Columbus McKinnon Sales Increased 7% for First Quarter Fiscal Year 2024
- Strong orders and record backlog indicate positive market demand and growth potential
- Sales increased by 7% compared to the prior-year period, driven by strength in EMEA and APAC, and strong automation and linear motion sales in the Americas
- Gross margin expansion demonstrates improved operational efficiency and cost management
- Debt reduction and plans to pay down additional debt in fiscal 2024 show financial discipline and stability
- Positive outlook with expectations to surpass $1 billion in revenue in fiscal 2024 and achieve fiscal 2027 targets
- None.
First Quarter Highlights (compared with prior-year period, except where otherwise noted)
-
Strong orders in quarter of
with book-to-bill ratio of 1.1x$257.0 million -
Record backlog of
includes$355.3 million from the acquisition$23.4 million -
Sales of
for first quarter fiscal 2024 increased$235.5 million 7% -
Gross margin expanded 90 basis points sequentially to
36.8% -
Paid down
in debt; net debt leverage ratio at 2.9x1; plan to pay down$10 million in debt in fiscal 2024$40 million -
Expect to surpass
in revenue in fiscal 2024; on track to achieve fiscal 2027 targets$1 billion
David J. Wilson, President and CEO, commented, “Our first quarter results further demonstrate the progress we are making with the transformation of Columbus McKinnon into a higher growth, stronger margin business. Sales grew
He added, “In our first month of ownership, the montratec acquisition contributed
_____________________________
1 On a financial covenant basis per Amended and Restated Credit Agreement
First Quarter Fiscal 2024 Sales
($ in millions) |
Q1 FY 24 |
|
Q1 FY 23 |
|
Change |
|
% Change |
|||||||
Net sales |
$ |
235.5 |
|
|
$ |
220.3 |
|
|
$ |
15.2 |
|
|
6.9 |
% |
|
$ |
136.1 |
|
|
$ |
138.7 |
|
|
$ |
(2.6 |
) |
|
(1.9 |
)% |
% of total |
|
58 |
% |
|
|
63 |
% |
|
|
|
|
|||
Non- |
$ |
99.4 |
|
|
$ |
81.6 |
|
|
$ |
17.8 |
|
|
21.8 |
% |
% of total |
|
42 |
% |
|
|
37 |
% |
|
|
|
|
For the quarter, sales increased
First Quarter Fiscal 2024 Operating Results
($ in millions) |
Q1 FY 24 |
|
Q1 FY 23 |
|
Change |
|
% Change |
|||||||
Gross profit |
$ |
86.6 |
|
|
$ |
82.5 |
|
|
$ |
4.1 |
|
|
5.0 |
% |
Gross margin |
|
36.8 |
% |
|
|
37.5 |
% |
|
(70) bps |
|
|
|||
Adjusted gross profit* |
$ |
86.8 |
|
|
$ |
82.5 |
|
|
$ |
4.3 |
|
|
5.2 |
% |
Adjusted gross margin* |
|
36.9 |
% |
|
|
37.5 |
% |
|
(60) bps |
|
|
|||
Income from operations |
$ |
21.4 |
|
|
$ |
22.8 |
|
|
$ |
(1.4 |
) |
|
(6.0 |
)% |
Operating margin |
|
9.1 |
% |
|
|
10.4 |
% |
|
(130 bps) |
|
|
|||
Adjusted income from operations* |
$ |
25.8 |
|
|
$ |
24.6 |
|
|
$ |
1.2 |
|
|
4.9 |
% |
Adjusted operating margin* |
|
10.9 |
% |
|
|
11.1 |
% |
|
(20) bps |
|
|
|||
Net income (loss) |
$ |
9.3 |
|
|
$ |
8.4 |
|
|
$ |
0.9 |
|
|
10.5 |
% |
Net income (loss) margin |
|
3.9 |
% |
|
|
3.8 |
% |
|
10 bps |
|
|
|||
Diluted EPS |
$ |
0.32 |
|
|
$ |
0.29 |
|
|
$ |
0.03 |
|
|
10.3 |
% |
Adjusted EPS* |
$ |
0.62 |
|
|
$ |
0.69 |
|
|
$ |
(0.07 |
) |
|
(10.1 |
)% |
Adjusted EBITDA* |
$ |
36.6 |
|
|
$ |
35.0 |
|
|
$ |
1.6 |
|
|
4.6 |
% |
Adjusted EBITDA margin* |
|
15.6 |
% |
|
|
15.9 |
% |
|
(30) 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 operating income, adjusted operating margin, adjusted EPS, and the reconciliation of GAAP net income (loss) to adjusted EBITDA.
