Columbus McKinnon reports 10% sales growth
Columbus McKinnon Corporation, a designer, manufacturer and marketer of intelligent motion solutions for material handling, announced third quarter net sales of $258.7 million increased 10% with strength in lifting, linear motion, and automation across both North America and EMEA.
Orders of $247.4 million increased 11% with growth across both short-cycle orders and project-related orders with particular strength in U.S. precision conveyance, lifting and automation
A backlog of $341.6 million was up 15% with growth across all platforms and an opportunity funnel that remains healthy, the company stated. Net income of $6.0 million, or $0.21 per diluted share, up 51% and 50%, respectively. Adjusted Net Income of $17.8 million, or $0.62 per diluted share1, up 9% and 11% respectively.
"Our team delivered double-digit sales, order and EPS growth in the quarter, ahead of our expectations as we executed on commercial initiatives and continued to benefit from U.S. demand stabilization," said President and CEO David J. Wilson. "While I am encouraged by our active, global funnel of opportunities, we remain cautious on the macroeconomic environment in EMEA where order conversion rates have remained slow.
"Having now closed on the acquisition of Kito Crosby, we are well positioned to deliver for our customers and shareholders as we begin executing on value creation initiatives," continued Wilson. "I have never been more excited about the opportunities that lie ahead for Columbus McKinnon. In combination with Kito Crosby, we will provide the market with a superior customer value proposition by bringing together the best of our collective talent and capabilities. Our new Executive Leadership Team brings together leaders with deep expertise across our brands and applications with a customer-centricity that will ensure business continuity while we remain laser-focused on synergy realization and debt reduction to unlock value for all stakeholders."
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