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    Columbus McKinnon Reports Q3 FY25 Results

    2/10/25 4:05:00 PM ET
    $CMCO
    Construction/Ag Equipment/Trucks
    Industrials
    Get the next $CMCO alert in real time by email

    CHARLOTTE, N.C., Feb. 10, 2025 /PRNewswire/ -- Columbus McKinnon Corporation (NASDAQ:CMCO) ("Columbus McKinnon" or the "Company"), a leading designer, manufacturer and marketer of intelligent motion solutions for material handling, today announced financial results for its fiscal year 2025 third quarter, which ended December 31, 2024. 

    Columbus McKinnon Corporation (PRNewsfoto/Columbus McKinnon Corporation)

    Third Quarter 2025 Highlights (compared with prior-year period, except where otherwise noted)

    • Net sales of $234.1 million with 7.6% operating margin or 10.9% on an adjusted basis1
    • Orders decreased 4% driven by a 6% decrease in short-cycle orders
      • EMEA orders increased 1% offset by a 5% decline in the Americas
      • Strength in Precision conveyance and linear motion orders, up 16% and 8% respectively
    • Backlog of $296.5 million remains healthy and continues to normalize with improved service levels
    • GAAP EPS of $0.14 and Adjusted EPS1 of $0.56 include $0.08 per share impact of unfavorable FX movements in the quarter and $0.11 per share versus the prior year
    • Repaid $15 million of debt in Q3 FY25; Anticipate FY25 debt repayment of $60 million

    "The second half of our third quarter saw a slowing of industry demand.  This was driven by delayed customer decision-making related to U.S. policy uncertainty, including tariffs as well as continued weakening in the European economies," said David J. Wilson, President and Chief Executive Officer. "Our results reflect lower than expected short-cycle demand which we expect will also impact the fourth quarter. The strengthening of the U.S. dollar negatively impacted earnings per share by $0.11 versus the prior year as well.  As the quarter evolved, we executed actions to reduce costs and align capacity with demand, which will remain a focus the fourth quarter."

    "While our optimism about the business remains unchanged, in the near-term our revised guidance contemplates a cautious approach to the evolving policy environment and subdued demand in Europe," continued Wilson. "We remain focused on what we can control, with strong operational execution while making progress on our long-term strategic plan, including executing of our footprint simplification initiatives.  Last week we initiated a consolidation of two additional factories into existing manufacturing capacity as part of our ongoing 80/20 footprint simplification plan. We are delivering impactful improvements across the business and remain in early innings in terms of the value these initiatives will deliver."

    Third Quarter Fiscal 2025 Sales

    ($ in millions)

    Q3 FY25



    Q3 FY24



    Change



    % Change

    Net sales

    $       234.1



    $       254.1



    $          (20.0)



    (7.9) %

    U.S. sales

    $       129.5



    $       138.5



    $            (9.0)



    (6.5) %

         % of total

    55 %



    55 %









    Non-U.S. sales

    $       104.6



    $       115.6



    $          (11.0)



    (9.5) %

         % of total

    45 %



    45 %









    For the quarter, net sales decreased $20.0 million, or 7.9%. In the U.S., sales were down $9.0 million, or 6.5%, driven by lower volume. Sales outside the U.S. decreased $11.0 million, or 9.5%. Price improvement of $2.3 million partially offset $12.3 million of lower volume and unfavorable foreign currency translation of $1.0 million.

    Third Quarter Fiscal 2025 Operating Results

    ($ in millions)

    Q3 FY25



    Q3 FY24



    Change



    % Change

    Gross profit

    $         82.1



    $         93.9



    $          (11.8)



    (12.6) %

         Gross margin

    35.1 %



    36.9 %



    (180) bps





    Adjusted Gross Profit1

    $         86.2



    $         94.5



    $            (8.3)



    (8.7) %

         Adjusted Gross Margin1

    36.8 %



    37.2 %



    (40) bps





    Income from operations

    $         17.7



    $         26.9



    $            (9.2)



    (34.3) %

     Operating margin

    7.6 %



    10.6 %



    (300) bps





    Adjusted Operating Income1

    $         25.6



    $         29.7



    $            (4.2)



    (14.0) %

         Adjusted Operating Margin1

    10.9 %



    11.7 %



    (80) bps





    Net income (loss)

    $           4.0



    $           9.7



    $            (5.8)



    (59.3) %

         Net income (loss) margin

    1.7 %



    3.8 %



    (210) bps





    GAAP EPS

    $         0.14



    $         0.34



    $          (0.20)



    (58.8) %

    Adjusted EPS1

    $         0.56



    $         0.74



    $          (0.18)



    (24.3) %

    Adjusted EBITDA1

    $         37.8



    $         41.3



    $            (3.5)



    (8.6) %

         Adjusted EBITDA Margin1

    16.1 %



    16.3 %



    (20) bps





    Adjusted EPS1 excludes, among other adjustments, amortization of intangible assets.  The Company believes this better represents its inherent earnings power and cash generation capability.

