Columbus McKinnon Corporation (Nasdaq: CMCO), a leading
designer, manufacturer and marketer of intelligent motion solutions
for material handling, today announced financial results for its
fiscal year 2024 second quarter, which ended September 30, 2023.
Results include the addition of montratec®, which was acquired on
May 31, 2023 ("the acquisition").
Second Quarter Highlights (compared with prior-year
period, except where otherwise noted)
- Growth strategy drives record sales of $258.4 million, up
12% over same period in the prior year
- CMBS enables record gross margin of 38.7%; 190 basis point
margin expansion sequentially
- Record operating income of $33.4 million, up 22% over prior
year
- Expanded financial flexibility while reducing debt; paid
down $15 million in debt and increasing debt pay down plans by $10
million to $50 million in fiscal 2024
- Expect to surpass $1 billion in revenue in fiscal 2024;
advancing toward fiscal 2027 targets
David J. Wilson, President and CEO, commented, “Our second
quarter results reflect the meaningful progress we are making as
our team executes toward our fiscal 2027 targets. We achieved
several new milestones this quarter including record revenue, gross
margin and operating income. Being customer led is a foundational
component of the Columbus McKinnon Business System (“CMBS”) which
drives continuous improvement, discipline, communication and
accountability. We remain laser focused on improving our customers’
experience and our progress has been validated by recent
improvements in our net promoter score. The 80/20 process is
another key focus area of CMBS with our current priority being
product line simplification. Beyond optimizing financial
performance, this will lead to improved product offerings, stronger
market positioning and the ability to simplify our factory
footprint.”
Mr. Wilson noted, “We are clearly building momentum within the
organization and expect to surpass $1 billion in revenue in fiscal
2024. We also expect to deliver approximately 150 basis points of
year-over-year gross margin expansion, exceeding our previous
guidance. We are excited about the prospects for our precision
conveyance platform including the recent addition of the montratec
business. This, in combination with our organic growth initiatives,
is driving the transformation of Columbus McKinnon to a less
cyclical, higher growth and more profitable enterprise.”
Second Quarter Fiscal 2024
Sales
($ in millions)
Q2 FY 24
Q2 FY 23
Change
% Change
Net sales
$
258.4
$
231.7
$
26.7
11.5
%
U.S. sales
$
145.2
$
139.7
$
5.5
3.9
%
% of total
56
%
60
%
Non-U.S. sales
$
113.2
$
92.0
$
21.2
23.0
%
% of total
44
%
40
%
For the quarter, net sales increased $26.7 million, or 11.5%.
The acquisition contributed $9.5 million, or 4.1%, of the increase
in sales. In the U.S., sales were up $5.5 million, or 3.9%, as a
result of $4.9 million of price improvement, $0.4 million
contribution from the acquisition and $0.2 million of higher
volume. Sales outside the U.S. increased $21.2 million, or 23.0%,
driven by $9.1 million of sales related to the acquisition, $5.7
million of price improvement and $0.8 million of higher volume.
Favorable foreign currency translation was $5.6 million.
Second Quarter Fiscal 2024 Operating
Results
($ in millions)
Q2 FY 24
Q2 FY 23
Change
% Change
Gross profit
$
100.0
$
86.3
$
13.7
15.8
%
Gross margin
38.7
%
37.2
%
150 bps
Adjusted gross profit*
$
100.0
$
86.3
$
13.7
15.8
%
Adjusted gross margin*
38.7
%
37.2
%
150 bps
Income from operations
$
33.4
$
27.4
$
6.0
21.8
%
Operating margin
12.9
%
11.8
%
110 bps
Adjusted income from operations*
$
34.1
$
28.6
$
5.5
19.2
%
Adjusted operating margin*
13.2
%
12.4
%
80 bps
Net income
$
15.8
$
14.1
$
1.7
12.0
%
Net income margin
6.1
%
6.1
%
0 bps
Diluted EPS
$
0.55
$
0.49
$
0.06
12.2
%
Adjusted EPS*
$
0.76
$
0.73
$
0.03
4.1
%
Adjusted EBITDA*
$
45.7
$
39.0
$
6.7
17.1
%
Adjusted EBITDA margin*
17.7
%
16.8
%
90 bps
*Adjusted gross profit, adjusted gross
margin, adjusted income from operations, adjusted operating margin,
adjusted EPS, adjusted EBITDA, and adjusted EBITDA margin are
non-GAAP measures. See accompanying discussion and reconciliation
tables in this release regarding adjusted income from operations,
adjusted operating margin, and adjusted EPS, and the reconciliation
of GAAP net income (loss) to adjusted EBITDA.
