Actuant Corp., the parent company of Marinco Electrical Group and Mastervolt, today reported a 13 percent increase in core revenue and a 24 percent increase in sales for its second quarter.
Consolidated sales for the quarter, which ended Feb. 28, were $331 million. Core sales increased 13 percent, with acquisitions contributing an additional 11 percent growth.
Earnings and earnings per share from continuing operations for the quarter were $22.1 million and 30 cents, respectively, compared with $7.9 million and 11 cents in the comparable prior-year quarter. Net earnings were $7.93 million, or 11 cents a share, up from $7.16 million, or 10 cents a share, a year earlier.
"Actuant had a good second quarter and remains on track to meet full-year financial expectations," chairman and CEO Robert Arzbaecher said in a statement.
"During the seasonally weak second quarter, demand levels continued to be strong across many markets, resulting in a robust 13 percent increase in core sales," he added. "Operating margins expanded, the fifth consecutive quarter of year-over-year improvement. The higher sales, coupled with solid margin improvement, drove [earnings per share] to the top of our second-quarter guidance range. In addition to improved financial results this quarter we finalized the sale of European Electrical and the acquisition of Mastervolt, repositioning our electrical segment's growth, margin and innovation trajectory."
The company said it expects full-year fiscal 2011 revenue of $1.4 billion to $1.43 billion and earnings per share from continuing operations of $1.50 to $1.60.