Columbus McKinnon’s first-quarter profits rose by 3 percent but fell short of analyst forecasts as the Amherst material handling equipment maker’s sales slid by 5 percent.
The company said it earned $6.9 million, or 34 cents per share, up from $6.7 million, or 34 cents per share, a year ago, as costs associated with its acquisition of a German company late last year and the closing of one of its European facilities reduced earnings by 2 cents per share. The earnings fell short of the 38 cents per share that analysts were expecting.
Columbus McKinnon’s sales fell to $136.2 million as foreign currency adjustments hurt revenues by nearly $9 million. Excluding the impact of foreign exchange rates, revenues would have increased by 1.5 percent. Analysts had expected Columbus McKinnon’s revenues to hit $139.6 million during the quarter.
The company said its U.S. markets were flat, while revenues from emerging markets grew by 10 percent, excluding the impact of exchange rates.