Columbus McKinnon Corp. (CMCO) announced a decline in fourth-quarter profit compared to the previous year, falling short of Wall Street projections.
The company's net income for the fourth quarter was $11.8 million, or $0.41 per share, down from $13.9 million, or $0.48 per share, the same period last year.
On an adjusted basis, Columbus McKinnon reported earnings of $21.8 million, or $0.75 per share.
According to Thomson Reuters, analysts had anticipated earnings of $0.84 per share on average, with their estimates typically excluding special items.
Despite the drop in profit, the company's revenue for the quarter increased by 4.6%, reaching $265.5 million compared to $253.8 million the previous year.
Earnings Snapshot (GAAP):
- Fourth-quarter earnings: $11.8 million, compared to $13.9 million last year.
- Earnings per share (EPS) for Q4: $0.41, down from $0.48 last year.
- Revenue for Q4: $265.5 million, up from $253.8 million last year.
