Business
Columbus McKinnon Reports Q3 FY25 Results
CHARLOTTE, N.C., Feb. 10, 2025 /PRNewswire/ -- Columbus McKinnon Corporation (Nasdaq: CMCO) ("Columbus McKinnon" or the "Company"), a leading designer,
About this update from Columbus Mckinnon Corporation
[{"type":"text","content":"CHARLOTTE, N.C., Feb. 10, 2025 /PRNewswire/ -- Columbus McKinnon Corporation (Nasdaq: CMCO) (\"Columbus McKinnon\" or the \"Company\"), a leading designer, manufacturer and marketer of intelligent motion solutions for material handling, today announced financial results for its fiscal year 2025 third quarter, which ended December 31, 2024. \n\n \n \n \n \n \n \n\n \nThird Quarter 2025 Highlights (compared with prior-year period, except where otherwise noted)\nNet sales of $234.1 million with 7.6% operating margin or 10.9% on an adjusted basis1Orders decreased 4% driven by a 6% decrease in short-cycle orders EMEA orders increased 1% offset by a 5% decline in the AmericasStrength in Precision conveyance and linear motion orders, up 16% and 8% respectivelyBacklog of $296.5 million remains healthy and continues to normalize with improved service levels GAAP EPS of $0.14 and Adjusted EPS1 of $0.56 include $0.08 per share impact of unfavorable FX movements in the quarter and $0.11 per share versus the prior yearRepaid $15 million of debt in Q3 FY25; Anticipate FY25 debt repayment of $60 million\"The second half of our third quarter saw a slowing of industry demand. This was driven by delayed customer decision-making related to U.S. policy uncertainty, including tariffs as well as continued weakening in the European economies,\" said David J. Wilson, President and Chief Executive Officer. \"Our results reflect lower than expected short-cycle demand which we expect will also impact the fourth quarter. The strengthening of the U.S. dollar negatively impacted earnings per share by $0.11 versus the prior year as well. As the quarter evolved, we executed actions to reduce costs and align capacity with demand, which will remain a focus the fourth quarter.\"\n\"While our optimism about the business remains unchanged, in the near-term our revised guidance contemplates a cautious approach to the evolving policy environment and subdued demand in Europe,\" continued Wilson. \"We remain focused on what we can control, with strong operational execution while making progress on our long-term strategic plan, including executing of our footprint simplification initiatives. Last week we initiated a consolidation of two additional factories into existing manufacturing capacity as part of our ongoing 80/20 footprint simplification plan. We are delivering...