Adjusted earnings per diluted share of $0.76 excludes
amortization of intangible assets related to acquisitions. The
Company believes this better represents its inherent earnings power
and cash generation capability.
Third Quarter Fiscal 2024 Outlook
Columbus McKinnon expects third quarter fiscal 2024 sales of
approximately $245 million to $255 million at current exchange
rates. This represents 9% growth year-over-year at the midpoint of
the range.
Mr. Wilson concluded, “This quarter’s record financial
performance provides additional proof points that demonstrate
progress toward our fiscal 2027 targets. Given these results, we
are accelerating debt repayment even as we invest in improving
productivity and simplifying our footprint. We now expect our net
leverage ratio to be approximately 2.3x1 by the end of fiscal 2024.
As we execute our strategy, we are building an enterprise that can
deliver stronger growth and increased profitability as we advance
the transformation of Columbus McKinnon.”
1On a financial covenant basis per Amended
and Restated Credit Agreement
Teleconference/webcast
Columbus McKinnon will host a conference call and live webcast
today at 10:00 AM Eastern Time, at which management will review the
Company’s financial results and strategy. The review will be
accompanied by a slide presentation, which will be available on
Columbus McKinnon’s website at investors.cmco.com/. A
question-and-answer session will follow the formal discussion.
The conference call can be accessed by dialing 201-493-6780. The
listen-only audio webcast can be monitored at investors.cmco.com/.
The telephonic replay will be available from 1:00 PM Eastern Time
on the day of the call through Wednesday, November 8, 2023. To
listen to the archived call, dial 412-317-6671 and enter the
conference ID number 13741338. Alternatively, an archived webcast
of the call can be found on the Company’s website and a transcript
of the call will be posted there once available.
About Columbus McKinnon
Columbus McKinnon is a leading worldwide designer, manufacturer
and marketer of intelligent motion solutions that move the world
forward and improve lives by efficiently and ergonomically moving,
lifting, positioning, and securing materials. Key products include
hoists, crane components, precision conveyor systems, rigging
tools, light rail workstations, and digital power and motion
control systems. The Company is focused on commercial and
industrial applications that require the safety and quality
provided by its superior design and engineering know-how.
Comprehensive information on Columbus McKinnon is available at
www.cmco.com.
Safe Harbor Statement
This news release contains “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of
1995. Such statements include, but are not limited to, statements
concerning expected growth, future sales and future gross margin
expansion, and future potential to deliver results; the execution
of its strategy and further transformation of the Company with
stronger growth, less cyclicality and higher margins, and
achievement of the Company’s fiscal 2027 goals and certain other
goals; and the amount and timing of future debt repayments by the
Company. These statements involve known and unknown risks,
uncertainties and other factors that could cause the actual results
of the Company to differ materially from the results expressed or
implied by such statements, including the impact of supply chain
challenges and inflation, the ability of the Company to scale the
organization, achieve its financial targets including as to revenue
and gross margin, and to execute CMBS and the Core Growth
Framework; global economic and business conditions affecting the
industries served by the Company and its subsidiaries including
COVID-19; the Company's customers and suppliers, competitor
responses to the Company's products and services, the overall
market acceptance of such products and services, the ability to
expand into new markets and geographic regions, and other factors
disclosed in the Company's periodic reports filed with the
Securities and Exchange Commission. Consequently, such
forward-looking statements should be regarded as current plans,
estimates and beliefs. Except as required by applicable law, the
Company assumes no obligation to update the forward-looking
information contained in this release.
