Actuant Corp.'s sales down 25 percent
Sales for the quarter declined 25% to $300 million compared to $400 million in the second quarter of fiscal 2008.
The maker of motion control systems and hydraulic and electrical tools and supplies said its net income was $3.2 million, 6 cents per share, compared to $22.2 million and 35 cents per share, in the comparable quarter last year.
Sales for the six months ended Feb. 28 were $680 million, 17% lower than the $815 million in the comparable prior year period.
Industrial segment sales decreased 18% to $72 million.
“We have and will continue to implement aggressive restructuring and cost reduction actions to help offset the impact of weaker demand. We have reduced headcount, consolidated facilities, eliminated shifts and established short work week schedules to better align our production, inventory and costs with lower customer demand," said Robert C. Arzbaecher, chairman and CEO.
