Columbus McKinnon Corp/NY - CMCO STOCK NEWS

Columbus McKinnon (NASDAQ: CMCO) has announced an acquisition agreement with montratec, a leader in intelligent automation and transport systems, valued at approximately $110 million. This acquisition aims to enhance CMCO's precision conveyance platform, tapping into high-growth markets such as electric vehicles, life sciences, and semiconductors. Expected to be accretive within a year, the purchase price reflects a multiple of 13.0x projected adjusted EBITDA without synergies. CMCO anticipates a net leverage ratio of 2.7x following the acquisition. The company also reported record preliminary results for Q4 2023, including approximately $253 million in revenue, exceeding guidance. The acquisition is seen as a strategic step to drive higher margins and growth while leveraging montratec's patented technology and market presence in Europe.

Columbus McKinnon Corporation (NASDAQ: CMCO) announced a quarterly dividend of $0.07 per share, payable on May 15, 2023, to shareholders on record by May 5, 2023. The company has approximately 28.6 million shares outstanding, reflecting its commitment to providing returns to shareholders. Columbus McKinnon is a leader in intelligent motion solutions for material handling, focusing on safety and quality through superior design and engineering. For more information, visit www.columbusmckinnon.com.

Columbus McKinnon Corporation (NASDAQ: CMCO) announced that its CFO, Greg Rustowicz, will present at the Sidoti Small Cap Conference on March 22, 2023. A live audio webcast of the event, including slides, will be accessible on their investor relations website. The presentation will be archived for later viewing. Columbus McKinnon is a leading provider of intelligent motion solutions, focusing on material handling systems essential for various industrial applications. Their product range includes hoists, crane components, and digital power systems, designed for efficiency and safety in moving and securing materials.

Columbus McKinnon Corporation (CMCO) reported its fiscal Q3 2023 results, highlighting a 7% increase in sales to $230.4 million compared to the previous year. Operating income surged 32% to $20.2 million, while net income rose 22% to $12.0 million, equating to $0.42 per diluted share. The acquisition of Garvey Corporation contributed $4.9 million in sales. The backlog decreased by 28%, and the company reduced its debt by $30.4 million, lowering the net debt leverage ratio to 2.7x. Looking ahead, CMCO projects Q4 sales between $240 million and $250 million.

Columbus McKinnon Corporation (NASDAQ: CMCO) announced the retirement of Liam McCarthy from its Board of Directors effective January 21, 2023, due to personal reasons. McCarthy served on the Board for over 14 years and was the Chair of the Compensation and Succession Committee. Richard H. Fleming, Chairman of the Board, praised McCarthy's significant contributions and operational insight. Following his departure, the Board will consist of ten members, nine of whom are independent and four diverse members. This transition may impact the company's governance structure but reflects a commitment to diversity and expertise.

Columbus McKinnon Corporation (NASDAQ: CMCO) has declared a quarterly dividend of $0.07 per common share, with a payment date of February 21, 2023. Shareholders of record as of February 10, 2023 will be entitled to receive this dividend. The company has approximately 28.6 million shares of common stock outstanding. Columbus McKinnon specializes in intelligent motion solutions, focusing on material handling products such as hoists and conveyor systems, which improve safety and efficiency across commercial applications.