Business
Columbus McKinnon Reports Financial Results for Second Quarter Fiscal Year 2022
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 2022 second quarter, which ended September 30, 2021. Results include the addition of Dorner Manufacturing Corporation, which was acquired on April 7, 2021.\n\nSecond Quarter Highlights (compared with prior year period)\n\n\n42% revenue growth driven by strong volume, contribution of acquisition and strategic pricing\n\n\nCMBS enables continued margin expansion resulting in record gross margin of 36.3%, up 80 basis points; record adjusted gross margin of 36.7% expanded 230 basis points\n\n\nStrategic pricing more than offset material cost inflation pressure\n\n\nAchieved net income of $15.2 million, or $0.53 per diluted share; adjusted earnings per diluted share was $0.74\n\n\nAdjusted EBITDA was $36.0 million, or 16.1% of revenue up 270 basis points\n\n\nGenerated $25.3 million in cash from operations or $22.2 million in free cash flow1\n\n\nDavid Wilson, President and CEO of Columbus McKinnon, commented, “Demand for our products remains strong as we execute our Blueprint for Growth 2.0 strategy. Our team has worked tirelessly to address supply chain challenges with agility and has overcome the impacts of rapid inflation with additional price increases. We believe the Columbus McKinnon Business System (“CMBS”), which provides the framework to scale the organization, is becoming more robust and enabling improved results. Also of note, the Dorner acquisition has provided a foundation to evolve our business model into higher growth, less cyclical industries as we continue to expand in the Life Sciences, E-Commerce and Consumer Packaging markets. We expect to leverage this platform to further transform our Company into a high value, intelligent motion enterprise.”\n1 Free cash flow is a non-GAAP measure defined as cash from operations less capital expenditures. See the accompanying discussion and reconciliation found in the Additional Data table in this release.\n\nSecond Quarter Fiscal 2022 Sales\n\n\n\n($ in millions)\n\n\n\nQ2 FY 22\n\n\n\n \n\n\n\nQ2 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$\n\n\n\n223.6\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n157.8\n\n\n\n \n\n...