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,