Columbus McKinnon sales climb 9.5%
Columbus McKinnon reported net sales for the first quarter of fiscal 2013 were $153.0 million, up 9.5% from the prior-year period.
Strong demand in the U.S. combined with steady order flow from outside the U.S. continued through the quarter. U.S. sales grew 18.5% to $88.1 million, or 58% of total net sales. Sales outside of the U.S. were down 0.7% compared with last year to $64.9 million, or 42% of total sales.
Net income grew over 200% to $8.4 million, or 43 cents per diluted share, in the fiscal 2013 first quarter compared with $2.8 million, or 14 cents per diluted share, in the prior-year period.
“We continued to see strong demand in the U.S. and have benefited from the success of our marketing efforts to create pull-through demand in our targeted markets including energy, mining and entertainment markets, as well as from the continued development of our sales channels. In addition, improved operating efficiencies contributed to our strong earnings growth,” said Timothy T. Tevens, president and chief executive officer.
INDUSTRIAL SUPPLY MAGAZINE
The May/June issue of Industrial Supply magazine features an in-depth cover story about GHX Industrial. Plus, we're featuring articles by contributing writers Dr. Bharani Nagarathnam and Frank Hurtte, as well as interviews with numerous product and distribution industry experts.
