Columbus McKinnon sales fall
Columbus McKinnon said its net sales for the second quarter of fiscal 2013 fell by 2.3% to $146.5 million.
U.S. sales, which comprised 57% of total sales, grew 4.1% to $83.0 million despite a $2.7 million reduction in revenue from the sale of its Gaffey crane busines. Sales outside of the U.S. were down 9.5% to $63.5 million.
Net income grew by 23.6% to $8.3 million, or 42 cents per diluted share.
“Our strong bottom line results reflect the continued improvements in productivity we are achieving throughout the organization. Sales remain robust in Asia and Latin America and the U.S. market continued to have solid results, although orders in the U.S. slowed through the quarter," said Timothy T. Tevens, president and chief executive officer. He added that order activity has remained consistent but customers are reducing the average size of orders.
Net sales for the first six months of fiscal 2013 were $299.5 million, up 3.4% from the same period in the prior fiscal year. U.S. sales, which drove the growth, were up 11.0% while non-U.S. sales decreased by 5.3%.
INDUSTRIAL SUPPLY MAGAZINE
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