Adjusted earnings per diluted share of
Second Quarter Fiscal 2024 Outlook
Columbus McKinnon expects second quarter fiscal 2024 sales of approximately
Mr. Wilson concluded, “We had a solid start to the year with
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 412-317-6026. 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, August 9, 2023. To listen to the archived call, dial 412-317-6671 and enter the conference ID number 10180167. 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 EBITDA margins, 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 certain goals. 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 revenue and adjusted EBITDA 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. 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 |
|
|
|||||||
|
|
June 30,
|
|
June 30,
|
|
Change |
|||||
Net sales |
|
$ |
235,492 |
|
|
$ |
220,287 |
|
|
6.9 |
% |
Cost of products sold |
|
|
148,843 |
|
|
|
137,768 |
|
|
8.0 |
% |
Gross profit |
|
|
86,649 |
|
|
|
82,519 |
|
|
5.0 |
% |
Gross profit margin |
|
|
36.8 |
% |
|
|
37.5 |
% |
|
|
|
Selling expenses |
|
|
24,981 |
|
|
|
26,156 |
|
|
(4.5 |
)% |
% of net sales |
|
|
10.6 |
% |
|
|
11.9 |
% |
|
|
|
General and administrative expenses |
|
|
27,443 |
|
|
|
21,881 |
|
|
25.4 |
% |
% of net sales |
|
|
11.7 |
% |
|
|
9.9 |
% |
|
|
|
Research and development expenses |
|
|
5,900 |
|
|
|
5,130 |
|
|
15.0 |
% |
% of net sales |
|
|
2.5 |
% |
|
|
2.3 |
% |
|
|
|
Amortization of intangibles |
|
|
6,877 |
|
|
|
6,535 |
|
|
5.2 |
% |
Income from operations |
|
$ |
21,448 |
|
|
$ |
22,817 |
|
|
(6.0 |
)% |
Operating margin |
|
|
9.1 |
% |
|
|
10.4 |
% |
|
|
|
Interest and debt expense |
|
|
8,625 |
|
|
|
6,203 |
|
|
39.0 |
% |
Investment (income) loss |
|
|
(543 |
) |
|
|
430 |
|
|
NM |
|
Foreign currency exchange (gain) loss |
|
|
483 |
|
|
|
1,203 |
|
|
(59.9 |
)% |
Other (income) expense, net |
|
|
214 |
|
|
|
(2,303 |
) |
|
NM |
|
Income (loss) before income tax expense (benefit) |
|
$ |
12,669 |
|
|
|
17,284 |
|
|
(26.7 |
)% |
Income tax expense (benefit) |
|
|
3,394 |
|
|
|
8,893 |
|
|
(61.8 |
)% |
Net income (loss) |
|
$ |
9,275 |
|
|
$ |
8,391 |
|
|
10.5 |
% |
|
|
|
|
|
|
|
|||||
Average basic shares outstanding |
|
|
28,662 |
|
|
|
28,544 |
|
|
0.4 |
% |
Basic income (loss) per share |
|
$ |
0.32 |
|
|
$ |
0.29 |
|
|
10.3 |
% |
|
|
|
|
|
|
|
|||||
Average diluted shares outstanding |
|
|
28,906 |
|
|
|
28,699 |
|
|
0.7 |
% |
Diluted income (loss) per share |
|
$ |
0.32 |
|
|
$ |
0.29 |
|
|
10.3 |
% |
COLUMBUS McKINNON CORPORATION Condensed Consolidated Balance Sheets (In thousands) |
||||||||
|
|
June 30,
|
|
March 31, 2023 |
||||
|
|
(unaudited) |
|
|
||||
ASSETS |
|
|
|
|
||||
Current assets: |
|
|
|
|
||||
Cash and cash equivalents |
|
$ |
106,994 |
|
|
$ |
133,176 |
|
Trade accounts receivable |
|
$ |
165,050 |
|
|
$ |
151,451 |
|
Inventories |
|
$ |
204,747 |
|
|
$ |
179,359 |
|
Prepaid expenses and other |
|
$ |
37,435 |
|
|
$ |
32,254 |
|
Total current assets |
|
$ |
514,226 |
|
|
$ |
496,240 |