    Fiscal 2025 Guidance

    The Company is issuing the following guidance for the fiscal year 2025, ending March 31, 2025:

    Metric

    FY25

    Net sales growth

    Mid-single digit decrease year-over-year

    Adjusted EPS2

    Low-teens decrease year-over-year

    Capital Expenditures

    $18 million to $22 million

    Net Leverage Ratio2

    ~3.0x

    Fiscal 2025 guidance assumes approximately $32 million of interest expense, $30 million of amortization, an effective tax rate of 25% and 29.0 million diluted average shares outstanding.

    Teleconference/Webcast

    Columbus McKinnon will host a conference call today at 5:00 PM Eastern Time to discuss the Company's financial results and strategy.  The conference call, earnings release and earnings presentation will be accessible through live webcast on the Company's investor relations website at investors.cmco.com.  A replay of the webcast will also be archived on the Company's investor relations website through Monday, February 24, 2025.

    About Columbus McKinnon

    Columbus McKinnon is a leading worldwide designer, manufacturer and marketer of intelligent motion solutions that move the world forward and improve lives by efficiently and ergonomically moving, lifting, positioning, and securing materials. Key products include hoists, crane components, precision conveyor systems, rigging tools, light rail workstations, and digital power and motion control systems. The Company is focused on commercial and industrial applications that require the safety and quality provided by its superior design and engineering know-how.  Comprehensive information on Columbus McKinnon is available at www.cmco.com. 

    ______________________

    1 

    Adjusted Gross Profit, Adjusted Gross Margin, Adjusted Operating Income, Adjusted Operating Margin, Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted EPS are non-GAAP financial measures.  See accompanying discussion and reconciliation tables provided in this release for reconciliations of these non-GAAP financial measures to the closest corresponding GAAP financial measures.

    2 

    The Company has not reconciled the Adjusted EPS and Net Leverage Ratio guidance to the most comparable GAAP financial measure outlook because it is not possible to do so without unreasonable efforts due to the uncertainty and potential variability of reconciling items, which are dependent on future events and often outside of management's control and which could be significant. Because such items cannot be reasonably predicted with the level of precision required, we are unable to provide guidance for the comparable GAAP financial measures. Forward-looking guidance regarding Adjusted EPS and Net Leverage Ratio is made in a manner consistent with the relevant definitions and assumptions noted herein and in alignment with the Company's financial covenants per the Company's Amended and Restated Credit Agreement.

    Safe Harbor Statement

    This news release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995.  Such forward-looking statements are generally identified by the use of forward-looking terminology, including the terms "anticipate," "believe," "continue," "could," "estimate," "expect," "illustrative," "intend," "likely," "may," "opportunity," "plan," "possible," "potential," "predict," "project," "shall," "should," "target," "will," "would" and, in each case, their negative or other various or comparable terminology. All statements other than statements of historical facts contained in this document, including, but are not limited to, statements relating to: (i) our strategy, outlook and growth prospects, including fiscal year 2025 net sales growth and Adjusted EPS guidance, and our fiscal year 2025 net leverage ratio and capital expenditure guidance; (ii) our operational and financial targets and capital allocation policy; (iii) general economic trends and trends in our industry and markets; (iv) the amount of debt to be paid down by the Company during fiscal year 2025; and (v) the competitive environment in which we operate; are forward looking statements.  Forward-looking statements are not based on historical facts, but instead represent our current expectations and assumptions regarding our business, the economy and other future conditions, and involve known and unknown risks, uncertainties and other factors that could cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. It is not possible to predict or identify all such risks. These risks include, but are not limited to, the risk factors that are described under the section titled "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended March 31, 2024 as well as in our other filings with the Securities and Exchange Commission, which are available on its website at www.sec.gov. Given these uncertainties, you should not place undue reliance on these forward-looking statements. Forward-looking statements speak only as of the date they are made. Columbus McKinnon undertakes no duty to update publicly any such forward-looking statement, whether as a result of new information, future events or otherwise, except as may be required by applicable law, regulation or other competent legal authority.

    Contacts:

    Gregory P. Rustowicz



    Kristine Moser

    EVP Finance and CFO



    VP IR and Treasurer

    Columbus McKinnon Corporation



    Columbus McKinnon Corporation

    716-689-5442



    704-322-2488

    [email protected]



    [email protected]

    Financial tables follow.

