Butler-based Actuant Corp.'s today reported a fiscal third quarter net loss of $17.6 million, or 31 cents per share, compared with net earnings of $38.6 million, or 60 cents, in the same period a year ago.
Sales for the quarter declined 35 percent to $290 million from 445 million in the third quarter of fiscal 2008.
Results for the third quarter of 2009 include the previously announced $31.7 million pre-tax non-cash asset impairment charge related to the company's "harsh environment electrical product line," as well as restructuring charges of $12.2 million.
Robert Arzbaecher, chairman and chief executive officer of Actuant, said, "While the third quarter proved to be more challenging than we anticipated, I am pleased with the response of our leadership team and employees in delivering strong cash flow and executing our aggressive restructuring initiatives."
Looking forward, Arzbaecher said, "As we move into the fourth quarter, we are encouraged that revenues have begun to stabilize in several of our end markets and that improved consumer confidence, higher oil prices and global stimulus investments could benefit the Actuant businesses. However, we are attempting to be realistic in our expectations that global economic conditions, including higher unemployment and lagging European demand, will constrain growth in the near term. As such, we plan to continue to aggressively execute restructuring and cost reduction actions which we estimate will reduce fourth quarter pre-tax earnings by approximately $5 million."
Actuant lost $17.6 million in quarter
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