Business
Columbus McKinnon Reports Financial Results for Fourth Quarter Fiscal Year 2021
BUFFALO, N.Y.--(BUSINESS WIRE)-- Columbus McKinnon Corporation (Nasdaq: CMCO), a leading designer, manufacturer and marketer of intelligent motion solutions
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 intelligent motion solutions for material handling, today announced financial results for its fiscal year 2021 fourth quarter, which ended March 31, 2021.\n\nFourth Quarter and Fiscal Year 2021 Highlights\n\n\nExecuted on Blueprint for Growth 2.0 strategy to deliver solid results in challenging year while building momentum for fiscal 2022\n\n\nEnded year with much improved order volume in fourth quarter; orders up 24% over trailing third quarter and up 6% over prior-year period\n\n\nDelivered $186.2 million in revenue in the quarter, up 12% sequentially\n\n\nGenerated strong cash from operations in fiscal year of $98.9 million\n\n\nEntered fiscal 2022 with backlog of $171.7 million, up 31% over prior-year period and 13% over trailing quarter \n\n\nAdvanced strategy with the acquisition of new platform of high-precision conveying systems for intelligent motion in material handling\n\n\nSuccessfully completed equity and debt financing transactions \n\n\nDavid Wilson, President and CEO of Columbus McKinnon, commented, “We ended fiscal 2021 on a high note with orders growing in both our project and short cycle businesses. While the year was challenged with the impact of the global pandemic and resulting recession, we employed the tools of the Columbus McKinnon Business System to keep our momentum building and make our Company stronger. We delivered improved decremental leverage over previous downturns, generated robust cash flow, reduced our working capital requirements, and introduced several new products including our line of Intelli-Crane™ solutions. In addition, we identified and announced the Dorner acquisition which establishes a new platform for growth. It provides a catalyst for faster growth in attractive markets with strong tailwinds and presents strategic opportunities in a fragmented market. Since entering fiscal 2022, we have successfully issued equity, restructured our debt and are well positioned to quickly de-lever our balance sheet.”\n\nFourth Quarter Fiscal 2021 Sales\n\n\n\n($ in millions)\n\n\n\nQ4 FY 21\n\n\n\n \n\n\n\nQ4 FY 20\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$\n\n\n\n186.2\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n189.5\n\n\n\n \n\n\n\n \n\n\n\n$\n...