Columbus McKinnon (CMCO) Tops Q4 EPS by 3c, Revenues Beat; Offers 1Q Revenues Guidance Above Consensus

May 26, 2021 6:36 AM EDT

Get instant alerts when news breaks on your stocks. Claim your 1-week free trial to StreetInsider Premium here.

Columbus McKinnon (NASDAQ: CMCO) reported Q4 EPS of $0.50, $0.03 better than the analyst estimate of $0.47. Revenue for the quarter came in at $186.2 million versus the consensus estimate of $180.02 million.

Fourth Quarter and Fiscal Year 2021 Highlights

  • Executed on Blueprint for Growth 2.0 strategy to deliver solid results in challenging year while building momentum for fiscal 2022
  • Ended year with much improved order volume in fourth quarter; orders up 24% over trailing third quarter and up 6% over prior-year period
  • Delivered $186.2 million in revenue in the quarter, up 12% sequentially
  • Generated strong cash from operations in fiscal year of $98.9 million
  • Entered fiscal 2022 with backlog of $171.7 million, up 31% over prior-year period and 13% over trailing quarter
  • Advanced strategy with the acquisition of new platform of high-precision conveying systems for intelligent motion in material handling
  • Successfully completed equity and debt financing transactions

David Wilson, President and CEO of Columbus McKinnon, commented, “We ended fiscal 2021 on a high note with orders growing in both our project and short cycle businesses. While the year was challenged with the impact of the global pandemic and resulting recession, we employed the tools of the Columbus McKinnon Business System to keep our momentum building and make our Company stronger. We delivered improved decremental leverage over previous downturns, generated robust cash flow, reduced our working capital requirements, and introduced several new products including our line of Intelli-Crane™ solutions. In addition, we identified and announced the Dorner acquisition which establishes a new platform for growth. It provides a catalyst for faster growth in attractive markets with strong tailwinds and presents strategic opportunities in a fragmented market. Since entering fiscal 2022, we have successfully issued equity, restructured our debt and are well positioned to quickly de-lever our balance sheet.”

GUIDANCE:

Columbus McKinnon sees Q1 2022 revenue of $212-217 million, versus the consensus of $203.76 million.

  • The Company expects first quarter fiscal 2022 sales to be within a range of approximately $212 million to $217 million at current exchange rates and including the Dorner acquisition.

Mr. Wilson concluded, “We are encouraged with growing demand for our lifting solutions as customers release projects and short cycle order trends improve. We are also excited about the addition of Dorner to our relevant portfolio of intelligent motion solutions and are seeing strong demand for high-precision conveying solutions. In fact, the business ended April with a record backlog, further confirming our conviction in the value of this acquisition.”

For earnings history and earnings-related data on Columbus McKinnon (CMCO) click here.



Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In





Related Categories

Corporate News, Earnings, Guidance, Hot Guidance, Management Comments

Related Entities

Earnings, Definitive Agreement