Columbus McKinnon Corporation (NASDAQ: CMCO), a leading designer, manufacturer and marketer of material handling products, today announced financial results for its fiscal 2011 fourth quarter and year that ended on March 31, 2011.
Strong fourth quarter driven by continued global sales growth, including strengthening in US markets
Net sales for the fourth quarter of fiscal 2011 were $144.0 million, up $21.0 million, or 17.1%, from the same period in the prior year driven by an increase in global order activity, including noticeable US strengthening. Changes in foreign currency translation compared with the year ago quarter favorably impacted fiscal 2011 fourth quarter sales by $1.2 million. Sales outside of the U.S. expanded 23.3% to $68.7 million, or 48% of total net sales, compared with $55.7 million, or 45% of total sales, in the fourth quarter of fiscal 2010.
Both US and Eurozone capacity utilization are leading market indicators for the Company. US industrial capacity utilization increased to 74.9% in April 2011 trending up from 74.3% in December 2010 and 70.9% in April 2010. Eurozone capacity utilization has also been trending higher for the last seven quarters, reaching 77.6% in March 2011 compared with the trough of 69.6% in June 2009.Timothy T. Tevens, President and Chief Executive Officer, commented, “We had a very encouraging quarter as our expanded market reach helped us to take market share while we also benefited from the strengthening global economy. We have continued our investment in people, operations and new products as well as our expanding global presence. We are gaining excellent traction in China and Latin America, two rapidly growing economies, and believe our quality products and full offering of equipment used to ergonomically lift, position and secure material, in addition to our expanded sales operations, provide us a strong competitive advantage.”
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