Posted May 27, 2020

Columbus McKinnon sales decline 7.7 percent

Net sales for Columbus McKinnon of $809.2 million for fiscal 2020 were down 7.7 percent from $876.3 million in the previous year.

Net income of $59.7 million, or $2.50 per diluted share, was up from $42.6 million, or $1.83, for fiscal 2019.

Sales for the fourth quarter of $189.5 million declined 12.6 percent from $216.7 million in last year's fourth quarter. Net income for the quarter of $9.2 million, or 39 cents per diluted share, was down from $19.7 million, or 83 cents, in the same period last year.

“We demonstrated the power of our Blueprint for Growth strategy throughout fiscal 2020 with expanded margins despite slowing demand," said Richard Fleming, chairman and interim CEO. "However, in March the COVID-19 pandemic required us to rapidly implement actions to flex production levels and reduce costs to address the significant decline in demand we are now experiencing. Importantly, we have an excellent capital structure, strong cash generation and sufficient liquidity that will allow us to navigate these uncertain times while continuing to invest in select, strategic initiatives that we believe will enhance our competitive advantages and drive future growth.”