|
|
|
|
|
|
||||
Property, plant, and equipment, net |
|
$ |
98,372 |
|
|
$ |
94,360 |
|
Goodwill |
|
$ |
731,953 |
|
|
$ |
644,629 |
|
Other intangibles, net |
|
$ |
409,541 |
|
|
$ |
362,537 |
|
Marketable securities |
|
$ |
10,253 |
|
|
$ |
10,368 |
|
Deferred taxes on income |
|
$ |
2,145 |
|
|
$ |
2,035 |
|
Other assets |
|
$ |
93,019 |
|
|
$ |
88,286 |
|
Total assets |
|
$ |
1,859,509 |
|
|
$ |
1,698,455 |
|
|
|
|
|
|
||||
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
||||
Current liabilities: |
|
|
|
|
||||
Trade accounts payable |
|
$ |
77,378 |
|
|
$ |
76,736 |
|
Accrued liabilities |
|
$ |
145,927 |
|
|
$ |
124,317 |
|
Current portion of long-term debt and finance lease obligations |
|
$ |
40,619 |
|
|
$ |
40,604 |
|
Total current liabilities |
|
$ |
263,924 |
|
|
$ |
241,657 |
|
|
|
|
|
|
||||
Term loan, AR securitization facility and finance lease obligations |
|
$ |
539,150 |
|
|
$ |
430,988 |
|
Other non current liabilities |
|
$ |
209,478 |
|
|
$ |
192,013 |
|
Total liabilities |
|
$ |
1,012,552 |
|
|
$ |
864,658 |
|
|
|
|
|
|
||||
Shareholders’ equity: |
|
|
|
|
||||
Common stock |
|
$ |
287 |
|
|
$ |
286 |
|
Treasury stock |
|
$ |
(1,001 |
) |
|
$ |
(1,001 |
) |
Additional paid in capital |
|
$ |
516,197 |
|
|
$ |
515,797 |
|
Retained earnings |
|
$ |
366,033 |
|
|
$ |
356,758 |
|
Accumulated other comprehensive loss |
|
$ |
(34,559 |
) |
|
$ |
(38,043 |
) |
Total shareholders’ equity |
|
$ |
846,957 |
|
|
$ |
833,797 |
|
Total liabilities and shareholders’ equity |
|
$ |
1,859,509 |
|
|
$ |
1,698,455 |
|
COLUMBUS McKINNON CORPORATION Condensed Consolidated Statements of Cash Flows - UNAUDITED (In thousands) |
||||||||
|
|
Three Months Ended |
||||||
|
|
June 30,
|
|
June 30,
|
||||
Operating activities: |
|
|
|
|
||||
Net income (loss) |
|
$ |
9,275 |
|
|
$ |
8,391 |
|
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities: |
|
|
|
|
||||
Depreciation and amortization |
|
$ |
10,890 |
|
|
$ |
10,469 |
|
Deferred income taxes and related valuation allowance |
|
$ |
(1,825 |
) |
|
$ |
1,272 |
|
Net loss (gain) on sale of real estate, investments and other |
|
$ |
(467 |
) |
|
$ |
485 |
|
Stock-based compensation |
|
$ |
1,981 |
|
|
$ |
751 |
|
Amortization of deferred financing costs |
|
$ |
483 |
|
|
$ |
430 |
|
Loss (gain) on hedging instruments |
|
$ |
231 |
|
|
$ |
(192 |
) |
Loss on retirement of fixed asset |
|
$ |
— |
|
|
$ |
173 |
|
Non-cash lease expense |
|
$ |
2,389 |
|
|
$ |
2,139 |
|
Changes in operating assets and liabilities, net of effects of business acquisitions: |
|
|
|
|
||||
Trade accounts receivable |
|
$ |
(7,649 |
) |
|
$ |
11,265 |
|
Inventories |
|
$ |
(19,214 |
) |
|
$ |
(21,467 |
) |
Prepaid expenses and other |
|
$ |
(2,800 |
) |
|
$ |
359 |
|
Other assets |
|
$ |
(636 |
) |
|
$ |
(143 |
) |
Trade accounts payable |
|
$ |
1,718 |
|
|
$ |
(15,720 |
) |
Accrued liabilities |
|
$ |
(8,668 |
) |
|
$ |
(6,938 |
) |
Non-current liabilities |
|
$ |
(2,955 |
) |
|
$ |
(2,451 |
) |
Net cash provided by (used for) operating activities |