     

    COLUMBUS McKINNON CORPORATION

    Condensed Consolidated Income Statements - UNAUDITED

    (In thousands, except per share and percentage data)

     





    Three Months Ended









    December 31,

    2024



    December 31,

    2023



    Change

    Net sales



    $          234,138



    $          254,143



    (7.9) %

    Cost of products sold



    152,041



    160,246



    (5.1) %

    Gross profit



    82,097



    93,897



    (12.6) %

    Gross profit margin



    35.1 %



    36.9 %





    Selling expenses



    27,348



    26,552



    3.0 %

    % of net sales



    11.7 %



    10.4 %





    General and administrative expenses



    24,233



    26,255



    (7.7) %

    % of net sales



    10.3 %



    10.3 %





    Research and development expenses



    5,325



    6,692



    (20.4) %

    % of net sales



    2.3 %



    2.6 %





    Amortization of intangibles



    7,501



    7,486



    0.2 %

    Income from operations



    17,690



    26,912



    (34.3) %

    Operating margin



    7.6 %



    10.6 %





    Interest and debt expense



    7,698



    9,952



    (22.6) %

    Investment (income) loss



    (54)



    (758)



    (92.9) %

    Foreign currency exchange (gain) loss



    3,128



    (1,155)



    NM

    Other (income) expense, net



    1,029



    5,234



    (80.3) %

    Income (loss) before income tax expense (benefit)



    5,889



    13,639



    (56.8) %

    Income tax expense (benefit)



    1,929



    3,911



    (50.7) %

    Net income (loss)



    $              3,960



    $              9,728



    (59.3) %















    Average basic shares outstanding



    28,631



    28,744



    (0.4) %

    Basic income (loss) per share



    $                0.14



    $                0.34



    (58.8) %















    Average diluted shares outstanding



    28,888



    28,991



    (0.4) %

    Diluted income (loss) per share



    $                0.14



    $                0.34



    (58.8) %















    Dividends declared per common share



    $                0.07



    $                0.07





     

    COLUMBUS McKINNON CORPORATION

    Condensed Consolidated Income Statements - UNAUDITED

    (In thousands, except per share and percentage data)

     





    Nine Months Ended









    December 31,

    2024



    December 31,

    2023



    Change

    Net sales



    $          716,138



    $          748,036



    (4.3) %

    Cost of products sold



    470,268



    467,513



    0.6 %

    Gross profit



    245,870



    280,523



    (12.4) %

    Gross profit margin



    34.3 %



    37.5 %





    Selling expenses



    82,044



    78,400



    4.6 %

    % of net sales



    11.5 %



    10.5 %





    General and administrative expenses



    74,043



    79,407



    (6.8) %

    % of net sales



    10.3 %



    10.6 %





    Research and development expenses



    17,593



    19,134



    (8.1) %

    % of net sales



    2.5 %



    2.6 %





    Amortization of intangibles



    22,548



    21,871



    3.1 %

    Income from operations



    49,642



    81,711



    (39.2) %

    Operating margin



    6.9 %



    10.9 %





    Interest and debt expense



    24,285



    28,788



    (15.6) %

    Investment (income) loss



    (873)



    (1,212)



    (28.0) %

    Foreign currency exchange (gain) loss



    2,730



    1,074



    154.2 %

    Other (income) expense, net



    25,512



    5,840



    336.8 %

    Income (loss) before income tax expense (benefit)



    (2,012)



    47,221



    NM

    Income tax expense (benefit)



    442



    12,405



    (96.4) %

    Net income (loss)



    $            (2,454)



    $            34,816



    NM















    Average basic shares outstanding



    28,778



    28,711



    0.2 %

    Basic income (loss) per share



    $              (0.09)



    $                1.21



    NM















    Average diluted shares outstanding



    28,778



    28,979



    (0.7) %

    Diluted income (loss) per share



    $              (0.09)



    $                1.20



    NM















    Dividends declared per common share



    $                0.14



    $                0.14





     

    COLUMBUS McKINNON CORPORATION

    Condensed Consolidated Balance Sheets

    (In thousands)

     





    December 31,

    2024



    March 31, 2024





    (Unaudited)





    ASSETS









    Current assets:









    Cash and cash equivalents



    $              41,224



    $            114,126

    Trade accounts receivable



    157,038



    171,186

    Inventories



    200,687



    186,091

    Prepaid expenses and other



    41,486



    42,752

    Total current assets



    440,435



    514,155











    Property, plant, and equipment, net



    105,637



    106,395

    Goodwill



    700,550



    710,334

    Other intangibles, net



    358,150



    385,634

    Marketable securities



    10,565



    11,447

    Deferred taxes on income



    1,515



    1,797

    Other assets



    94,048



    96,183

    Total assets



    $          1,710,900



    $          1,825,945











    LIABILITIES AND SHAREHOLDERS' EQUITY









    Current liabilities:









