Diversified manufacturer Actuant Corp. reported net income nearly doubled for the company’s fiscal second quarter while its recreational vehicle subsidiaries saw sales decline.
The Milwaukee, Wis.-based firm, said demand slowed in several markets, including a 34% 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.
For the quarter, ended Feb. 28, Actuant’s earnings rose to $15.8 million from $8.8 million the previous year, bolstered by the acquisition of five companies. Quarterly sales totaled $235.3 million, up 34% from $176 million a year earlier.
In the company’s first six months, the company earned $33.3 million compared with $9.1 million in the previous year and posted sales of $434.9 million versus 342.6 million.