Business
Columbus McKinnon Reports Record Gross Margin of 37.5% for First Quarter Fiscal Year 2023
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 2023 first quarter, which ended June 30, 2022. Results include the addition of Garvey Corporation, which was acquired on December 1, 2021.\n\nFirst Quarter Highlights (compared with prior year period)\n\n\nDelivered revenue of $220 million, up 6.5% on a constant currency basis\n\n\nAchieved record gross margin of 37.5% as Columbus McKinnon Business System (CMBS) enabled strong execution\n\n\nRealized first quarter fiscal 2023 earnings per diluted share of $0.29 compared with a loss of $0.27 in prior-year; adjusted EPS* was $0.69, unchanged from prior-year period\n\n\nContinued strength in demand with orders up 11% on a constant currency basis driven by 10% growth in North America and 12% growth in EMEA\n\n\nMaintained strong balance sheet; reduced debt an additional $10 million in quarter\n\n\nDavid Wilson, President and CEO of Columbus McKinnon, commented, “We had a strong start to the year with our first quarter results. I am proud of how our team executed to deliver growth and record gross margin while improving the business. The realignment of Columbus McKinnon’s structure is enabling cost synergies and improved collaboration across the organization. In fact, our new regional leadership structure has created greater cross-functional engagement and is unlocking even more potential to deliver results in the face of current supply chain challenges, labor constraints and high inflation. Encouragingly, we continue to see strong demand for our intelligent motion solutions across a breadth of markets. We are also well positioned financially to execute our strategy and further transform Columbus McKinnon into a higher growth, less cyclical enterprise with expanded margins.”\n\n*Adjusted EPS is a non-GAAP measure. See accompanying discussion and reconciliation tables in this release regarding the reconciliation of GAAP financials to non-GAAP measures.\n\n\n\nFirst Quarter Fiscal 2023 Sales\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n($ in millions)\n\n\n \n\nQ1 FY 23\n\n\n\n \n\n\n\nQ1 FY 22\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$\n\n\n\n220.3\n\n\n\n \n\n\n\n \n\n\n\n$\...