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Dec 19 (Reuters) - Actuant Corp (ATU.N) on Wednesday posted quarterly earnings above analysts’ estimates, helped by robust industrial segment sales and a strong European truck market, and raised its full year outlook, sending shares up 5 percent.
The controls and hydraulic tools maker posted first-quarter earnings of $27.4 million, or 43 cents a share, compared with $25.1 million, or 41 cents a share, a year ago.
Excluding certain restructuring charges, it earned 52 cents a share.
Sales for the quarter rose 21 percent to $415.1 million. Industrial segment sales increased 32 percent to $137 million.
Analysts on average were expecting earnings of 48 cents a share, before items, on revenue of about $395 million, according to Reuters Estimates.
The company, which has operations in more than 30 countries, raised its 2008 earnings and sales view to reflect first-quarter results, the weaker US dollar and current business conditions.
Actuant expects earnings of $1.95 to $2.05 a share, excluding future acquisitions and certain restructuring charges, on sales of about $1.63 billion to $1.66 billion.
Analysts were expecting earnings of $1.97 a share, before items, on revenue of about $1.60 billion.
Before a 2-for-1 stock split in October, the company had forecast 2008 earnings of $3.80 to $3.95 a share, on revenue of $1.55 billion to $1.60 billion.
For the second quarter, the company sees earnings of 39 cents to 42 cents a share, on sales of $385 million to $395 million. Analysts were expecting earnings of 42 cents a share, on revenue of $379.6 million.
Shares of the Milwaukee, Wisconsin-based company were up $1.53 at $32.28 in morning trade on the New York Stock Exchange. (Reporting by Aniruddha Basu in Bangalore; Editing by Deepak Kannan)