Columbus McKinnon sales rise nearly 11%
Columbus McKinnon Corporation reported net sales for the third quarter of fiscal 2012 were $142.8 million, up $14.1 million, or 10.9%, from the prior-year period.
U.S. sales grew $8.3 million, or 12.5%, to $74.7 million, while sales outside of the U.S. expanded 9.3% to $68.1 million and comprised 47.7% of total net sales.
"We have had consistent, solid sales growth as our customer-focused product innovation and quality service combine to capture market share in Europe, Asia and Latin America," said Timothy T. Tevens, president and CEO. "We have also seen economic conditions in the U.S. steadily improve throughout the quarter. From a global standpoint, we continue to make strategic investments to capitalize on continued economic development, particularly in emerging markets such as China and Brazil."
Net income improved to $8.5 million, or 44 cents per diluted share, compared to a loss of $39.6 million, or $2.08 per diluted share, in the prior-year period. Earnings were positively impacted by the sale of a Cedar Rapids, Iowa, forging facility.
Net sales for the first nine months of fiscal 2012 were $432.4 million, up 13.8% from the same period in the prior fiscal year. This was a $52.3 million increase over sales of $380.1 million in the first nine months of fiscal 2011.
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.
