Columbus McKinnon (Nasdaq: CMCO) swings to 3Q profit
Palm Beach, FL 1/27/12 (StreetBeat) -- Columbus McKinnon Corp. (Nasdaq: CMCO) returned to profitability in the third quarter, helped along by the sale of a closed facility and action pertaining to a recent South African acquisition.Net income was $8.5 million, or 44 cents per share, in the 2012 third quarter compared to a loss of $39.6 million, or $2.08 per share, in the prior-year period.
Sales rose to $142.8 million, up 10.9 percent from $128.7 million. U.S. sales increased 12.5 percent to $74.7 million, while sales outside of the U.S. expanded 9.3 percent to $68.1 million. Sales outside the U.S. comprised 47.7 percent of total net sales.
Wall Street analysts had forecast EPS of 24 cents on revenues of $139.80 million.
Columbus McKinnon, based in Amherst, is a designer, manufacturer and marketer of material handling products.
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