    Trade accounts payable



    $              73,019



    $              83,118

    Accrued liabilities



    93,595



    127,973

    Current portion of long-term debt and finance lease obligations



    50,722



    50,670

    Total current liabilities



    217,336



    261,761











    Term loan, AR securitization facility and finance lease obligations



    435,075



    479,566

    Other non current liabilities



    186,909



    202,555

    Total liabilities



    $            839,320



    $            943,882











    Shareholders' equity:









    Common stock



    286



    288

    Treasury stock



    (10,945)



    (1,001)

    Additional paid in capital



    532,271



    527,125

    Retained earnings



    388,851



    395,328

    Accumulated other comprehensive loss



    (38,883)



    (39,677)

    Total shareholders' equity



    $            871,580



    $            882,063

    Total liabilities and shareholders' equity



    $          1,710,900



    $          1,825,945

     

    COLUMBUS McKINNON CORPORATION

    Condensed Consolidated Statements of Cash Flows - UNAUDITED

    (In thousands)

     





    Nine Months Ended





    December 31,

    2024



    December 31,

    2023

    Operating activities:









    Net income (loss)



    $            (2,454)



    $           34,816

    Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities:

    Depreciation and amortization



    36,230



    34,052

    Deferred income taxes and related valuation allowance



    (15,089)



    (6,495)

    Net loss (gain) on sale of real estate, investments and other



    (617)



    (967)

    Non-cash pension settlement



    23,634



    4,599

    Stock-based compensation



    6,677



    8,473

    Amortization of deferred financing costs



    1,865



    1,728

    Impairment of operating lease



    3,268



    —

    Loss (gain) on hedging instruments



    (321)



    1,193

    Loss (gain) on disposal of Fixed Assets



    394



    —

    Non-cash lease expense



    7,657



    7,080

    Changes in operating assets and liabilities, net of effects of business acquisitions:

    Trade accounts receivable



    10,255



    (14,911)

    Inventories



    (18,894)



    (17,764)

    Prepaid expenses and other



    (14,565)



    (2,897)

    Other assets



    486



    (859)

    Trade accounts payable



    (8,061)



    (1,387)

    Accrued liabilities



    (15,240)



    (7,236)

    Non-current liabilities



    (5,225)



    (10,834)

    Net cash provided by (used for) operating activities



    10,000



    28,591











    Investing activities:









    Proceeds from sales of marketable securities



    4,301



    1,101

    Purchases of marketable securities



    (3,257)



    (2,731)

    Capital expenditures



    (15,266)



    (16,334)

    Purchase of businesses, net of cash acquired



    —



    (108,145)

    Dividend received from equity method investment



    —



    144

    Net cash provided by (used for) investing activities



    (14,222)



    (125,965)











    Financing activities:









    Proceeds from the issuance of common stock



    364



    556

    Purchases of treasury stock



    (9,945)



    —

    Repayment of debt



    (45,495)



    (40,447)

    Proceeds from issuance of long-term debt



    —



    120,000

    Fees paid for borrowings on long-term debt



    —



    (2,859)

    Payment to former owners of montratec



    (6,711)



    —

    Fees paid for debt repricing



    (169)



    —

    Cash inflows from hedging activities



    17,753



    18,088

    Cash outflows from hedging activities



    (17,360)



    (19,303)

    Payment of dividends



    (6,039)



    (6,027)

    Other



    (1,897)



    (2,237)

    Net cash provided by (used for) financing activities



    (69,499)



    67,771











    Effect of exchange rate changes on cash



    819



    (628)











    Net change in cash and cash equivalents



    (72,902)



    (30,231)

    Cash, cash equivalents, and restricted cash at beginning of year



    $         114,376



    $         133,426

    Cash, cash equivalents, and restricted cash at end of period



    $           41,474



    $         103,195

     

    COLUMBUS McKINNON CORPORATION

    Q3 FY 2025 Net Sales Bridge

     





    Quarter



    Year To Date

    ($ in millions)



    $ Change



    % Change



    $ Change



    % Change

    Fiscal 2024 Net Sales



    $             254.1







    $             748.0





    Acquisition



    —



    — %



    2.7



    0.3 %

    Pricing



    2.3



    0.9 %



    9.6



    1.3 %

    Volume



    (21.3)



    (8.4) %



    (42.9)



    (5.7) %

    Foreign currency translation



    (1.0)



    (0.4) %



    (1.3)



    (0.2) %

    Total change



    $              (20.0)



    (7.9) %



    $              (31.9)



    (4.3) %

    Fiscal 2025 Net Sales



    $             234.1







    $             716.1





     

    COLUMBUS McKINNON CORPORATION

    Q3 FY 2025 Gross Profit Bridge

     

    ($ in millions)

