We’re in the midst of another quarterly financials reporting period for publicly-traded industrial distributors and manufacturers. Read below to learn about the most recent sales and revenue numbers for companies MDM typically covers, including: Columbus McKinnon, Ingersoll Rand, Timken and MSA Safety.
On Aug. 2, Getzville, New York-based motion technology manufacturer Columbus McKinnon Corporation announced its fiscal 2024 first-quarter earnings, which showed that sales increased $15.2 million, or 6.9%, compared with the same quarter in fiscal 2023. The company’s fiscal 1Q ended June 30.
Columbus McKinnon also reported a record backlog of $355.3 million, which includes $23.4 million from its April acquisition of montratec, a designer of automation and transport systems for interlinking industrial production and logistics processes. Overall, sales for the quarter were $235 million.
Gross margin for 1Q expanded 90 basis points sequentially to 36.8%, and the company also paid down $10 million in debt, according to a news release.
“Our first quarter results further demonstrate the progress we are making with the transformation of Columbus McKinnon into a higher growth, stronger margin business,” said David J. Wilson, President and CEO. “Sales grew 7%, driven by strength in EMEA and APAC, and strong automation and linear motion sales in the Americas. This growth more than offset year-over-year shifts in e-commerce demand. We are encouraged by our end market activity and the progress we are making as an organization. We are focusing resources on end markets and opportunities with strong secular tailwinds such as life sciences, EVs, and industrial automation. Within this framework, we are driving to increase market share and capitalize on these favorable megatrends. Additionally, our continued efforts to simplify the business, manage costs and drive efficiencies underpin our sequential gross margin improvement.”
Global pump and compressor manufacturer Ingersoll Rand reported its 2Q 2023 earnings, which included nearly $1.74 billion in sales, a 9% increase over the same quarter in 2023. Organic sales were up 5% for the quarter.
Revenue for the quarter was more than $1.68 billion, up 17% over 2Q 2022. Revenue was up 12% on an organic basis. Adjusted EBITDA for the quarter was $425 million, up 27%, with a margin of 25.2%, up 190 basis points year over year and incremental margin of 36%.
The company also said it is raising its full-year guidance by upping its 2023 organic revenue growth range expectation by 200 bps to 8% to 10%, and raising total revenue growth to a range of 12% to 14%.
“We continue 2023 with incredible momentum, delivering an outstanding performance during the second quarter with strong organic revenue growth across the business segments while seizing opportunities to deliver on our inorganic growth commitments,” said Vicente Reynal, Chairman and CEO. “These results have led us to raise our full year guidance on total revenue growth, organic revenue growth, Adjusted EBITDA, and Adjusted EPS. We also recently shared our 2022 Sustainability Report, demonstrating that we don’t just help our customers meet their sustainability goals, but continue to push ourselves and the entire industry forward by improving our own operations through energy efficiency and water use reduction.”
2Q 2023 Segment Review:
- Industrial Technologies and Services Segment: Reported orders of $1.44 billion, up 13%; and reported revenues of $1.37 billion, up 20%.
- Precision and Science Technologies Segment: Reported orders of $293 million, down 8%; and reported revenues of $308 million, up 6%.
On Aug. 3, North Canton, Ohio-based bearings manufacturer Timken announced its 2Q 2023 earnings, including record sales of $1.27 billion, up 10.3% versus the same quarter in 2023. Net income margin for the quarter was 9.8%, with an adjusted EBITDA margin of 20.7%.
Timken posted net income in 2Q 2023 of $125.2 million or $1.73 per diluted share, a record for the second quarter. This compares to net income of $105.0 million or $1.42 per diluted share for the same period last year.
“Timken delivered strong results in the second quarter, achieving double-digit sales and earnings growth and year-over-year margin expansion,” said Richard G. Kyle, Timken President and CEO. “Our performance reflects improved operational execution across the enterprise and the continued positive impact of our strategic growth and capital allocation initiatives.”
2Q 2023 Segment Review:
- Engineered Bearings: Sales of $857.2 million increased 7.4% from the same period a year ago. The increase was driven by the benefit of acquisitions and modest organic growth, partially offset by unfavorable foreign currency translation, Timken said.
- Industrial Motion: Sales of $415.1 million increased 16.8% compared with the same period a year ago. The company said the increase was driven by strong organic growth led by the drive systems and services platforms, as well as the benefit of acquisitions.
On July 31, safety products maker MSA Safety reported its 2Q 2023 earnings, which showed quarterly net sales of $447 million, a 20% increase year-over-year.
Operating income for 2Q 2023 was $95 million, or 21.2% of sales, and adjusted operating income was $104 million, or 23.2% of sales. Net income was $67 million, or $1.70 per diluted share, and adjusted earnings of $72 million, or $1.83 per diluted share.
“Our team delivered excellent results in the second quarter, as we built on the positive momentum from the start of the year to achieve strong quarterly sales and healthy growth,” said Nish Vartanian, MSA Safety Chairman and CEO. “Our results demonstrate the strength of our diversified portfolio, leading global market positions and the resiliency of our end markets. Our purposeful investments in talent, innovation and strategic acquisitions have helped to enhance the breadth and depth of our portfolio, serving as a sustainable foundation for ongoing profitable growth.”