Motion control and material handling products maker Columbus McKinnon reported its 2022 second quarter fiscal results on Oct. 28 for the July-September period, and like most publicly-traded industrial distributors and suppliers in the current earnings reporting season, they showed significant year-over-year gains compared to the same quarter from a year ago that was during some of the worst of the pandemic's business impacts.
The figures feature substantial year-over-year sales gains, largely powered by the company's $485 million acquisition of Dorner Manufacturing Corp. this past April.
CM posted total Q2 sales of $224 million, up 41.7 percent, with Dorner accounting for $33.5 of that total. In the US, Q2 sales of $131 million likewise surged 54.3 percent year-over-year, with Dorner accounting for $27 million. Excluding Dorner, CM's Q2 organic sales still had robust year-over-year growth of 20.5 percent, following organic growth of 24 percent in Q1.
The Buffalo, NY-based company's Q2 gross margin of 36.3 percent topped the 35.5 percent from a year earlier and Q1's 34.4 percent. Q2 operating profit of $24 million surged 49.6 percent year-over-year and more than doubled Q1's $11 million. Q2 operating margin of 10.6 percent bested the 10.0 percent of a year earlier and more than doubled Q1's 5.0 percent.
CM had a Q2 net profit of $15 million, reversing a $4 million loss from a year earlier and a $7 million loss in Q1.
"Demand for our products remains strong as we execute our Blueprint for Growth 2.0 strategy," said David Wilson, company president and CEO. "Our team has worked tirelessly to address supply chain challenges with agility and has overcome the impacts of rapid inflation with additional price increases."
Looking ahead, CM expects its fiscal Q3 2022 sales (ending Dec. 31) to be approximately $215 million.
"Also of note, the Dorner acquisition has provided a foundation to evolve our business model into higher growth, less cyclical industries as we continue to expand in the life sciences, e-commerce and consumer packaging markets," Wilson continued. "We expect to leverage this platform to further transform our company into a high-value, intelligent motion enterprise.”