Financial tables follow.
COLUMBUS McKINNON
CORPORATION
Condensed Consolidated Income
Statements - UNAUDITED
(In thousands, except per share
and percentage data)
Three Months Ended
September 30,
2023
September 30,
2022
Change
Net sales
$
258,400
$
231,740
11.5
%
Cost of products sold
158,424
145,430
8.9
%
Gross profit
99,976
86,310
15.8
%
Gross profit margin
38.7
%
37.2
%
Selling expenses
26,867
25,617
4.9
%
% of net sales
10.4
%
11.1
%
General and administrative expenses
25,709
21,413
20.1
%
% of net sales
9.9
%
9.2
%
Research and development expenses
6,541
5,461
19.8
%
% of net sales
2.5
%
2.4
%
Amortization of intangibles
7,508
6,447
16.5
%
Income from operations
$
33,351
$
27,372
21.8
%
Operating margin
12.9
%
11.8
%
Interest and debt expense
10,211
6,768
50.9
%
Investment (income) loss
88
312
(71.8
)%
Foreign currency exchange (gain) loss
1,746
1,003
74.1
%
Other (income) expense, net
393
222
77.0
%
Income (loss) before income tax expense
(benefit)
$
20,913
19,067
9.7
%
Income tax expense (benefit)
5,100
4,953
3.0
%
Net income (loss)
$
15,813
$
14,114
12.0
%
Average basic shares outstanding
28,725
28,619
0.4
%
Basic income (loss) per share
$
0.55
$
0.49
12.2
%
Average diluted shares outstanding
29,001
28,748
0.9
%
Diluted income (loss) per share
$
0.55
$
0.49
12.2
%
Dividends declared per common share
$
0.07
$
0.07
COLUMBUS McKINNON
CORPORATION
Condensed Consolidated Income
Statements - UNAUDITED
(In thousands, except per share
and percentage data)
Six Months Ended
September 30,
2023
September 30,
2022
Change
Net sales
$
493,892
$
452,027
9.3
%
Cost of products sold
307,266
283,191
8.5
%
Gross profit
186,626
168,836
10.5
%
Gross profit margin
37.8
%
37.4
%
Selling expenses
51,848
51,773
0.1
%
% of net sales
10.5
%
11.5
%
General and administrative expenses
53,152
43,299
22.8
%
% of net sales
10.8
%
9.6
%
Research and development expenses
12,442
10,591
17.5
%
% of net sales
2.5
%
2.3
%
Amortization of intangibles
14,385
12,982
10.8
%
Income from operations
54,799
50,191
9.2
%
Operating margin
11.1
%
11.1
%
Interest and debt expense
18,836
12,971
45.2
%
Investment (income) loss
(454
)
742
NM
Foreign currency exchange (gain) loss
2,230
2,206
1.1
%
Other (income) expense, net
605
(2,079
)
NM
Income (loss) before income tax expense
(benefit)
33,582
36,351
(7.6
)%
Income tax expense (benefit)
8,494
13,846
(38.7
)%
Net income (loss)
25,088
22,505
11.5
%
Average basic shares outstanding
28,694
28,581
0.4
%
Basic income (loss) per share
$
0.87
$
0.79
10.1
%
Average diluted shares outstanding
28,962
28,733
0.8
%
Diluted income (loss) per share
$
0.87
$
0.78
11.5
%
Dividends declared per common share
$
0.07
$
0.07
COLUMBUS McKINNON
CORPORATION
Condensed Consolidated Balance
Sheets
(In thousands)
September 30,
2023
March 31, 2023
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents
$
99,058
$
133,176
Trade accounts receivable
$
166,390
$
151,451
Inventories
$
204,997
$
179,359
Prepaid expenses and other
$
40,749
$
32,254
Total current assets
$
511,194
$
496,240
Property, plant, and equipment, net
$
100,602
$
94,360
Goodwill
$
717,572
$
644,629
Other intangibles, net
$
397,388
$
362,537
Marketable securities
$
10,807
$
10,368
Deferred taxes on income
