Posted July 30, 2019

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.