|
$ |
(17,247 |
) |
|
$ |
(11,177 |
) |
|
|
|
|
|
||||
Investing activities: |
|
|
|
|
||||
Proceeds from sales of marketable securities |
|
$ |
1,100 |
|
|
$ |
650 |
|
Purchases of marketable securities |
|
$ |
(906 |
) |
|
$ |
(1,226 |
) |
Capital expenditures |
|
$ |
(5,273 |
) |
|
$ |
(2,953 |
) |
Purchases of businesses, net of cash acquired |
|
$ |
(107,605 |
) |
|
$ |
(1,616 |
) |
Dividend received from equity method investment |
|
$ |
— |
|
|
$ |
313 |
|
Net cash provided by (used for) investing activities |
|
$ |
(112,684 |
) |
|
$ |
(4,832 |
) |
|
|
|
|
|
||||
Financing activities: |
|
|
|
|
||||
Proceeds from the issuance of common stock |
|
$ |
225 |
|
|
$ |
415 |
|
Repayment of debt |
|
$ |
(10,143 |
) |
|
$ |
(10,128 |
) |
Proceeds from issuance of long-term debt |
|
$ |
120,000 |
|
|
$ |
— |
|
Fees paid for borrowings on long-term debt |
|
$ |
(2,046 |
) |
|
$ |
— |
|
Cash inflows from hedging activities |
|
$ |
6,053 |
|
|
$ |
6,163 |
|
Cash outflows from hedging activities |
|
$ |
(6,298 |
) |
|
$ |
(6,022 |
) |
Payment of dividends |
|
$ |
(2,004 |
) |
|
$ |
(1,996 |
) |
Other |
|
$ |
(1,802 |
) |
|
$ |
(1,313 |
) |
Net cash provided by (used for) financing activities |
|
$ |
103,985 |
|
|
$ |
(12,881 |
) |
|
|
|
|
|
||||
Effect of exchange rate changes on cash |
|
$ |
(236 |
) |
|
$ |
(840 |
) |
|
|
|
|
|
||||
Net change in cash and cash equivalents |
|
$ |
(26,182 |
) |
|
$ |
(29,730 |
) |
Cash, cash equivalents, and restricted cash at beginning of year |
|
$ |
133,426 |
|
|
$ |
115,640 |
|
Cash, cash equivalents, and restricted cash at end of period |
|
$ |
107,244 |
|
|
$ |
85,910 |
|
COLUMBUS McKINNON CORPORATION Q1 FY 2024 Sales Bridge |
||||||
|
|
Quarter |
||||
($ in millions) |
|
$ Change |
|
% Change |
||
Fiscal 2023 Sales |
|
$ |
220.3 |
|
|
|
Acquisition |
|
|
2.7 |
|
1.2 |
% |
Volume |
|
|
3.7 |
|
1.7 |
% |
Pricing |
|
|
8.5 |
|
3.9 |
% |
Foreign currency translation |
|
|
0.3 |
|
0.1 |
% |
Total change |
|
$ |
15.2 |
|
6.9 |
% |
Fiscal 2024 Sales |
|
$ |
235.5 |
|
|
COLUMBUS McKINNON CORPORATION Q1 FY 2024 Gross Profit Bridge |
|||
($ in millions) |
Quarter |
||
Fiscal 2023 Gross Profit |
$ |
82.5 |
|
Price, net of material cost inflation |
|
6.5 |
|
Sales volume and mix |
|
(1.1 |
) |
Acquisition |
|
0.8 |
|
Current year business realignment costs |
|
(0.2 |
) |
Productivity and other cost changes |
|
(2.0 |
) |
Foreign currency translation |
|
0.1 |
|
Total change |
|
4.1 |
|
Fiscal 2024 Gross Profit |
$ |
86.6 |
|
|
||||||||||
|
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
Total |
FY 24 |
|
63 |
|
62 |
|
61 |
|
62 |
|
248 |
|
|
|
|
|
|
|
|
|
|
|
FY 23 |
|
63 |
|
64 |
|
60 |
|
63 |
|
250 |
COLUMBUS McKINNON CORPORATION Additional Data - UNAUDITED |
|||||||||||||||
|
|
June 30,
|
|
March 31,
|
|
June 30,
|
|||||||||
($ in millions) |
|
|
|
|
|
|
|
|
|
||||||
Backlog |
|
$ |
355.3 |
|
|
|
$ |
308.7 |
|
|
$ |
351.6 |
|
|
|
Long-term backlog |
|
|
|
|
|
|
|
|
|
||||||
Expected to ship beyond 3 months |
|
$ |
177.3 |
|
|
|
