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Slideout systems supplier firm Actuant Corp., which acquired retractable steps supplier Kwikee in September, 2003, reported increased sales and earnings for its fourth quarter and fiscal year ended August 31.
Milwaukee-based Actuant, a diversified manufacturer that makes Power Gear slideouts, earned a record 18.3 million in the June-through-August period compared to $10 million the year prior. Year-end earnings were $34.8 million compared to $29 million the previous year.
The New York Stock Exchange-listed company’s fourth quarter sales increased approximately 27% to $187.8 million compared to $148.2 million in the prior year. For the fiscal year, Actuant posted sales of $726.9 million, approximately 24% higher than the $585.4 million generated in the prior year.
Fourth quarter sales in Actuant’s Engineered Solutions division, which includes RV industry supplier operations, increased approximately 46% to $81.5 million, compared to $55.8 million in the previous year.
Excluding the impact of the Kwikee acquisition and foreign currency rate changes, Engineered Solutions sales increased 26%, benefiting from growth in all three of Actuant’s main markets – recreational vehicle, automotive convertible top and heavy duty truck cab-tilt.
CEO Robert C. Arzbaecher stated, “Actuant finished fiscal 2004 strongly, as fourth quarter results exceeded our expectations in terms of sales, earnings, and cash flow.”