Originally published at www.seclive.com
Actuant Corporation (NYSE:ATU), a diversified industrial company, announced its financial results for the third fiscal quarter of 2014, with revenue and earnings improving from a year ago. Total sales increased 10% from $952M to $1.05B, with the company's engineered solutions segment seeing a 7% increase in revenue from $133.7M to $143.1M. The energy segment saw revenues rise from $99.2M to $125.2M, though operating profit dipped from 19.9% to 15.9%. During the quarter, Actuant completed its $25M acquisition of Hayes Industries, a company that focuses primarily on infrastructure concrete tensioning. CEO Mark Goldstein remarked that the company met its expectations, with the energy and engineered solutions segments spearheading the company's efforts. Goldstein believes the company is on track despite some headwinds in the quarter that included inefficiencies, inconsistent demand, and other actions the company is taking to streamline its business.
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