    Quarter



    Year To Date

    Fiscal 2024 Gross Profit

    $                    93.9



    $                  280.5

    Acquisition

    —



    0.8

    Price, net of manufacturing costs changes (incl. inflation)

    3.9



    7.5

    Product liability1

    (2.0)



    (2.0)

    Monterrey, MX new factory start-up costs

    (2.6)



    (6.4)

    Factory and warehouse consolidation costs

    (0.5)



    (11.3)

    Sales volume and mix

    (9.9)



    (22.0)

    Other

    (0.4)



    (0.8)

    Foreign currency translation

    (0.3)



    (0.4)

    Total change

    (11.8)



    (34.6)

    Fiscal 2025 Gross Profit

    $                    82.1



    $                  245.9

     

    U.S. Shipping Days by Quarter 





    Q1



    Q2



    Q3



    Q4



    Total

    FY25



    64



    63



    62



    62



    251























    FY24



    63



    62



    61



    62



    248

    ______________________

    1 

    Product liability represents a year-over-year difference between the current year adjustment increasing the Company's product liability reserve and the prior year's adjustment decreasing the Company's product liability reserve. For more details please see the Company's 10-Q filed with the Securities and Exchange Commission

     

    COLUMBUS McKINNON CORPORATION

    Additional Data1

    (Unaudited)

     





    Period Ended





    December 31, 2024



    September 30, 2024



    March 31, 2024



    December 31, 2023



    ($ in millions)



























    Backlog



    $     296.5





    $     317.6





    $     280.8





    $      298.4





    Long-term backlog



























      Expected to ship beyond 3 months



    $     166.1





    $     172.5





    $     144.6





    $      151.3





    Long-term backlog as % of total backlog



    56.0

    %



    54.3

    %



    51.5

    %



    50.7

    %































    Debt to total capitalization percentage



    35.8

    %



    35.8

    %



    37.5

    %



    38.5

    %































    Debt, net of cash, to net total capitalization



    33.8

    %



    33.2

    %



    32.0

    %



    33.7

    %































    Working capital as a % of sales 2



    23.7

    %



    23.3

    %



    19.1

    %



    20.6

    %













    Three Months Ended





    December 31, 2024



    September 30, 2024



    March 31, 2024



    December 31, 2023

    ($ in millions)



























    Trade accounts receivable



























    Days sales outstanding



    61.0

    days



    64.1

    days



    58.7

    days



    62.1

    days































    Inventory turns per year



























    (based on cost of products sold)



    3.0

    turns



    3.3

    turns



    3.7

    turns



    3.1

    turns



    Days' inventory



    121.7

    days



    110.6

    days



    98.6

    days



    117.7

    days































    Trade accounts payable



























    Days payables outstanding



    50.5

    days



    46.3

    days



    50.9

    days



    50.1

    days































    Net cash provided by (used for) operating activities



    $     11.4





    $       9.4





    $     38.6





    $     29.1





    Capital expenditures



    $       5.2





    $       5.4





    $       8.5





    $       6.0





    Free Cash Flow 3



    $       6.2





    $       4.0





    $     30.1





    $     23.1





    ______________________

    1   

    Additional Data: This data is provided to help investors understand financial and operational metrics that management uses to measure the Company's financial performance and identify trends affecting the business. These measures may not be comparable with or defined in the same manner as other companies. Components may not add due to rounding.

    2 

    March 31, 2024 and December 31, 2023 exclude the impact of the acquisition of montratec.

    3 

    Free Cash Flow is a non-GAAP financial measure.  Free Cash Flow is defined as GAAP net cash provided by (used for) operating activities less capital expenditures included in the investing activities section of the consolidated statement of cash flows.  See the table above for the calculation of Free Cash Flow.

    NON-GAAP FINANCIAL MEASURES

    The following information provides definitions and reconciliations of the non-GAAP financial measures presented in this earnings release to the most directly comparable financial measures calculated and presented in accordance with generally accepted accounting principles (GAAP). The Company has provided this non-GAAP financial information, which is not calculated or presented in accordance with GAAP, as information supplemental and in addition to the financial measures presented in this earnings release that are calculated and presented in accordance with GAAP. Such non-GAAP financial measures should not be considered superior to, as a substitute for or alternative to, and should be considered in conjunction with, the GAAP financial measures presented in this earnings release. The non-GAAP financial measures in this earnings release may differ from similarly titled measures used by other companies.

