BUFFALO, N.Y. — Columbus McKinnon Corporation, a leading designer, manufacturer and marketer of intelligent motion solutions for material handling, announced financial results for its fiscal year 2023 fourth quarter, which ended March 31.
Fiscal Year and Fourth Quarter 2023 Highlights (compared with prior year periods)
- Set records in fiscal 2023 for sales, gross margin and operating income
- Strong execution resulted in record fiscal 2023 sales of $936.2 million and record fourth quarter sales of $253.8 million; FX negatively impacted revenue by $30.6 million for the yearAchieved record annual gross margin of 36.5%, a 170 basis point improvement; fourth quarter gross margin expanded 220 basis
- points to 35.9%
- Operational leverage drove operating income records of $97.8 million for the year and
- $27.5 million for the quarter
- Generated $83.6 million in cash from operations for the year; delivered $66.7 million in cash from operations in the quarter, strongest quarter on record
- Reduced net debt leverage ratio to 2.2x1 providing ample flexibility for montratec® acquisition expected to close by May 31st
- Continue to expect low-to-mid single digit revenue growth in fiscal 2024 plus additional benefits of montratec acquisition
David J. Wilson, president and CEO, commented:
“We delivered record sales, gross margin, and operating income for fiscal 2023 as the team successfully executes our strategy to transform Columbus McKinnon into a higher growth, less cyclical business with stronger earnings power. We are driving improvements through the discipline of CMBS which includes our 80/20 process and investments in robust digital tools and processes to improve our customers’ experience. Our fiscal year and fourth quarter results demonstrate another proof point along our path toward our fiscal 2027 financial goals of $1.5 billion in revenue with adjusted EBITDA margin of approximately 21%.”
“We are thrilled to add montratec to the portfolio as we enter fiscal 2024. montratec brings advanced automation technology to our precision conveying platform. With its rapid growth and attractive margin profile, montratec further propels our transformation. Importantly, our strong cash generation provides the financial flexibility to complete the acquisition and advance our strategy. We expect to close the deal in the next week.
“We are making substantial progress advancing our strategy and are executing to plan. I am excited about where we are headed as an enterprise.”
