Columbus McKinnon Corporation Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended December 31, 2013; Provides Capital Spending and Tax Guidance for Fiscal 2014
January 23, 2014 at 06:55 am
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Columbus McKinnon Corporation reported unaudited consolidated earnings results for the third quarter and nine months ended December 31, 2013. For the quarter, the company reported net sales were $145,072,000 against $153,225,000 a year ago. Income from operations was $11,101,000 against $14,189,000 a year ago. Income before income tax expense was $7,539,000 against 10,772,000 a year ago. Net income was $6,664,000 against $9,579,000 a year ago. Diluted income per share was $0.33 against $0.49 a year ago. Cash provided by operations was $16.2 million in the fiscal 2014 third quarter.
For the nine months, the company reported net sales were $422,815,000 against $452,710,000 a year ago. Income from operations was $36,822,000 against $39,890,000 a year ago. Income before income tax expense was $27,761,000 against $30,771,000 a year ago. Net income was $20,806,000 against $26,267,000 a year ago. Diluted income per share was $1.04 against $1.34 a year ago. Net cash provided by operating activities was $17,958,000 against 26,287,000 a year ago. Capital expenditures were $13,484,000 against $7,139,000 a year ago. Company had solid results in the third quarter with sales increasing sequentially 4.5% as company's market leadership position enabled to strengthen positions in the oil & gas, entertainment and industrial markets, as well as the currently weaker construction and mining markets. Although volume was down year over year, almost half of that was related to project timing. Encouragingly, average sales per day are trending upward. Additionally, improving margins continue to demonstrate that productivity enhancements are producing good results. As of December 31, 2013, net debt was $27.9 million.
The company continues to expect fiscal 2014 capital spending to be in the range of $20 million to $25 million. Effective tax rate for fiscal 2014 is expected to be between 25% and 30%.
Columbus McKinnon Corporation is a designer, manufacturer and marketer of intelligent motion solutions for material handling. Its products include a variety of electric, air-powered, lever, and hand hoists, hoist trolleys, explosion-protected hoists, winches, and aluminum work stations; alloy and carbon steel chain; forged attachments, such as hooks, shackles, textile slings, clamps, and load binders; mechanical and electromechanical actuators and rotary unions; below-the-hook special purpose lifters; and power and motion control systems, such as alternate current (AC) and direct current (DC) drive systems, radio remote controls, push button pendant stations, brakes, and collision avoidance and power delivery subsystems. Its brands include Budgit, Chester, CM, Coffing, Little Mule, Pfaff, Shaw-Box, STAHL, Yale, Magnetek and Herc-Alloy. Its targeted market verticals include manufacturing, transportation including EV production and aerospace, energy and utilities, and process industries.
Columbus McKinnon Corporation Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended December 31, 2013; Provides Capital Spending and Tax Guidance for Fiscal 2014