    COLUMBUS McKINNON CORPORATION

    Reconciliation of Gross Profit to Adjusted Gross Profit

    ($ in thousands)

     



    Three Months Ended



    Nine Months Ended



    December 31, 2024



    December 31, 2023



    December 31, 2024



    December 31, 2023

    Gross profit

    $      82,097



    $     93,897



    $    245,870



    $   280,523

    Add back (deduct):















    Business realignment costs

    526



    150



    994



    346

    Hurricane Helene cost impact

    —



    —



    171



    —

    Factory and warehouse consolidation costs

    556



    —



    11,319



    —

    Monterrey, MX new factory start-up costs

    3,038



    435



    6,848



    435

    Adjusted Gross Profit

    $      86,217



    $     94,482



    $    265,202



    $   281,304

















    Net sales

    $    234,138



    $   254,143



    $    716,138



    $   748,036

















    Gross margin

    35.1 %



    36.9 %



    34.3 %



    37.5 %

    Adjusted Gross Margin

    36.8 %



    37.2 %



    37.0 %



    37.6 %

    Adjusted Gross Profit is defined as gross profit as reported, adjusted for certain items.  Adjusted Gross Margin is defined as Adjusted Gross Profit divided by net sales.  Adjusted Gross Profit and Adjusted Gross Margin are not measures determined in accordance with GAAP and may not be comparable with Adjusted Gross Profit and Adjusted Gross Margin as used by other companies.  Nevertheless, Columbus McKinnon believes that providing non-GAAP financial measures, such as Adjusted Gross Profit and Adjusted Gross Margin, are important for investors and other readers of the Company's financial statements and assists in understanding the comparison of the current quarter's gross profit and gross margin to the historical periods' gross profit, as well as facilitates a more meaningful comparison of the Company's gross profit and gross margin to that of other companies.

    COLUMBUS McKINNON CORPORATION

    Reconciliation of Income from Operations to Adjusted Operating Income

    ($ in thousands)

     



    Three Months Ended



    Nine Months Ended



    December 31, 2024



    December 31, 2023



    December 31, 2024



    December 31, 2023

    Income from operations

    $       17,690



    $       26,912



    $       49,642



    $       81,711

    Add back (deduct):















    Acquisition deal and integration costs

    —



    113



    —



    3,208

    Business realignment costs

    987



    1,452



    2,118



    1,867

    Factory and warehouse consolidation costs

    653



    —



    12,557



    199

    Headquarter relocation costs

    175



    510



    322



    1,884

    Hurricane Helene cost impact

    —



    —



    171



    —

    Mexico customs duty assessment

    1,500



    —



    1,500



    —

    Customer bad debt1

    1,299



    —



    1,299



    —

    Monterrey, MX new factory start-up costs

    3,270



    755



    10,587



    755

    Adjusted Operating Income

    $       25,574



    $       29,742



    $       78,196



    $       89,624

















    Net sales

    $     234,138



    $     254,143



    $     716,138



    $     748,036

















    Operating margin

    7.6 %



    10.6 %



    6.9 %



    10.9 %

    Adjusted Operating Margin

    10.9 %



    11.7 %



    10.9 %



    12.0 %





    1 

    Customer bad debt represents a reserve of $1,299,000 against an accounts receivable balance for a customer who declared bankruptcy in January of 2025

    Adjusted Operating Income is defined as income from operations as reported, adjusted for certain items.  Adjusted Operating Margin is defined as Adjusted Operating Income divided by net sales.  Adjusted Operating Income and Adjusted Operating Margin are not measures determined in accordance with GAAP and may not be comparable with Adjusted Operating Income and Adjusted Operating Margin as used by other companies.  Nevertheless, Columbus McKinnon believes that providing non-GAAP financial measures, such as Adjusted Operating Income and Adjusted Operating Margin, are important for investors and other readers of the Company's financial statements and assists in understanding the comparison of the current quarter's income from operations to the historical periods' income from operations and operating margin, as well as facilitates a more meaningful comparison of the Company's income from operations and operating margin to that of other companies.

     

    COLUMBUS McKINNON CORPORATION

    Reconciliation of Net Income and Diluted Earnings per Share to

    Adjusted Net Income and Adjusted Earnings per Share

    ($ in thousands, except per share data)

     



    Three Months Ended



    Nine Months Ended



    December 31, 2024



    December 31, 2023



    December 31, 2024



    December 31, 2023

    Net income (loss)

    $            3,960



    $            9,728



    $          (2,454)



    $          34,816

    Add back (deduct):















    Amortization of intangibles

    7,501



    7,486



    22,548



    21,871

    Acquisition deal and integration costs

    —



    113



    —



    3,208

    Business realignment costs

    987



    1,452



    2,118



    1,867

    Factory and warehouse consolidation costs

    653



    —



    12,557



    199

    Headquarter relocation costs

    175



    510



    322



    1,884

    Hurricane Helene cost impact

    —



    —



    171



    —

    Mexico customs duty assessment

    1,500



    —



    1,500



    —

    Customer bad debt1

    1,299



    —



    1,299



    —

    Monterrey, MX new factory start-up costs

    3,270



    755



    10,587



    755

    Non-cash pension settlement expense

    433



    4,599



    23,634



    4,599

         Normalize tax rate 2

    (3,498)



