Actuant reports 2Q results

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Actuant Corp., the parent company of Marinco Electrical Group and Mastervolt, today announced an increase in sales and net earnings for its second quarter.

Consolidated sales for the quarter that ended Feb. 29 were $378 million, 14 percent higher than during the comparable quarter in the previous year. Core sales increased 8 percent, with acquisitions contributing 7 percent, partially offset by a negative 1 percent impact of the stronger U.S. dollar.

Fiscal 2012 second-quarter net earnings from continuing operations were $32.2 million, compared with $22.1 million in the comparable quarter in the previous year. The company reported earnings per share of 43 cents in the second quarter, 43 percent higher than the 30 cents reported in the quarter a year earlier.

Electrical segment fiscal 2012 second-quarter sales were $77 million, 10 percent higher than during the comparable quarter in the previous year.

“The strong core sales growth was broad-based and reflected higher volumes in the industrial, utility, retail and marine aftermarket channels. Mastervolt revenue during the seasonally weak second quarter reflected modestly lower solar and marine volume on a comparable-quarter basis and is not included in the second-quarter core sales metric, as the acquisition was completed after the beginning of the prior year quarter,” Actuant said in a statement.

“Second-quarter operating profit margin increased 50 basis points from the prior year due to the higher volumes and improved Mastervolt profitability, partially offset by plant closure costs,” the company added.

Sales for the six months that ended Feb. 29 were $771 million, 19 percent higher than the $649 million in the comparable period in the previous year. Excluding the 11 percent impact of acquisitions, year-to-date core sales increased 8 percent, the company said.

Earnings and earnings per share from continuing operations for the six months that ended Feb. 29 were $69.3 million, or 94 cents a diluted share, compared with $48.8 million, or 66 cents a diluted share, for the comparable period in the previous year.

“We are very pleased with the results for the second quarter, as sales, EPS and cash flow were all above expectations. During the normally seasonally weak second quarter, broad-based strength continued across many of our served end markets, resulting in an 8 percent increase in year-over-year core sales,” chairman and CEO Robert C. Arzbaecher said in a statement.

“Our strategic initiatives and proven business model now have delivered nine consecutive quarters of year-over-year sales, margin and EPS growth, and we are on track to deliver the highest free cash flow year in Actuant’s history,” he added.

The company expects third-quarter sales to be in the $420 million to $430 million range and earnings per share to be 55 to 60 cents.


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