Posted January 31, 2019

Columbus McKinnon sales rise 4.2 percent

Columbus McKinnon reported sales for its fiscal third quarter of $217.4 million, a 4.2 percent improvement from $208.7 million in the same period last year.

A net loss of $0.8 million, or a loss of 3 cents per share, compared to a loss of $10.6 million, or a loss of 46 cents, in last year's third quarter.

The manufacturer of motion control products, technologies and services for material handling said its sales of $116 million in the United States, were up 7.3 percent compared to last year.

“Our strong performance reflects our success in simplifying the business, improving operational efficiencies, ramping our growth engine and strengthening earnings power,” said Mark Morelli, president and CEO.

The net loss on held for sale businesses of $15.6 million includes the gain on the sale of the Tire Shredder business and an additional impairment on the remaining businesses held for sale, reflecting management’s estimate of their fair market value.