LONDON, UK / ACCESSWIRE / June 27, 2018 / If you want access to our free earnings report on Columbus McKinnon Corp. (NASDAQ: CMCO) ("CMCO"), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=CMCO. The Company reported its financial results on May 30, 2018, for the fourth quarter and full fiscal year ended March 31, 2018. The Company surpassed analysts' consensus estimates for earnings and revenues in Q4 FY18. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Earnings Highlights and Summary
It must be noted that CMCO's Q4 FY18 and FY18 results include the acquisition of STAHL CraneSystems ("STAHL") on January 31, 2017.
CMCO's net sales reached $214.14 million in Q4 FY18, reflecting an increase of 16.58% from $183.69 million in Q4 FY17. The Company's total reported revenues exceeded analysts' consensus estimates by $3.50 million. On an organic basis, the Company's sales increased 4.20% on a y-o-y basis in the reported quarter. US sales accounted for 52% of the Company's total sales in Q4 FY18, while non-US sales accounted for 48%.
During Q4 FY18, CMCO's cost of products sold was $139.54 million, 4.64% higher than $133.35 million in Q4 FY17. The Company's gross profit advanced 48.21% to $74.60 million in the reported quarter from $50.34 million in the previous year's same quarter. The Company achieved a record gross margin of 34.84% in Q4 FY18.
CMCO incurred selling expenses of $27.65 million in Q4 FY18, an increase of 28.68% from $21.49 million in Q4 FY17. For the reported quarter, the Company's general and administrative (G&A) expenses declined 8.61% to $22.95 million on a y-o-y basis, while its research and development (R&D) expenses increased 24.46% to $3.68 million on a y-o-y basis. CMCO had an income from operations of $16.32 million in Q4 FY18 compared to a loss from operations of $3.16 million in Q4 FY17. Besides, the Company had adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) of $29.90 million in Q4 FY18, 22.40% higher than $24.40 million in Q4 FY17.
CMCO had a net income of $8.47 million, or $0.36 per diluted share, in the quarter ended March 31, 2018, versus a net loss of $4.74 million, or $0.22 loss per diluted share, in the comparable period of last year. The reported results included acquisition deal, integration, and severance costs, insurance recovery legal costs, debt repricing fees, and insurance settlement gains. Excluding these special items, the Company had adjusted earnings per share (EPS) of $0.51 in Q4 FY18, up 13.33% from $0.45 in Q4 FY17. This exceeded analysts' consensus estimates by $0.02 per share.
For the full fiscal year ended March 31, 2018, CMCO reported net revenues of $839.42 million, an increase of 31.75% from $637.12 million in the corresponding period of last year. The Company's gross profit advanced 47.50% to $284.57 million on a y-o-y basis, while its income from operations increased 169.89% to $70.10 million on a y-o-y basis in the reported year. CMCO had a net income of $22.07 million, or $0.95 per diluted share, in FY18, up 145.60% from $8.98 million, or $0.43 per diluted share, in FY17. Excluding special items, the Company had an adjusted EPS of $2.01 in the reported year, 36.73% higher than $1.47 in the previous year.
CMCO's backlog grew 16% to $177.40 million as of March 31, 2018, compared to $152.30 million as on December 31, 2017, and was up 15% compared to the backlog of $154.5 million at the end of FY17.
CMCO had cash and cash equivalents of $63.02 million as on March 31, 2018, 18.78% lower than $77.59 million as on March 31, 2017. The Company's total debt was $363.30 million at March 31, 2018, compared to $421.30 million at March 31, 2017.
CMCO's net cash flow from operating activities was $69.66 million in FY18, 15.24% higher than $60.45 million in FY17.
CMCO incurred a capital expenditure of $14.52 million in the reported year, up 1.02% from $14.37 million in the previous year. The Company distributed dividends of $3.66 million in FY18, an increase of 9.98% from $3.33 million in FY17.
For the first quarter of the fiscal year 2019, CMCO expects revenues to grow by 7% to 9% (including the benefit of FX), led by level of backlog and current market conditions. The Company's research, selling, general, and administrative (RSG&A) expenses are expected to be approximately $48 million in Q1 FY19, excluding integration and realignment costs. Besides, US GAAP pension accounting changes, effective in FY19, will result in approximately $2 million of annual pension income being reported in other income and expenses, which will negatively impact income from operations on a comparative basis.
Stock Performance Snapshot
June 26, 2018 - At Tuesday's closing bell, Columbus McKinnon's stock advanced 2.33%, ending the trading session at $44.45.
Volume traded for the day: 150.06 thousand shares, which was above the 3-month average volume of 146.13 thousand shares.
Stock performance in the last month - up 17.75%; previous three-month period - up 24.30%; past twelve-month period - up 75.69%; and year-to-date - up 11.18%
After yesterday's close, Columbus McKinnon's market cap was at $1.02 billion.
Price to Earnings (P/E) ratio was at 25.98.
The stock has a dividend yield of 0.45%.
The stock is part of the Industrial Goods sector, categorized under the Farm & Construction Machinery industry. This sector was up 0.6% at the end of the session.
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