$ |
142.0 |
|
|
$ |
162.8 |
|
|
|
Long-term backlog as % of total backlog |
|
|
49.9 |
% |
|
|
46.0 |
% |
|
|
46.3 |
% |
|||
|
|
|
|
|
|
|
|
|
|
||||||
Trade accounts receivable |
|
|
|
|
|
|
|
|
|
||||||
Days sales outstanding (2) |
|
|
62.9 |
|
days |
|
|
54.3 |
days |
|
|
54.9 |
|
days |
|
|
|
|
|
|
|
|
|
|
|
||||||
Inventory turns per year (2) |
|
|
|
|
|
|
|
|
|
||||||
(based on cost of products sold) |
|
|
2.9 |
|
turns |
|
|
3.6 |
turns |
|
|
2.9 |
|
turns |
|
Days' inventory |
|
|
125.9 |
|
days |
|
|
101.4 |
days |
|
|
125.4 |
|
days |
|
|
|
|
|
|
|
|
|
|
|
||||||
Trade accounts payable |
|
|
|
|
|
|
|
|
|
||||||
Days payables outstanding (2) |
|
|
53.3 |
|
days |
|
|
53.3 |
days |
|
|
58.6 |
|
days |
|
|
|
|
|
|
|
|
|
|
|
||||||
Working capital as a % of sales (2)(3) |
|
|
21.4 |
% |
|
|
17.3 |
% |
|
|
19.9 |
% |
|||
|
|
|
|
|
|
|
|
|
|
||||||
Net cash provided by (used for) operating activities |
|
$ |
(17.2 |
) |
|
|
$ |
66.7 |
|
|
$ |
(11.2 |
) |
|
|
Capital expenditures |
|
$ |
5.3 |
|
|
|
$ |
3.1 |
|
|
$ |
3.0 |
|
|
|
Free cash flow (1) |
|
$ |
(22.5 |
) |
|
|
$ |
63.6 |
|
|
$ |
(14.1 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Debt to total capitalization percentage |
|
|
40.6 |
% |
|
|
36.1 |
% |
|
|
39.3 |
% |
|||
|
|
|
|
|
|
|
|
|
|
||||||
Debt, net of cash, to net total capitalization |
|
|
35.8 |
% |
|
|
28.9 |
% |
|
|
34.9 |
% |
(1) Free cash flow is defined as cash from operations less capital expenditures. Free cash flow is not a measure determined in accordance with generally accepted accounting principles in |
Components may not add due to rounding. |
(2)June 30, 2023, March 31, 2023, and June 30, 2022 figures exclude the impact of the acquisition of montratec. |
(3)June 30, 2022 figure excludes the impact of the acquisition of Garvey. |
COLUMBUS McKINNON CORPORATION Reconciliation of GAAP Gross Profit to Non-GAAP Adjusted Gross Profit ($ in thousands) |
|||||||
|
Three Months Ended |
||||||
|
June 30, 2023 |
|
June 30, 2022 |
||||
GAAP gross profit |
$ |
86,649 |
|
|
$ |
82,519 |
|
Add back (deduct): |
|
|
|
||||
Business realignment costs |
|
196 |
|
|
|
— |
|
Non-GAAP adjusted gross profit |
$ |
86,845 |
|
|
$ |
82,519 |
|
|
|
|
|
||||
Sales |
$ |
235,492 |
|
|
$ |
220,287 |
|
|
|
|
|
||||
Gross margin - GAAP |
|
36.8 |
% |
|
|
37.5 |
% |
Adjusted gross margin - Non-GAAP |
|
36.9 |
% |
|
|
37.5 |
% |
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
COLUMBUS McKINNON CORPORATION Reconciliation of GAAP Income from Operations to Non-GAAP Adjusted Income from Operations ($ in thousands) |
|||||||
|
Three Months Ended |
||||||
|
June 30, 2023 |
|
June 30, 2022 |
||||
GAAP income from operations |
$ |
21,448 |
|
|
$ |
22,817 |
|
Add back (deduct): |
|
|
|
||||
Acquisition deal and integration costs |
|
2,587 |
|
|
|
86 |
|
Business realignment costs |
|
375 |
|
|
|
1,657 |
|
North American warehouse consolidation |
|
117 |
|
|
|
— |
|
Headquarter relocation costs |
|
1,228 |
|
|
|
— |
|
Non-GAAP adjusted income from operations |
$ |
25,755 |
