Columbus McKinnon shares dropped by more than 4 percent on Thursday after the Amherst material handling equipment maker's third-quarter profits fell short of analyst forecasts.
The company's profits tumbled to $505,000, or 2 cents per share, compared with $7.2 million, or 36 cents per share, a year earlier. A 5 percent drop in sales, coupled with the impact from a strengthening U.S. dollar, weighed down Columbus McKinnon's profits.
Excluding one-time items, including $3.1 million in expenses related to its acquisition of Stahl Crane Systems, Columbus McKinnon earned 22 cents per share, less than the 35 cents that analysts were expecting.
Sales dropped to $152.5 million during the quarter that ended in December, down from $159.7 million. Excluding the impact of foreign currency fluctuations, Columbus McKinnon's sales fell by 4 percent.
Columbus McKinnon's shares fell by $1.28 to $27.35.