    (3,227)



    (17,739)



    (7,996)

    Adjusted Net Income

    $          16,280



    $          21,416



    $          54,543



    $          61,203

















    GAAP average diluted shares outstanding

    28,888



    28,991



    28,778



    28,979

    Add back:















    Effect of dilutive share-based awards

    —



    —



    268



    —

    Adjusted Diluted Shares Outstanding

    $          28,888



    $          28,991



    $          29,046



    $          28,979

















    GAAP EPS

    $              0.14



    $             0.34



    $            (0.09)



    $             1.20

















    Adjusted EPS

    $              0.56



    $             0.74



    $             1.88



    $             2.11





    1 

    Customer bad debt represents a reserve of $1,299,000 against an accounts receivable balance for a customer who declared bankruptcy in January of 2025

    2  

    Applies a normalized tax rate of 25% to GAAP pre-tax income and non-GAAP adjustments above, which are each pre-tax.

    Adjusted Net Income is defined as net income (loss) and GAAP EPS as reported, adjusted for certain items, including amortization of intangibles, and also adjusted for a normalized tax rate. Adjusted Diluted Shares Outstanding is defined as average diluted shares outstanding adjusted for the effect of dilutive share-based awards. Adjusted EPS is defined as Adjusted Net income per Adjusted Diluted Shares Outstanding. Adjusted Net Income, Adjusted Diluted Shares Outstanding and Adjusted EPS are not measures determined in accordance with GAAP and may not be comparable with the measures used by other companies. Nevertheless, Columbus McKinnon believes that providing non-GAAP financial measures, such as Adjusted Net Income, Adjusted Diluted Shares Outstanding and Adjusted EPS, are important for investors and other readers of the Company's financial statements and assists in understanding the comparison of current periods' net income (loss), average diluted shares outstanding and GAAP EPS to the historical periods' net income (loss), average diluted shares outstanding and GAAP EPS, as well as facilitates a more meaningful comparison of the Company's net income (loss) and GAAP EPS to that of other companies.  The Company believes that presenting Adjusted Net Income, Adjusted Diluted Shares Outstanding and Adjusted EPS provides a better understanding of its earnings power inclusive of adjusting for the non-cash amortization of intangible assets, reflecting the Company's strategy to grow through acquisitions as well as organically.

     

    COLUMBUS McKINNON CORPORATION

    Reconciliation of Net Income to Adjusted EBITDA

    ($ in thousands)

     



    Three Months Ended



    Nine Months Ended



    December 31, 2024



    December 31, 2023



    December 31, 2024



    December 31, 2023

    Net income (loss)

    $         3,960



    $         9,728



    $       (2,454)



    $       34,816

    Add back (deduct):















    Income tax expense (benefit)

    1,929



    3,911



    442



    12,405

    Interest and debt expense

    7,698



    9,952



    24,285



    28,788

    Investment (income) loss

    (54)



    (758)



    (873)



    (1,212)

    Foreign currency exchange (gain) loss

    3,128



    (1,155)



    2,730



    1,074

    Other (income) expense, net

    1,029



    5,234



    25,512



    5,840

    Depreciation and amortization expense

    12,202



    11,570



    36,230



    34,052

    Acquisition deal and integration costs

    —



    113



    —



    3,208

    Business realignment costs

    987



    1,452



    2,118



    1,867

    Factory and warehouse consolidation costs

    653



    —



    12,557



    199

    Headquarter relocation costs

    175



    510



    322



    1,884

    Hurricane Helene cost impact

    —



    —



    171



    —

    Mexico customs duty assessment

    1,500



    —



    1,500



    —

    Customer bad debt1

    1,299



    —



    1,299



    —

    Monterrey, MX new factory start-up costs

    3,270



    755



    10,587



    755

    Adjusted EBITDA

    $       37,776



    $       41,312



    $     114,426



    $     123,676

















    Net sales

    $     234,138



    $     254,143



    $     716,138



    $     748,036

















    Net income margin

    1.7 %



    3.8 %



    (0.3) %



    4.7 %

    Adjusted EBITDA Margin

    16.1 %



    16.3 %



    16.0 %



    16.5 %





    1 

    Customer bad debt represents a reserve of $1,299,000 against an accounts receivable balance for a customer who declared bankruptcy in January of 2025

    Adjusted EBITDA is defined as net income (loss) before interest expense, income taxes, depreciation, amortization, and other adjustments.  Adjusted EBITDA Margin is defined as Adjusted EBITDA divided by net sales.  Adjusted EBITDA and Adjusted EBITDA Margin are not a measures determined in accordance with GAAP and may not be comparable with Adjusted EBITDA and Adjusted EBITDA Margin as used by other companies.  Nevertheless, Columbus McKinnon believes that providing non-GAAP financial measures, such as Adjusted EBITDA and Adjusted EBITDA Margin, are important for investors and other readers of the Company's financial statements.

