Thursday, May 24, 2012

Columbus McKinnon (Nasdaq: CMCO) 4th-qtr results beat estimates

Columbus McKinnon (Nasdaq: CMCO) 4th-qtr results beat estimatesPalm Beach, FL 5/24/12 (StreetBeat) -- Columbus McKinnon Corp (Nasdaq: CMCO), a maker of crane hooks, reported quarterly results that beat market estimates on higher U.S. sales.

January-March net income nearly quadrupled to $9 million, or 46 cents per share, from $2.5 million, or 13 cents per share, a year earlier.

Sales rose 11 percent to $159.6 million. U.S. sales grew 20 percent in the quarter to $90.4 million.

Analysts on average had expected the company to earn 39 cents per share, before special items, on revenue of $155.05 million, according to Thomson Reuters I/B/E/S.

Shares of the Amherst, New York-based company closed at $13.88 on Wednesday on the Nasdaq.

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