$
2,206
$
2,035
Other assets
$
87,632
$
88,286
Total assets
$
1,827,401
$
1,698,455
LIABILITIES AND SHAREHOLDERS’
EQUITY
Current liabilities:
Trade accounts payable
$
71,446
$
76,736
Accrued liabilities
$
141,532
$
124,317
Current portion of long-term debt and
finance lease obligations
$
50,636
$
40,604
Total current liabilities
$
263,614
$
241,657
Term loan, AR securitization facility and
finance lease obligations
$
514,205
$
430,988
Other non current liabilities
$
195,584
$
192,013
Total liabilities
$
973,403
$
864,658
Shareholders’ equity:
Common stock
$
287
$
286
Treasury stock
$
(1,001
)
$
(1,001
)
Additional paid in capital
$
519,593
$
515,797
Retained earnings
$
379,834
$
356,758
Accumulated other comprehensive loss
$
(44,715
)
$
(38,043
)
Total shareholders’ equity
$
853,998
$
833,797
Total liabilities and shareholders’
equity
$
1,827,401
$
1,698,455
COLUMBUS McKINNON
CORPORATION
Condensed Consolidated
Statements of Cash Flows - UNAUDITED
(In thousands)
Six Months Ended
September 30,
2023
September 30,
2022
Operating activities:
Net income (loss)
$
25,088
$
22,505
Adjustments to reconcile net income (loss)
to net cash provided by (used for) operating activities:
Depreciation and amortization
$
22,482
$
20,893
Deferred income taxes and related
valuation allowance
$
(6,097
)
$
(698
)
Net loss (gain) on sale of real estate,
investments and other
$
(302
)
$
852
Stock-based compensation
$
5,264
$
3,629
Amortization of deferred financing
costs
$
1,106
$
860
Loss (gain) on hedging instruments
$
554
$
(714
)
Gain on sale of building
$
—
$
(232
)
Loss on retirement of fixed asset
$
—
$
175
Non-cash lease expense
$
4,684
$
3,843
Changes in operating assets and
liabilities, net of effects of business acquisitions:
Trade accounts receivable
$
(11,409
)
$
381
Inventories
$
(22,415
)
$
(30,754
)
Prepaid expenses and other
$
(5,868
)
$
2,321
Other assets
$
357
$
24
Trade accounts payable
$
(5,996
)
$
(11,267
)
Accrued liabilities
$
(3,085
)
$
(3,124
)
Non-current liabilities
$
(4,921
)
$
(2,545
)
Net cash provided by (used for) operating
activities
$
(558
)
$
6,149
Investing activities:
Proceeds from sales of marketable
securities
$
1,100
$
1,900
Purchases of marketable securities
$
(1,809
)
$
(2,709
)
Capital expenditures
$
(10,319
)
$
(5,288
)
Proceeds from sale of building, net of
transaction costs
$
—
$
373
Purchase of businesses, net of cash
acquired
$
(108,145
)
$
(1,616
)
Dividend received from equity method
investment
$
144
$
313
Net cash provided by (used for) investing
activities
$
(119,029
)
$
(7,027
)
Financing activities:
Proceeds from the issuance of common
stock
$
492
$
621
Repayment of debt
$
(25,294
)
$
(20,264
)
Proceeds from issuance of long-term
debt
$
120,000
$
—
Fees paid for borrowings on long-term
debt
$
(2,859
)
$
—
Cash inflows from hedging activities
$
12,084
$
12,306
Cash outflows from hedging activities
$
(12,660
)
$
(11,689
)
Payment of dividends
$
(4,015
)
$
(4,001
)
Other
$
(1,954
)
$
(1,375
)
Net cash provided by (used for) financing
activities
$
85,794
$
(24,402
)
Effect of exchange rate changes on
cash
$
(325
)
$
(1,245
)
Net change in cash and cash
equivalents
$
(34,118
)
$
(26,525
)
Cash, cash equivalents, and restricted
