Columbus McKinnon sales up 7.3%
Columbus McKinnon reported net sales for the third quarter of fiscal 2013 were $153.2 million, up 7.3% from the prior-year period.
U.S. sales increased 5.4% to $83.1 million. The company said end-user and channel partner demand, as well as two additional shipping days, were the main drivers of higher U.S. sales this quarter when compared with the prior year. Sales outside of the U.S. were up 9.7% to $70.2 million, reflecting positive growth in emerging economies, the completion of large engineered projects and the additional shipping days.
“We continue to have solid growth in emerging economies, specifically in China, as our brand strength helps to drive demand. Investments in Asia that require our equipment are also driving demand. U.S. order growth was flat in the third quarter compared with the prior year due to the uncertain economic climate that currently exists,” said Timothy T. Tevens, president and CEO.
Net income grew 12.5% to $9.6 million, or 49 cents per diluted share
INDUSTRIAL SUPPLY MAGAZINE
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