Actuant Q3 Sales, Profit Slide Further

Q3 organic sales declined 6 percent from a year ago, which the company credited to reduced demand in upstream oil & gas, agriculture and general industrial weakness.

Id 18371 Actuant

Milwaukee-based hydraulic tools and supplies manufacturer Actuant reported its 2016 third quarter fiscal results on Wednesday for the period ended May 31.

The numbers were highlighted by a 5 percent year-over-year sales decline, which included a positive 2 percent impact from acquisition, offset by a 1 percent decline from foreign exchange. Organic sales declined 6 percent from a year ago.

Q3 profit of $21.2 million took a considerable drop from last year's $38.0 million.

"The trends by end market remain largely consistent with prior quarters, with growth in our maintenance-driven Hydratight business as well as European truck being more than offset by upstream oil & gas, agriculture and general industrial weakness," Actuant president and CEO Randal Baker,  adding that end market demand remains slugglish.

In Actuant's industrial segment, Q3 sales of $95.8 million were down 7.4 percent from last year, while operating profit sunk 25.7 percent.

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