(By Balaseshan) Actuant Corp. (NYSE: ATU) reported a 11.6% decline in quarterly earnings due to lower sales from its Electrical and Engineered Solutions segments. Despite results exceeding Street's expectations, the maker of hydraulic systems lowered its fiscal 2013 forecast.
The Menomonee Falls, Wisconsin-based company posted earnings for the second quarter of $28.44 million or $0.38 per share, down from $32.18 million or $0.43 per share last year.
Sales fell to $370.37 million from $378.02 million due to lower sales from its Electrical and Engineered Solutions segments.
Wall Street analysts, on average, expect ATU to earn 37 cents a share on sales of $365.56 million for the three months ending February.
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Actuant's Industrial segment sales rose 1 percent, Energy segment sales increased 2 percent. Electrical segment sales dropped 9 percent, while Engineered Solutions segment fell 2 percent.
Looking ahead for the third quarter, Actuant expects earnings per share in the range of $0.63 to $0.68 and sales of $410 million to $420 million, while analysts expect EPS of 67 cents on sales of $441.42 million.
For the fiscal 2013, the company lowered its sales guidance to range of about $1.575 billion to $1.600 billion from previous outlook of $1.60 billion to $1.625 billion. ATU also reduced its EPS outlook to range of $2.14 to $2.25 from previous estimate of $2.20 to $2.30. Analysts expect earnings of $2.18 per share on sales of $1.61 billion.
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ATU is trading down 1.30% at $31.12 on Wednesday. The stock has been trading between $24.23 and $32.11 for the past 52 weeks.