Columbus McKinnon sales up 9.4 percent
Columbus McKinnon reported that sales in its fiscal 2017 first quarter were up 9.4% to $149.0 million.
The Magnetek acquisition contributed $23.9 million to first quarter sales which, combined with very modest price improvement, more than offset lower volume.
Net income declined just $0.5 million to $6.4 million despite a $1.4 million increase in interest and debt expense from the higher levels of debt associated with the acquisition.
"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," said Timothy T. Tevens, president and chief executive officer. "“We still believe the year will be challenging, but end markets appear to be stabilizing."