Material handling products manufacturer Columbus McKinnon Corp. (NASDAQ: CMCO), Amherst, NY, reported sales for the fiscal third quarter ended December 31 of $217.4 million, up 4.2 percent from the prior year. The company reported a loss in profit for the quarter of $0.8 million compared to a loss of $10.6 million the prior year.
Higher sales were driven by strong volume in the U.S. and Canada and pricing in EMEA. Excluding the effect of foreign currency translation, sales increased 6.1 percent.
Mark Morelli, President and CEO of Columbus McKinnon, commented, “Our financial results are demonstrating that our Blueprint for Growth strategy is working. We have rapidly deployed our 80/20 process through approximately half of Columbus McKinnon and as a result are improving customer response time, reducing costs and streamlining processes. Our strong performance reflects our success in simplifying the business, improving operational efficiencies, ramping our growth engine and strengthening earnings power.”
The net loss on held for sale businesses of $15.6 million includes the gain on the sale of the Tire Shredder business and an additional impairment on the remaining businesses held for sale, reflecting management’s estimate of their fair market value.
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