cash at beginning of year
$
133,426
$
115,640
Cash, cash equivalents, and restricted
cash at end of period
$
99,308
$
89,115
COLUMBUS McKINNON
CORPORATION
Q2 FY 2024 Sales
Bridge
Quarter
Year To Date
($ in millions)
$ Change
% Change
$ Change
% Change
Fiscal 2023 Sales
$
231.7
$
452.0
Acquisition
9.5
4.1
%
12.2
2.7
%
Volume
1.0
0.4
%
2.2
0.5
%
Pricing
10.6
4.6
%
21.6
4.8
%
Foreign currency translation
5.6
2.4
%
5.9
1.3
%
Total change
$
26.7
11.5
%
$
41.9
9.3
%
Fiscal 2024 Sales
$
258.4
$
493.9
COLUMBUS McKINNON
CORPORATION
Q2 FY 2024 Gross Profit
Bridge
($ in millions)
Quarter
Year To Date
Fiscal 2023 Gross Profit
$
86.3
$
168.8
Price, net of manufacturing costs changes
(incl. inflation)
5.7
11.2
Sales volume and mix
0.6
(1.5
)
Acquisition
5.5
6.3
Current year business realignment
costs
—
(0.2
)
Foreign currency translation
1.9
2.0
Total change
13.7
17.8
Fiscal 2024 Gross Profit
$
100.0
$
186.6
U.S. Shipping Days by
Quarter
Q1
Q2
Q3
Q4
Total
FY 24
63
62
61
62
248
FY 23
63
64
60
63
250
COLUMBUS McKINNON
CORPORATION
Additional Data(1)
(Unaudited)
September 30,
2023
June 30, 2023
March 31, 2023
September 30,
2022
($ in millions)
Backlog
$
317.7
$
355.3
$
308.7
$
327.8
Long-term backlog
Expected to ship beyond 3 months
$
148.3
$
177.3
$
142.0
$
161.2
Long-term backlog as % of total
backlog
46.7
%
49.9
%
46.0
%
49.2
%
Trade accounts receivable
Days sales outstanding(2)
58.6
days
62.9
days
54.3
days
55.1
days
Inventory turns per year(2)
(based on cost of products sold)
3.1
turns
2.9
turns
3.6
turns
3.0
turns
Days' inventory
117.7
days
125.9
days
101.4
days
121.0
days
Trade accounts payable
Days payables outstanding(2)
48.3
days
53.3
days
53.3
days
59.4
days
Working capital as a % of sales
(3)(4)
21.8
%
21.4
%
17.3
%
20.8
%
Net cash provided by (used for) operating
activities
$
16.7
$
(17.2
)
$
66.7
$
17.3
Capital expenditures
$
5.0
$
5.3
$
3.1
$
2.3
Free cash flow (5)
$
11.7
$
(22.5
)
$
63.6
$
15.0
Debt to total capitalization
percentage
39.8
%
40.6
%
36.1
%
38.5
%
Debt, net of cash, to net total
capitalization
35.3
%
35.8
%
28.9
%
33.9
%
(1) Additional Data: This data is provided
to help investors understand financial and operational metrics that
management uses to measure the Company’s financial performance and
identify trends affecting the business. These measures may not be
comparable with or defined in the same manner as other
companies.
(2)June 30, 2023 figures exclude the
impact of the acquisition.
(3)June 30, 2023 and September 30, 2023
exclude the impact of the acquisition.
(4)September 30, 2022 figure excludes the
impact of the acquisition of Garvey Corporation.
(5) Free cash flow is defined as net cash
provided by (used for) operating activities less capital
expenditures. Free cash flow is not a measure determined in
accordance with GAAP, and may not be comparable with the measures
as defined or used by other companies. Nevertheless, the Company
believes that providing non-GAAP financial measures, such as free
cash flow, is important for investors and other readers of the
Company’s financial statements and assists in understanding the
comparison of the current quarter’s free cash flow to free cash
flow for historical periods.
