On May 25, Getzville, New York-based motion technology manufacturer Columbus McKinnon Corporation announced its earnings for its fiscal 2023 fourth quarter, which ended March 31.
The company reported record sales of $253.8 million, an increase of just 0.2% over the same quarter in fiscal 2022. Total sales for the year were $936.2 million, a 3.3% increase over last year.
Gross margin for 4Q 2023 was 35.9%, a tick lower than the total-year fiscal 2023 gross margin, which was 36.5%. Columbus McKinnon said it generated $83.6 million in cash from operations for the year, and delivered $66.7 million in cash from operations in 4Q, the strongest quarter on record.
“We delivered record sales, gross margin, and operating income for fiscal 2023 as the team successfully executes our strategy to transform Columbus McKinnon into a higher growth, less cyclical business with stronger earnings power,” said David J. Wilson, President and CEO. “We are driving improvements through the discipline of CMBS which includes our 80/20 process and investments in robust digital tools and processes to improve our customers’ experience. Our fiscal year and fourth quarter results demonstrate another proof point along our path toward our fiscal 2027 financial goals of $1.5 billion in revenue with adjusted EBITDA margin of approximately 21%.”