boats kicks in today, and a 10 percent tariff on boats sold to Canada will start July 1, prompting boatbuilders to worry they will lose sales to those countries.