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Diversified manufacturer Actuant Corp. today (June 16) announced record sales and earnings for the company’s fiscal third quarter driven by new acquisitions despite a decline in the company’s recreational vehicle subsidiaries.
The Milwaukee, Wis.-based firm reported a 30% drop in sales for its recreational vehicle interests, which include: Wisconsin-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.
For the quarter, ended May 31, Actuant had net earnings of $20.8 million compared to $7.5 million the previous year, which included a charge of $9.9 million for the early extinguishment of debt. Sales for the quarter increased approximately 38% to $271.7 million compared to $196.5 million in the prior year.
For the nine months, net earnings were $54.1 million compared to $16.5 million in the comparable period last year while sales increased 31% to $706.7 million from $539.1 million.
“Actuant’s third quarter results were above our expectations, despite sizeable sales declines in two of our end-markets,” said Robert C. Arzbaecher, president and CEO. “Going into the quarter, we knew both our RV and convertible top businesses would be challenged with lower sales volume.”
He added, “We expect the RV and automotive convertible top businesses to report continued negative sales comparisons in the next quarter or two, with rebounds near the end of calendar 2005 when we launch production of new convertible top platforms and expect RV motorhome OEMs to increase production levels to match retail demand.”