Components may not add due to
rounding.
COLUMBUS McKINNON
CORPORATION
Reconciliation of GAAP Gross
Profit to Non-GAAP Adjusted Gross Profit
($ in thousands)
Three Months Ended
Six Months Ended
September 30, 2023
September 30, 2022
September 30, 2023
September 30, 2022
GAAP gross profit
$
99,976
$
86,310
$
186,626
$
168,836
Add back (deduct):
Business realignment costs
—
—
196
—
Non-GAAP adjusted gross profit
$
99,976
$
86,310
$
186,822
$
168,836
Net sales
$
258,400
$
231,740
$
493,892
$
452,027
Gross margin - GAAP
38.7
%
37.2
%
37.8
%
37.4
%
Adjusted gross margin - Non-GAAP
38.7
%
37.2
%
37.8
%
37.4
%
Adjusted gross profit is defined as gross profit as reported,
adjusted for certain items. Adjusted gross profit is not a measure
determined in accordance with generally accepted accounting
principles in the United States, commonly known as GAAP, and may
not be comparable with the measures as used by other companies.
Nevertheless, Columbus McKinnon believes that providing non-GAAP
financial measures, such as adjusted gross profit, is important for
investors and other readers of the Company’s financial statements
and assists in understanding the comparison of the current
quarter’s and current year's gross profit to the historical
periods' gross profit, as well as facilitates a more meaningful
comparison of the Company’s gross profit to that of other
companies.
COLUMBUS McKINNON
CORPORATION
Reconciliation of GAAP Income
from Operations to Non-GAAP Adjusted Income from Operations
($ in thousands)
Three Months Ended
Six Months Ended
September 30, 2023
September 30, 2022
September 30, 2023
September 30, 2022
GAAP income from operations
$
33,351
$
27,372
$
54,799
$
50,191
Add back (deduct):
Acquisition deal and integration costs
508
19
3,095
105
Business realignment costs
40
1,233
415
2,890
North American warehouse consolidation
82
—
199
—
Headquarter relocation costs
146
—
1,374
—
Non-GAAP adjusted income from
operations
$
34,127
$
28,624
$
59,882
$
53,186
Net sales
$
258,400
$
231,740
$
493,892
$
452,027
Operating margin - GAAP
12.9
%
11.8
%
11.1
%
11.1
%
Adjusted operating margin - Non-GAAP
13.2
%
12.4
%
12.1
%
11.8
%
Adjusted income from operations is defined as income from
operations as reported, adjusted for certain items. Adjusted income
from operations is not a measure determined in accordance with
generally accepted accounting principles in the United States,
commonly known as GAAP, and may not be comparable with the measures
as used by other companies. Nevertheless, Columbus McKinnon
believes that providing non-GAAP financial measures, such as
adjusted income from operations, is important for investors and
other readers of the Company’s financial statements and assists in
understanding the comparison of the current quarter’s and current
year's income from operations to the historical periods' income
from operations, as well as facilitates a more meaningful
comparison of the Company’s income from operations to that of other
companies.
COLUMBUS McKINNON
CORPORATION
Reconciliation of GAAP Net
Income and Diluted Earnings per Share to
Non-GAAP Adjusted Net Income
and Diluted Earnings per Share
($ in thousands, except per share
data)
Three Months Ended
Six Months Ended
September 30, 2023
September 30, 2022
September 30, 2023
September 30, 2022
GAAP net income
15,813
14,114
25,088
22,505
Add back (deduct):
Amortization of intangibles
7,508
6,447
14,385
12,982
Acquisition deal and integration costs
508
19
3,095
105
Business realignment costs
40
1,233
415
2,890
North American warehouse consolidation
82
—
199
—
Headquarter relocation costs
146
—
1,374
—
Normalize tax rate (1)
(2,199
)
(938
)
(4,768
)
2,333
Non-GAAP adjusted net income
21,898
20,875
39,788
40,815
Average diluted shares outstanding
29,001
28,748
28,962
28,733
Diluted income per share - GAAP
$
0.55
$
0.49
$
0.87
$
0.78
Adjusted diluted income per share -
Non-GAAP
$
0.76
$
0.73
$
1.37
$
1.42
(1) Applies a normalized tax rate of 25%
in fiscal 2024 and 22% in fiscal 2023 to GAAP pre-tax income and
non-GAAP adjustments above, which are each pre-tax.
