Columbus McKinnon (CMCO) Reports In-Line Q1 EPS
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Before the open, Columbus McKinnon (NASDAQ: CMCO) reported Q1 EPS of $0.34, in-line with the analyst estimate of $0.34. Revenue for the quarter came in at $149 million versus the consensus estimate of $148.52 million.
Timothy T. Tevens, President and Chief Executive Officer, commented, "Sales growth in the quarter was driven by our Magnetek acquisition and solid revenue growth in Europe. Our focus remains to drive sales initiatives and push for growth, regardless of the economic environment. For example, during the quarter we enhanced our value proposition for our customers with the introduction of the Yale LodeKing LT wire rope hoist. This new hoist is the first collaboration of Magnetek’s leading motion control technology with our best-in-class hoist designs. The new product offers the added functionality of an integrated Magnetek drive system that enables a smaller packaged hoist. We have also launched our digital platform, Compass™, which allows customers to quickly and easily design and specify their lifting systems. And, we are testing ‘a Magnetek Drive in every hoist’ on two key platforms, our world-wide leading Lodestar and the well-regarded Global King wire rope hoist.”
Mr. Tevens added, “We continue to prove our ability to consistently generate cash and reduce debt. With only one quarter completed, we expect to exceed our fiscal 2017 target of $43 million in debt reduction. In fact, in the ten months since we acquired Magnetek, we have paid down approximately $54 million, or 27%, of the $195 million we borrowed for the acquisition."
For earnings history and earnings-related data on Columbus McKinnon (CMCO) click here.
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