Columbus McKinnon Reports Financial Results for First Quarter Fiscal Year 2022

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[{"type":"text","content":" BUFFALO, N.Y.--(BUSINESS WIRE)--\nColumbus McKinnon Corporation (Nasdaq: CMCO), a leading designer, manufacturer and marketer of intelligent motion solutions for material handling, today announced financial results for its fiscal year 2022 first quarter, which ended June 30, 2021. Results include the addition of Dorner Manufacturing Corporation, which was acquired on April 7, 2021.\n\nFirst Quarter Highlights (compared with prior year period)\n\n\nRevenue of $213.5 million up 53%, supported by organic growth of 24%\n\n\nGross margin expanded 250 bps to 34.7%; Achieved record adjusted gross margin of 36.3% with incremental 80 bps contribution from Dorner acquisition\n\n\nOperating margin expanded 370 bps to 5.0%; Adjusted operating margin expanded\n750 bps to 11.1%\n\n\nAdvancing Blueprint for Growth 2.0 strategy and focusing on growth initiatives\n\n\nDavid Wilson, President and CEO of Columbus McKinnon, commented, “We had a very good start to fiscal 2022 delivering strong growth, expanding margins and achieving record backlog. We are encouraged by increasing demand in all markets. Importantly, we are also having success with our new products and customer solutions, as we continue to advance our Blueprint for Growth 2.0 strategy. Dorner, our new conveying solutions platform, is seeing strong demand and is outpacing expectations. We are working across the enterprise to drive growth initiatives as we pursue the many opportunities in front of us.”\n\nFirst Quarter Fiscal 2022 Sales\n\n\n\n($ in millions)\n\n\n\nQ1 FY 22\n\n\n\n \n\n\n\nQ1 FY 21\n\n\n\n \n\n\n\nChange\n\n\n\n \n\n\n\n% Change\n\n\n\n\n\nNet sales\n\n\n\n$\n\n\n\n213.5\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n139.1\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n74.4\n\n\n\n \n\n\n\n \n\n\n\n53.5\n\n\n\n%\n\n\n\n\n\nU.S. sales\n\n\n\n$\n\n\n\n124.5\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n74.7\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n49.8\n\n\n\n \n\n\n\n \n\n\n\n66.7\n\n\n\n%\n\n\n\n\n\n% of total\n\n\n\n58\n\n\n\n%\n\n\n\n \n\n\n\n54\n\n\n\n%\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n\n\nNon-U.S. sales\n\n\n\n$\n\n\n\n89.0\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n64.4\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n24.6\n\n\n\n \n\n\n\n \n\n\n\n38.2\n\n\n\n%\n\n\n\n\n\n% of total\n\n\n\n42\n\n\n\n%\n\n\n\n \n\n\n\n46\n\n\n\n%\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n\nFor the quarter, sales increased $74.4 million, ...

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