“We believe our strong results in the quarter reflect our successful execution of the Blueprint for Growth 2.0 strategy as we advance the transformation of Columbus McKinnon. The acquisition of Garvey Corporation completed in December 2021 was an excellent example of an ideal bolt-on acquisition that expands our precision conveyance capabilities and deepens our reach into the fast growing and less cyclical food & beverage and pharmaceutical industries. In addition, strong volume and productivity, combined with pricing that more than offset material inflation, delivered record third quarter gross margin,” said David Wilson, president/CEO, Columbus McKinnon.
“We are successfully navigating a dynamic and challenging environment and delivering solid results while experiencing strong demand across the business. As a result, we are entering our fiscal fourth quarter with record backlog.
“Our solutions are enabling our customers in e-commerce, food & beverage, life sciences, aerospace and automotive to address some of the most pressing issues that they are facing today. We are providing critical support for vaccine deliveries, e-commerce expansion, supply chain rebalancing, labor shortages, capacity expansion and modernization.”
For the quarter, sales increased $49.5m, or 29.7%. Acquisitions added $36.4m in sales. In the U.S., volume improved $6.5m, or 7.5%, and price improved $3.2m, or 3.6%. U.S. sales related to acquisitions were $31.4m. Outside the U.S., volume improved $2.4m, or 3.1%, and price improved $2.5m, or 3.1%.
Columbus McKinnon expects fourth quarter fiscal 2022 sales of approximately $235m at current exchange rates.
“We have had great momentum throughout fiscal 2022 and expect to end on a strong note. As we look beyond this fiscal year, we are greatly encouraged with the progress we are making as an organization as we focus on faster growing markets, enhance our capabilities with new technologies and build a world-class organization that will be central to the automation of material handling around the world,” added Wilson.
