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Material handling products manufacturer Columbus McKinnon Corp. (NASDAQ: CMCO), Amherst, NY, reported sales for the first quarter ended June 30, 2013, of $138.9 million, down 9.2 percent from the prior-year period. Profit fell 16.8 percent to $7 million.
One additional shipping day and improved pricing for the quarter were more than offset by a decline in volume, particularly in Europe. Excluding the effects of acquisitions and divestitures and foreign currency translation, sales declined by 6.6 percent.
US sales, which comprised 59 percent of total sales, declined 8.8 percent to $82 million compared with the first quarter of fiscal 2013. Lower volume and the $4.5 million impact of the crane business divestiture in August 2012 more than offset improved pricing and one additional shipping day. Sales outside of the US decreased 9.8 percent to $56.9 million, primarily on lower sales volume. The additional shipping day, improved pricing and the effect of a small acquisition in Austria with approximately $10 million in annual revenue somewhat offset the volume decline.
“There are early signs that our industrial markets are improving in Europe. For example, we have seen early indications of increasing bidding activity in our European project business, which is a positive sign in this uncertain economy. And, we expect the U.S. to grow modestly during the remainder of the fiscal year. We continue to realize growth in emerging economies, despite concerns of China’s slowed growth, as we take market share in that region,” said Timothy T. Tevens, president and CEO.