     

    COLUMBUS McKINNON CORPORATION

    Reconciliation of Net Leverage Ratio

    ($ in thousands)

     





    Twelve Months Ended





    December 31, 2024



    December 31, 2023

    Net income (loss)



    $             9,355



    $           48,711

    Add back (deduct):









    Annualize EBITDA for the montratec acquisition1



    —



    2,131

    Annualize synergies for the montratec acquisition1



    —



    184

    Income tax expense (benefit)



    2,939



    19,904

    Interest and debt expense



    33,454



    36,456

    Non-cash pension settlement



    24,019



    4,599

    Amortization of deferred financing costs



    2,486



    2,158

    Stock Compensation Expense



    10,243



    11,859

    Depreciation and amortization expense



    48,124



    44,619

    Cost of debt refinancing



    1,190



    —

    Acquisition deal and integration costs



    3



    3,381

    Excluded acquisition deal and integration costs2



    —



    (172)

    Acquisition inventory step-up expense



    —



    —

    Business realignment costs



    2,118



    2,715

    Monterrey, MX new factory start up costs



    14,321



    755

    Excluded Monterrey, MX new factory start-up costs3



    (7,461)



    —

    Factory and warehouse consolidation costs



    13,102



    199

    Headquarter relocation costs



    497



    2,565

    Mexico customs duty assessment



    1,500



    —

    Customer bad debt4



    1,299



    —

    Hurricane Helene cost impact



    171



    —

    Other excluded costs3



    (4,257)



    (848)

    Credit Agreement Trailing Twelve Month Adjusted EBITDA



    $         153,103



    $         179,216











    Current portion of long-term debt and finance lease obligations



    $           50,722



    $           50,652

    Term loan, AR securitization facility and finance lease obligations



    435,075



    499,388

    Total debt



    $         485,797



    $         550,040

    Standby Letters of Credit



    15,440



    15,740

    Cash and cash equivalents



    (41,224)



    (102,945)

    Net Debt



    $         460,013



    $         462,835











    Net Leverage Ratio



    3.00x 



    2.58x 





    1 

    EBITDA is normalized to include a full year of the acquired entity and assumes all cost synergies are achieved in TTM Q3 FY24.

    2 

    The Company's credit agreement definition of Adjusted EBITDA excludes certain acquisition deal and integration costs and business realignment costs that are incurred beyond one year after the close of an acquisition.

    3 

    The Company's credit agreement definition of Adjusted EBITDA excludes any cash restructuring costs in excess of $10 million per fiscal year

    4 

    Customer bad debt represents a reserve of $1,299,000 against an accounts receivable balance for a customer who declared bankruptcy in January of 2025

    Net Debt is defined in the credit agreement as total debt plus standby letters of credit, net of cash and cash equivalents.  Net Leverage Ratio is defined as Net Debt divided by the Credit Agreement Trailing Twelve Month Adjusted EBITDA. Credit Agreement Trailing Twelve Month Adjusted EBITDA is defined in the Company's credit agreement as net income adjusted for interest expense, income taxes, depreciation, amortization, and other adjustments. Net Debt, Net Leverage Ratio and Credit Agreement Trailing Twelve Month Adjusted EBITDA are not measures determined in accordance with GAAP and may not be comparable with the measures as used by other companies.  Nevertheless, the Company believes that providing non-GAAP financial measures, such as Net Debt, Net Leverage Ratio and Credit Agreement Trailing Twelve Month Adjusted EBITDA are important for investors and other readers of the Company's financial statements.

     

    Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/columbus-mckinnon-reports-q3-fy25-results-302372748.html

    SOURCE Columbus McKinnon Corporation

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      Columbus McKinnon Corporation (NASDAQ:CMCO), a leading designer, manufacturer and marketer of intelligent motion solutions for material handling, today announced the appointment of Rebecca Yeung, Corporate VP, Operations Science & Advanced Technology, FedEx Corporation (NYSE:FDX) to its Board of Directors, effective January 9, 2023. The addition of Ms. Yeung as an independent director brings Columbus McKinnon's Board to eleven directors of which ten are independent. Ms. Yeung will serve on the Corporate Governance and Nominations Committee. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230109005834/en/Columbus McKinnon Appoints

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    • Amendment: SEC Form SC 13G/A filed by Columbus McKinnon Corporation

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    • SEC Form SC 13G filed by Columbus McKinnon Corporation

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