Actuant Corp., which owns Marinco Electrical Group, reported first-quarter sales of $305 million for the period ending Nov. 30. That's the highest quarterly amount in the last four quarters.
However, the $305 million in sales for the quarter was down compared to $371 million in sales for the first quarter of fiscal 2009.
Diluted earnings per share of 20 cents were ahead of expectations because of higher sales volume, the company reported.
"First quarter sales and earnings per share, adjusted for special items, were ahead of our expectations," chairman and CEO Robert C. Arzbaecher said in a statement. "Overall, we are encouraged by the trends we are seeing in the businesses as well as the continued strong execution by Actuant's employees across the globe."
Earnings and earnings per share from continuing operations in the fiscal 2010 first quarter were $11.9 million and 17 cents, respectively, compared to earnings from continuing operations of $11.9 million and earnings per share of 19 cents in the comparable prior-year quarter.
"From a global economic standpoint, we believe the worst is behind us," said Arzbaecher. "We've experienced stabilization in most end markets and sequential improvement in certain early cycle businesses and those where inventory destocking was meaningful."
The company said it expects second-quarter sales to be in the $275-$295 million range.
"Following the anniversary of the economic slowdown in our fiscal 2009 second quarter, we are optimistic that our quarterly earnings will improve meaningfully in the second half of fiscal 2010," Arzbaecher added.