Posted May 26, 2011
U.S. sales gain drives Columbus McKinnon
Columbus McKinnon Corporation reported net sales for the fourth quarter of fiscal 2011 were $144.0 million, up 17.1% from the same period in the prior year.
The growth was driven by an increase in global order activity, including noticeable U.S. strengthening. The material handling products manufacturer had net income of $2.5 million in the fiscal 2011 fourth quarter, up from $0.5 million in the prior year period. On a diluted share basis, net income was up 550% to 13 cents per share.
"We had a very encouraging quarter as our expanded market reach helped us to take market share while we also benefited from the strengthening global economy," said Timothy T. Tevens, president and chief executive officer.
Net sales for fiscal 2011 were $524.1 million, up 10.1% from fiscal 2010. Sales outside the U.S. represented 46% of total sales and grew 20% over the prior year, excluding the impact of currency.
