Actuant Corp., the parent company of Marinco Electrical Group and Mastervolt, announced higher sales for the fourth quarter and the fiscal year.
Consolidated sales for the fourth quarter, which ended Aug. 31, were $403 million, 30 percent higher than during the same quarter a year earlier. Earnings and earnings per share from continuing operations were $37.3 million and 50 cents, respectively, compared with $20.9 million and $0.29 in the year-earlier quarter.
In the electrical segment, 2011 fourth-quarter sales were $80 million, 28 percent higher than they were in the year-earlier quarter. Excluding foreign currency rate changes and the Mastervolt acquisition, core sales were unchanged, as most of the segment’s end markets, including retail, wholesale distribution, marine and OEM, remain sluggish, the company said.
“Results from Mastervolt, which was acquired in December 2010, reflect stable marine market sales and continued weak solar inverter product sales; however, excessive solar channel inventory levels have started to modestly improve,” Actuant added.
For the fiscal year that ended Aug. 31, sales were $1.445 billion, 25 percent higher than the $1.161 billion in the prior year. Earnings and earnings per share from continuing operations for the year were $124.5 million, or $1.68 a diluted share, compared with $70.4 million, or 97 cents a diluted share, in the prior year.
“Actuant’s strong fourth-quarter performance reflects terrific execution and continued momentum in our key end markets. In particular, we were pleased to see consolidated double-digit core sales growth for the sixth straight quarter despite tougher comparables,” Chairman and CEO Robert Arzbaecher said in a statement.
“Fiscal 2011 again demonstrated the value of Actuant’s growth-oriented, ROIC-focused business model. I am extremely pleased with the efforts of the global Actuant team this past year and am equally encouraged about the opportunities that lie ahead in fiscal 2012,” he added.
For 2012, the company is projecting full-year core sales growth of 5 to 8 percent.