Columbus McKinnon (CMCO) Misses Q3 EPS by 33c

January 26, 2017 6:40 AM EST

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Columbus McKinnon (NASDAQ: CMCO) reported Q3 EPS of $0.02, $0.33 worse than the analyst estimate of $0.35. Revenue for the quarter came in at $152.5 million versus the consensus estimate of $155.88 million.

Timothy T. Tevens, President and Chief Executive Officer, commented, “The quarter was weaker than we had anticipated, especially in the U.S. and EMEA, but our optimism for the longer term is not deterred. Our belief is that new product development combined with the Magnetek and STAHL acquisitions expand our competitive advantages and provides a stronger global market position as industrial economies strengthen.”

He continued, “We will be launching our ‘drive in every hoist’ strategic initiative with our Lodestar and Global King product lines in early Fiscal 2018. In addition, STAHL will measurably augment our reach into Europe with powered wire rope and electric chain hoists, as well as broaden our explosion-proof line of products globally. We have positioned the Company for future growth and profitably and are excited to leverage the breadth of our brands and product offerings to build a bigger business.”

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

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