Columbus McKinnon sales and earnings fall
Columbus McKinnon said its net sales for the first quarter of fiscal 2014 fell 9.2% to $138.9 million.
The manufacturer of material handling products reported that U.S. sales were down by 8.8% to $82.0 million compared with $90.0 million for the first quarter of fiscal 2013. Sales outside of the U.S. were down 9.8% to $56.9 million, primarily on lower sales volume.
Net income fell 16.8% to $7.0 million, or 35 cents per share, compared to $8.4 million, or 43 cents, in the same period last year.
"We remain committed to improving and sustaining our earnings and have made great strides over this past year to enable strong margins. Additionally, there are early signs that our industrial markets are improving in Europe," said Timothy T. Tevens, president and chief executive officer. "We expect the U.S. to grow modestly during the remainder of the fiscal year. We continue to realize growth in emerging economies, despite concerns of China’s slowed growth, as we take market share in that region.”
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