Columbus McKinnon (CMCO) Tops Q2 EPS by 8c
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Columbus McKinnon (NASDAQ: CMCO) reported Q2 EPS of $0.34, $0.08 better than the analyst estimate of $0.26. Revenue for the quarter came in at $157.79 million versus the consensus estimate of $157.35 million.
Second Quarter Highlights
- Strong sequential improvement demonstrates effectiveness of cost saving and self-help improvement measures
- Revenue up 13.5% over trailing first fiscal quarter to $157.8 million; at high end of expected range
- Operating income of $15.8 million or 10.0% of sales; Adjusted operating income* of $14.0 million, or 8.9% of sales
- Cash from operations in the quarter was $37.4 million driven by a disciplined focus on reducing working capital requirements
- Advancing product launches and broadening offerings in Compass™ configurator
David Wilson, President and CEO of Columbus McKinnon, commented, “We delivered solid results in the quarter achieving the higher end of our expected revenue range and demonstrated our capabilities to drive profitability and strong cash generation in a challenging environment. In fact, the 80/20 Process, a key tool in our business system, contributed $3.4 million in operating income during the quarter, helping to offset headwinds caused by the pandemic. Our strong cash flow and excellent liquidity position enabled our repayment of the $25 million Revolver borrowing in early October.
“We are building momentum as we strengthen our business operating system, evolve the Blueprint for Growth strategy and pivot to growth. Our focus is on identifying opportunities to both deepen our market penetration and expand our addressable markets. We have the financial strength to continue to invest in prioritized growth initiatives even as we carefully manage our operations and ensure the safety and well-being of the Columbus McKinnon team.”
For earnings history and earnings-related data on Columbus McKinnon (CMCO) click here.
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