Columbus McKinnon’s first-quarter profits topped analyst forecasts even though the Amherst material handling equipment maker’s sales weakened and its earnings declined because of rising interest expenses stemming from a recent acquisition.
Columbus McKinnon’s profits fell to $6.4 million, or 32 cents per share, during the quarter that ended in June, down from $6.9 million, or 35 cents per share, a year earlier, as the company’s interest expenses rose by $1.4 million because of its acquisition of Wisconsin-based motion control products maker Magnetek last September.
Excluding the higher interest costs, and other special charges, Columbus McKinnon’s profits fell to 34 cents per share from 38 cents per share a year ago. That was 3 cents more than analysts were expecting.
Sales rose 9 percent to $149 million from $136 million, as revenues from Magnetek offset an 8 percent drop in sales at its existing businesses. The sales were stronger than the $147.5 million that analysts were expecting.