Columbus McKinnon sales decline 5.5 percent
Columbus McKinnon Corporation said its fiscal 2020 first quarter sales of $213 million declined by 5.5 percent from $225 million in the same period last year.
Adjusting for $11.1 million of sales from divestitures from the prior-year period and the $5.1 million negative impact of foreign currency translation, price improvement and volume increases resulted in 1.8 percent growth in sales.
Net income of $18.6 million, or 78 cents per diluted share, improved from $7.7 million, or 33 cents, in last year's first quarter.
“Our Blueprint for Growth strategy continues to demonstrate value as we delivered stronger margins and growth in earnings on modest organic revenue growth of 2 percent," said Mark Morelli, president and CEO.
INDUSTRIAL SUPPLY MAGAZINE
The March/April issue of Industrial Supply magazine features an in-depth cover story about Joyce Lansdale and Vallen. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and David Kahle, as well as interviews with numerous product and distribution industry experts.
