Posted July 31, 2018

Columbus McKinnon sales up 10.4 percent

Columbus McKinnon Corporation said sales in its fiscal year 2019 first quarter of $225 million reflected a 10.4 percent increase from $204 million in the same period last year.

Net income of $7.7 million, or 33 cents per share, compared to income of $11.7 million, or 51 cents, in last year's first quarter.

“In line with our strategy to simplify our business, we have initiated the divestiture of three businesses. This includes our Tire Shredder business, our crane builder business, Crane Equipment and Service Inc., and Stahlhammer Bommern GmbH, which was acquired in 2014,” said Mark Morelli, president and CEO.

The company recorded a charge of $11.1 million as it considers strategic alternatives for these businesses. These businesses contributed approximately $38 million of sales and $1 million of operating income in fiscal 2018.