Posted May 29, 2019

Columbus McKinnon fiscal 2019 sales grow

Columbus McKinnon Corporation said its fiscal fourth quarter sales increased 1.2 percent to $216.7 million.

Sales grew 7.3 percent adjusted for divestitures and effect of foreign currency.

Net income for the quarter of $19.7 million increased $11.3 million, or 133 percent; earnings per diluted share of 83 cents increased 47 cents, or 131 percent.

For the full year, sales increased 4 percent to $876 million in fiscal 2019 with record gross margin of 34.8 percent.

Net income of $42.6 million, or $1.80 per share, compared to $22.1 million, or 95 cents, in 2018.

Mark Morelli, president and CEO of Columbus McKinnon, said that during the year, as part of its 80/20 Process to simplify the business, CM "eliminated four facilities and measurably simplified our wire rope hoist product line, while improving customer satisfaction."