MILWAUKEE–(BUSINESS WIRE)–Actuant Corporation ATU today announced results for its first quarter ended November 30, 2010.
Highlights
* 71% year-over-year increase in diluted earnings per share from continuing operations (“EPS”) to $0.36 (excluding prior year special items – see attached reconciliation of earnings.)
* Core revenue growth (total sales less the impact of acquisitions, divestitures and foreign currency rate changes) of 14%. All four segments reported core sales growth, including the Energy segment at 4%.
* Year-over-year operating profit margin expansion of 230 basis points, excluding prior year restructuring costs.
* Completed the previously announced Mastervolt acquisition after quarter-end, repositioning the Electrical segment to higher growth and product technology.
* Increased full year guidance to reflect strong Q1 results, favorable trends, a lower effective tax rate and the Mastervolt acquisition.
Robert C. Arzbaecher, Chairman and CEO of Actuant commented, “Actuant had a strong start to the fiscal year with double digit core revenue growth, solid operating margin expansion and EPS above our expectations. In particular, we were pleased to have all four segments contributing to the core sales growth with Energy at 4%, and robust 22% core growth at both Engineered Solutions and Industrial. We completed the acquisition of Mastervolt, deploying $150 million of capital on this attractive growth platform which repositions our Electrical segment’s growth, margin and innovation trajectory. I want to thank our employees for their continued hard work and dedication in creating a solid start to the year.”
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