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Actuant Corp. reported higher sales and earnings for its fiscal fourth quarter behind strong performance in the industrial and engineered products segments that offset steep declines in its RV interests.
The Butler, Wis.-based manufacturer of motion control systems and hydraulic tools posted net income for the quarter, ended Aug. 31, of $34.2 million compared with $31.4 million for the same period last year. Excluding one-time items, earnings increased 10% percent from a year ago. Fourth-quarter sales increased 4% to $404.5 million from $389.7 million.
For the year, Actuant posted net income of $122.5 million compared with $105 million a year ago while sales increased to $1.7 billion from $1.5 billion.
Sales in the company’s Actuation Systems segment, which includes leveling system maker Power Gear and component and step supplier Kwikee Products Inc., decreased 4% to $100 million. The company said that core sales declined 11% in the quarter as demand for the company’s RV products were nearly 50% below prior year levels due to the weak consumer demand.
Actuant president and CEO Robert Arzbaecher noted: “Actuant’s extensive diversification resulted in robust demand and profit generation from the company’s industrial and engineered products segments which more than offset the impact of weak consumer markets.”