Business
Columbus McKinnon Reports Financial Results for Second Quarter Fiscal Year 2021
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 2021 second quarter, which ended September 30, 2020.\n\nSecond Quarter Highlights\n\n\nStrong sequential improvement demonstrates effectiveness of cost saving and self-help improvement measures\n\n\nRevenue up 13.5% over trailing first fiscal quarter to $157.8 million; at high end of expected range\n\n\nOperating income of $15.8 million or 10.0% of sales; Adjusted operating income* of $14.0 million, or 8.9% of sales\n\n\nCash from operations in the quarter was $37.4 million driven by a disciplined focus on reducing working capital requirements\n\n\nAdvancing product launches and broadening offerings in Compass™ configurator\n\n\nDavid Wilson, President and CEO of Columbus McKinnon, commented, “We delivered solid results in the quarter achieving the higher end of our expected revenue range and demonstrated our capabilities to drive profitability and strong cash generation in a challenging environment. In fact, the 80/20 Process, a key tool in our business system, contributed $3.4 million in operating income during the quarter, helping to offset headwinds caused by the pandemic. Our strong cash flow and excellent liquidity position enabled our repayment of the $25 million Revolver borrowing in early October.\n\n“We are building momentum as we strengthen our business operating system, evolve the Blueprint for Growth strategy and pivot to growth. Our focus is on identifying opportunities to both deepen our market penetration and expand our addressable markets. We have the financial strength to continue to invest in prioritized growth initiatives even as we carefully manage our operations and ensure the safety and well-being of the Columbus McKinnon team.”\n\n\n\n*Adjusted operating income is a non-GAAP measure. See accompanying discussion and reconciliation table in this release regarding adjusted operating income. \n\n\n\n\nSecond Quarter Fiscal 2021 Sales\n\n\n\n($ in millions)\n\n\n\nQ2 FY 21\n\n\n\n \n\n\n\nQ2 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$\n\n\n\n157.8\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n207.6\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\...