Material handling products manufacturer Columbus McKinnon Corp. (NASDAQ: CMCO), Amherst, NY, reported sales for its fiscal 2014 second quarter ended September 30 of $138.9 million, a decrease of 5.2 percent compared to the same period a year ago, as pricing improvements were more than offset by reductions in volume. Profit decreased 13.7 percent to $7.1 million.
U.S. sales, which comprised 57 percent of total sales, were down by 7.1 percent year-over-year. Lower volume and the impact of the crane business divestiture in August 2012 more than offset pricing improvements.
Sales outside of the U.S. decreased 2.5 percent to $60 million, as growth in emerging markets, improved pricing and the $1.4 million contribution from the June 2013 Austrian acquisition were not sufficient to offset lower volume, primarily in Europe.
Sales for Columbus McKinnon for the first six months of fiscal 2014 were $277.7 million, a decrease of 7.3 percent compared to the same period a year ago. The decrease was due in part to last year’s crane business divestiture in August. Profit decreased 15.3 percent to $14.1 million.
Timothy T. Tevens, president and CEO, said, “Our biggest revenue growth opportunities remain the emerging markets of Latin America, China, Eastern Europe and Africa. We still see strength in targeted North American market verticals of oil & gas, as well as entertainment.
"Weakness continues in the heavy OEM verticals and general industrial markets in the U.S., while mining and construction markets remain weak around the world. Encouragingly, we are seeing signs of improvement in Western Europe and some initial indications of opportunity with infrastructure investment in the U.S.”