Columbus McKinnon soars on higher Q2 profit
Columbus McKinnon Corp. (Nasdaq: CMCO) shares are up after the crane and forklift maker reported higher second-quarter profits. Before the opening, the Amherst, N.Y.-based firm recorded net income of $9.5 million, or $0.49 per share, above analyst estimates of $0.47 per share and compared with $8.3 million, or $0.44 per share, a year earlier.
The firm’s quarterly revenue increased to $151.4 million, above Wall Street projections of $148.7 million and from $144.2 million a year earlier.
“Strong performance from CMCO Europe along with solid growth in domestic hoist, crane and chain sales continues to drive our growth in fiscal 2008,” CEO Timothy Tevens said in a statement. “We are generating significant levels of cash from operations, enabling continued debt reduction which, along with sales growth and favorable operating leverage, is further enhancing Columbus McKinnon's profitability.”
The firm said it has reduced its debt by almost $23 million in the first six months of the fiscal year.
Shares of CMCO closed at $30.20. Over the last 52 weeks, shares have ranged from $20.30 to $34.20.
