Posted July 30, 2020

Columbus McKinnon sales fall 34.6 percent

Columbus McKinnon Corporation's sales fell by 34.6 percent in its fiscal 2021 first quarter, to $139.1 million.

Sales in the year-ago period were $212.7 million. 

The company reported a net loss of $3 million, or a loss of 12 cents per diluted share, compared to income of $18.6 million, or 78 cents per share, in the same period last year.

"Even as volume measurably declined, we achieved gross margin of 32% given strategic pricing initiatives, footprint consolidations and overhead cost reductions. We were encouraged to see markets improve monthly from the trough in April through June and now into July, as order activity has increased,” said David Wilson, president and CEO.