Business
Columbus McKinnon Announces Financial Results for Fourth Quarter and Fiscal Year 2020
BUFFALO, N.Y.--(BUSINESS WIRE)-- Columbus McKinnon Corporation (Nasdaq: CMCO), a leading designer, manufacturer and marketer of motion control products,
About this update from Columbus Mckinnon Corporation
[{"type":"text","content":" BUFFALO, N.Y.--(BUSINESS WIRE)--\nColumbus McKinnon Corporation (Nasdaq: CMCO), a leading designer, manufacturer and marketer of motion control products, technologies and services for material handling, today announced financial results for its fiscal year 2020 fourth quarter, which ended March 31, 2020.\n\n\nFourth Quarter Highlights (compared with prior-year period)\n\n\n\nCore values guided agile response to impact of COVID-19 pandemic; Focused on safety of associates, business continuity and conserving cash while continuing to invest in strategic growth initiatives\n\n\nSuccess of Blueprint for Growth Strategy validated with 34.9% gross margin, and record 36.1% adjusted gross margin, despite 12.6% decline in sales\n\n\n80/20 Process contributed $5.5 million in operating income in quarter helping to offset volume declines\n\n\nNet income was $9.2 million, or $0.39 per diluted share; Adjusted net income was $13.8 million, or $0.58 per diluted share\n\n\nGenerated $36.5 million in cash from operations in the quarter\n\n\n\nFiscal Year Highlights (compared with prior-year period)\n\n\n\nRecord annual gross margin was 35.0% despite 7.7% decline in sales\n\n\nOperating income was $89.8 million, or 11.1% of sales; 80/20 process contributed $20.4 million\n\n\nNet income was $59.7 million, or $2.50 per diluted share\n\n\nAchieved 15.7% Adjusted EBITDA margin and ROIC of 11.5%\n\n\nStrong working capital management and cash generation delivered record $106.8 million in cash from operations\n\n\nEnded year with strong balance sheet that provides financial flexibility and significant liquidity\n\n\n\nRichard Fleming, Chairman and Interim CEO of Columbus McKinnon, commented, “We demonstrated the power of our Blueprint for Growth strategy throughout fiscal 2020 with expanded margins despite slowing demand. However, in March the COVID-19 pandemic required us to rapidly implement actions to flex production levels and reduce costs to address the significant decline in demand we are now experiencing. Importantly, we have an excellent capital structure, strong cash generation and sufficient liquidity that will allow us to navigate these uncertain times while continuing to invest in select, strategic initiatives that we believe will enhance our competitive advantages and drive future growth.”\n\n\nFourth Quarter Fiscal 2020 Sales\n\n\n\n\n($ i...