Business
Columbus McKinnon Reports Financial Results for Third Quarter Fiscal Year 2021
BUFFALO, N.Y.--(BUSINESS WIRE)-- Columbus McKinnon Corporation (Nasdaq: CMCO), a leading designer, manufacturer and marketer of intelligent motion control
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 control products, technologies and services for material handling, today announced financial results for its fiscal year 2021 third quarter, which ended December 31, 2020.\n\nThird Quarter Highlights\n\n\nEvolution of strategy and Columbus McKinnon Business System (CMBS) delivered solid operating results \n\n\nRevenue of $166.5 million was up 5.5% compared with the trailing second quarter\n\n\nOperating income was $10.4 million with adjusted operating income1 of $11.2 million\n\n\nStrong cash generation of $25.0 million provided by operating activities; Free cash flow of $21.9 million2 \n\n\nBacklog grew to $152.4 million, up 22% over prior-year period and 4% sequentially\n\n\nPivoting to growth with focus on organic initiatives and acquisition pipeline\n\n\nDavid Wilson, President and CEO of Columbus McKinnon, commented, “We delivered solid results in adverse conditions with revenue exceeding our expectations. Of note, our ability to generate cash was demonstrated with free cash flow2 of $22 million. We are excited about what the future holds even as we continue to operate in a less than ideal external environment. We are optimistic that growth will accelerate in fiscal 2022 as demand improves and channel partners replenish inventories. Given current macroeconomic forecasts, we expect to return to more normalized revenue levels by this time next year. In the meantime, we are consistently strengthening our earnings power by driving operational excellence with tools such as 80/20. In fact, we have realized $9 million in contributions to operating income from these efforts this fiscal year.”\n\nHe continued, “Even as we have been navigating this complex environment, we are evolving our strategy, now defined as Blueprint for Growth 2.0. The Core Growth Framework we are creating is underpinned by the advancement of CMBS, which develops core competencies and enables us to scale. Our organic growth initiatives, which include improvements in customer experience, new product development, and channel expansion, are centered on our customers’ requirements for continuous improvement in productivity, safety and uptime. We are realizing success with our product launches and believe we are enhanc...