Columbus McKinnon reports record net sales
Columbus McKinnon Corp. reported record net sales of $1.0 billion for its fiscal year 2024, up 8%, which is says was driven by growth across all geographies including the acquisition of montratec May 31, 2023.
Other highlights included:
- Gross margin up 50 basis points to 37.0%; Adjusted Gross Margin1 up 80 basis points to 37.3%
- Net income of $46.6 million with a net margin of 4.6%; Adjusted EBITDA1 of $166.7 million, up 13% with Adjusted EBITDA Margin1 of 16.4%, up 60 basis points
- Generated net cash provided by operating activities of $67.2 million and Free Cash Flow1 of $42.4 million with Free Cash Flow Conversion1 of 91%
- Net Leverage Ratio1,2 decreased to 2.4x; Expect Net Leverage Ratio1,2 of ~2.0x target by end of year Fiscal 2025
In its fourth quarter, the company delivered $265.5 million of net sales, up 5% driven by growth across all geographies with strength in precision conveyance, up 23%.
“Our team delivered another record year of sales, gross margin, operating income, and Adjusted EBITDA Margin1 reflecting the solid progress we are making with our transformation," said President and Chief Executive Officer David J. Wilson. "These results provide another proof point on the path to achieving our long-term financial objectives. Our team continues to execute on commercial and operational initiatives to improve productivity, reduce lead times, and enhance customer experience, which position us to scale our business and deliver top-tier financial results. While we are taking a prudent view of our outlook for fiscal 2025, we remain cautiously optimistic given the solid momentum exiting fiscal 2024 and our encouraging pipeline of opportunities. We are focused on execution as we thoughtfully navigate this uncertain environment.”
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