Actuant Reports Record 1Q Sales, Earnings
Diversified manufacturer Actuant Corp. today (Dec. 21) announced record sales and earnings for the company’s fiscal first quarter, despite declines in the Milwaukee, Wis., company’s recreational vehicle subsidiaries.
For the quarter, ended Nov. 30, Actuant had net income of $21.3 million compared to $16.9 million the previous year, boosted by acquisitions made in the second and third quarters of fiscal 2005. Revenues rose 42% to $284 million compared to $200 million a year ago.
Actuant is parent to Wis.-based slideout- and leveling-system-maker Power Gear, and component and step supplier Kwikee Products Inc., Cottage Grove, Ore.
The core market for the global company, which employs more than 5,000 workers, is position and motion control systems and branded hydraulic and electrical tools and supplies.
Actuant reported that RV sales dipped during the quarter, but officials are looking for market conditions to strengthen.
“We believe RV market conditions will improve as production levels better match retail demand,” said Robert C. Arzbaecher, president and CEO.