Power Gear Parent Reports Lower Earnings
Applied Power Inc., supplier of Power Gear leveling and slideout systems to RV manufacturers, reported lower sales and earnings for its first fiscal quarter, which ended Nov. 30.
The company, which does business at Actuant Corp., reported its earnings declined 82% to $4.3 million, compared with $23.7 million a year earlier. However, Actuant received a one-time-only gain of $12.7 million during the September-through-November portion of 1999 from the sale of a business.
Meanwhile, the company’s sales declined 32% during the three months ended Nov. 30 to $117.5 million. Excluding revenue from businesses that Actuant sold has since sold, its sales were down 8% during the recently completed quarter.
Actuant’s sales to RV industry customers declined 33% during the September-through-November period to around $5.5 million.