Columbus McKinnon Corporation (CMCO) has announced a decline in third-quarter net income, dipping to $9.7 million from $12 million the previous year. This recent decrease has resulted in earnings per share being $0.34 as compared to $0.42 last year. The adjusted earnings per share, however, slightly increased to $0.74 from $0.72. Despite the income decrease, the profit per share of $0.68 has exceeded the expectations of four analysts surveyed by Thomson Reuters. It's important to note that these analysts' estimates generally do not include special items.
In the same quarter, the corporation reported net sales of $254.1 million, significantly higher than the $230.4 million for the same period last year. This number surpassed the average estimate of $250.34 million, as predicted by the analysts.
Looking forward, Columbus McKinnon anticipates fourth-quarter net sales to be approximately $260 million to $270 million, assuming current exchange rates remain consistent. This estimate indicates a 4% year-over-year growth at the midpoint of the range.