Adjusted net income and adjusted diluted EPS are defined as net
income and diluted EPS as reported, adjusted for certain items,
including amortization of intangibles, and also adjusted for a
normalized tax rate. Adjusted net income and adjusted diluted EPS
are not measures determined in accordance with generally accepted
accounting principles in the United States, commonly known as GAAP,
and may not be comparable with the measures used by other
companies. Nevertheless, Columbus McKinnon believes that providing
non-GAAP financial measures, such as adjusted net income and
adjusted diluted EPS, is important for investors and other readers
of the Company’s financial statements and assists in understanding
the comparison of the current quarter’s and current year's net
income and diluted EPS to the historical periods' net income and
diluted EPS, as well as facilitates a more meaningful comparison of
the Company’s net income and diluted EPS to that of other
companies. The Company believes that presenting adjusted diluted
EPS provides a better understanding of its earnings power inclusive
of adjusting for the non-cash amortization of intangible assets,
reflecting the Company’s strategy to grow through acquisitions as
well as organically.
COLUMBUS McKINNON
CORPORATION
Reconciliation of GAAP Net
Income to Non-GAAP Adjusted EBITDA
($ in thousands)
Three Months Ended
Six Months Ended
September 30, 2023
September 30, 2022
September 30, 2023
September 30, 2022
GAAP net income
$
15,813
$
14,114
$
25,088
$
22,505
Add back (deduct):
Income tax expense (benefit)
5,100
4,953
8,494
13,846
Interest and debt expense
10,211
6,768
18,836
12,971
Investment (income) loss
88
312
(454
)
742
Foreign currency exchange (gain) loss
1,746
1,003
2,230
2,206
Other (income) expense, net
393
222
605
(2,079
)
Depreciation and amortization expense
11,592
10,424
22,482
20,893
Acquisition deal and integration costs
508
19
3,095
105
Business realignment costs
40
1,233
415
2,890
North American warehouse consolidation
82
—
199
—
Headquarter relocation costs
146
—
1,374
—
Non-GAAP adjusted EBITDA
$
45,719
$
39,048
$
82,364
$
74,079
Net sales
$
258,400
$
231,740
$
493,892
$
452,027
Net income margin - GAAP
6.1
%
6.1
%
5.1
%
5.0
%
Adjusted EBITDA margin - Non-GAAP
17.7
%
16.8
%
16.7
%
16.4
%
Adjusted EBITDA is defined as net income before interest
expense, income taxes, depreciation, amortization, and other
adjustments. Adjusted EBITDA is not a measure determined in
accordance with generally accepted accounting principles in the
United States, commonly known as GAAP, and may not be comparable
with the measures as used by other companies. Nevertheless,
Columbus McKinnon believes that providing non-GAAP financial
measures, such as adjusted EBITDA, is important for investors and
other readers of the Company’s financial statements.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231101132219/en/
Gregory P. Rustowicz Executive Vice President Finance and Chief
Financial Officer Columbus McKinnon Corporation 716-689-5442
greg.rustowicz@cmco.com
Investor Relations: Deborah K. Pawlowski Kei Advisors LLC
716-843-3908 dpawlowski@keiadvisors.com
Columbus McKinnon (NASDAQ:CMCO)
Gráfico Histórico do Ativo
De Mai 2024 até Jun 2024
Columbus McKinnon (NASDAQ:CMCO)
Gráfico Histórico do Ativo
De Jun 2023 até Jun 2024