Business
Columbus McKinnon Sales Increased 7% for First Quarter Fiscal Year 2024
CHARLOTTE, N.C.--(BUSINESS WIRE)-- Columbus McKinnon Corporation (Nasdaq: CMCO), a leading designer, manufacturer and marketer of intelligent motion
About this update from Columbus Mckinnon Corporation
[{"type":"text","content":" CHARLOTTE, N.C.--(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 2024 first quarter, which ended June 30, 2023. Results include the addition of montratec®, which was acquired on May 31, 2023 (“the acquisition”).\n\n\nFirst Quarter Highlights (compared with prior-year period, except where otherwise noted)\n\n\n\nStrong orders in quarter of $257.0 million with book-to-bill ratio of 1.1x\n\n\n\nRecord backlog of $355.3 million includes $23.4 million from the acquisition\n\n\n\nSales of $235.5 million for first quarter fiscal 2024 increased 7%\n\n\n\nGross margin expanded 90 basis points sequentially to 36.8%\n\n\n\nPaid down $10 million in debt; net debt leverage ratio at 2.9x1; plan to pay down\n$40 million in debt in fiscal 2024\n\n\n\nExpect to surpass $1 billion in revenue in fiscal 2024; on track to achieve fiscal 2027 targets\n\n\n\nDavid J. Wilson, President and CEO, commented, “Our first quarter results further demonstrate the progress we are making with the transformation of Columbus McKinnon into a higher growth, stronger margin business. Sales grew 7%, driven by strength in EMEA and APAC, and strong automation and linear motion sales in the Americas. This growth more than offset year-over-year shifts in e-commerce demand. We are encouraged by our end market activity and the progress we are making as an organization. We are focusing resources on end markets and opportunities with strong secular tailwinds such as life sciences, EVs, and industrial automation. Within this framework, we are driving to increase market share and capitalize on these favorable megatrends. Additionally, our continued efforts to simplify the business, manage costs and drive efficiencies underpin our sequential gross margin improvement.”\n\n\nHe added, “In our first month of ownership, the montratec acquisition contributed $2.7 million in sales. We are excited about the technology and opportunities that montratec adds to our precision conveying portfolio. We expect strong growth out of the business and look to further its potential, especially as we broaden exposure in the U.S. market. It is important to note that we successfully completed the refinancing of our debt related to ...