Posted July 22, 2011
Columbus McKinnon sales up 17.4%
Columbus McKinnon said its net sales for the first quarter of fiscal 2012 were $139.8 million, up 17.4%, from the prior-year period as improving demand levels drove strong order activity globally.
Sales outside of the U.S. expanded 22% to $65.8 million, or 47% of total net sales, compared with $53.9 million, or 45% of total sales, in the first quarter of fiscal 2011.
"We had a solid first quarter, realizing market share gains and economic expansion in all of our global markets," said Timothy T. Tevens, president and chief executive officer. "The momentum that we started realizing in the middle of fiscal 2011 continued to build and positively impacted our business. We are successfully targeting emerging markets in China, Latin America, and Eastern Europe which we plan to complement with strategic acquisitions as we identify the right opportunities. We believe our growth opportunities in the world's largest emerging markets could be substantial."
The company had net income of $2.8 million, or 14 cents per diluted share, in the fiscal 2012 first quarter compared with a loss of $0.7 million, or 4 cents loss per diluted share, in the prior-year period.