|
|
$ |
24,560 |
|
|
|
|
|
||||
Sales |
$ |
235,492 |
|
|
$ |
220,287 |
|
|
|
|
|
||||
Operating margin - GAAP |
|
9.1 |
% |
|
|
10.4 |
% |
Adjusted operating margin - Non-GAAP |
|
10.9 |
% |
|
|
11.1 |
% |
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
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 |
|||||
|
June 30, 2023 |
|
June 30, 2022 |
|||
GAAP net income (loss) |
|
9,275 |
|
|
|
8,391 |
Add back (deduct): |
|
|
|
|||
Amortization of intangibles |
|
6,877 |
|
|
|
6,535 |
Acquisition deal and integration costs |
|
2,587 |
|
|
|
86 |
Business realignment costs |
|
375 |
|
|
|
1,657 |
North American warehouse consolidation |
|
117 |
|
|
|
— |
Headquarter relocation costs |
|
1,228 |
|
|
|
— |
Normalize tax rate (1) |
|
(2,569 |
) |
|
|
3,269 |
Non-GAAP adjusted net income |
|
17,890 |
|
|
|
19,938 |
|
|
|
|
|||
Average diluted shares outstanding |
|
28,906 |
|
|
|
28,699 |
|
|
|
|
|||
Diluted income (loss) per share - GAAP |
$ |
0.32 |
|
|
$ |
0.29 |
|
|
|
|
|||
Diluted income per share - Non-GAAP |
$ |
0.62 |
|
|
$ |
0.69 |
(1) Applies a normalized tax rate of |
Adjusted net income and diluted EPS are defined as net income and diluted EPS as reported, adjusted for certain items, including amortization of intangible assets, and also adjusted for a normalized tax rate. Adjusted net income and diluted EPS are not measures determined in accordance with generally accepted accounting principles in
COLUMBUS McKINNON CORPORATION Reconciliation of GAAP Net Income to Non-GAAP Adjusted EBITDA ($ in thousands) |
|||||||
|
Three Months Ended |
||||||
|
June 30, 2023 |
|
June 30, 2022 |
||||
GAAP net income (loss) |
$ |
9,275 |
|
|
$ |
8,391 |
|
Add back (deduct): |
|
|
|
||||
Income tax expense (benefit) |
|
3,394 |
|
|
|
8,893 |
|
Interest and debt expense |
|
8,625 |
|
|
|
6,203 |
|
Investment (income) loss |
|
(543 |
) |
|
|
430 |
|
Foreign currency exchange (gain) loss |
|
483 |
|
|
|
1,203 |
|
Other (income) expense, net |
|
214 |
|
|
|
(2,303 |
) |
Depreciation and amortization expense |
|
10,890 |
|
|
|
10,469 |
|
Acquisition deal and integration costs |
|
2,587 |
|
|
|
86 |
|
Business realignment costs |
|
375 |
|
|
|
1,657 |
|
North American warehouse consolidation |
|
117 |
|
|
|
— |
|
Headquarter relocation costs |
|
1,228 |
|
|
|
— |
|
Non-GAAP adjusted EBITDA |
$ |
36,645 |
|
|
$ |
35,029 |
|
|
|
|
|
||||
Sales |
$ |
235,492 |
|
|
$ |
220,287 |
|
|
|
|
|
||||
Net income (loss) margin - GAAP |
|
3.9 |
% |
|
|
3.8 |
% |
Adjusted EBITDA margin - Non-GAAP |
|
15.6 |
% |
|
|
15.9 |
% |
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
View source version on businesswire.com: https://www.businesswire.com/news/home/20230802982869/en/
Gregory P. Rustowicz
Executive Vice President - Finance and CFO
Columbus McKinnon Corporation
716-689-5442
greg.rustowicz@cmworks.com
Investor Relations:
Deborah K. Pawlowski
Kei Advisors LLC
716-843-3908
dpawlowski@keiadvisors.com
Source: Columbus McKinnon Corporation
FAQ
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