Strong sales from its January acquisition of Stahl CraneSystems and solid growth at its existing businesses helped Columbus McKinnon's second-quarter sales and profits easily top analyst forecasts.
The Amherst-based material handling equipment maker's profits jumped 84 percent to $12.5 million, or 54 cents per share, from $6.8 million, or 33 cents per share, a year ago. Excluding one-time items, the company earned 51 cents per share, easily beating analyst forecasts of 44 cents per share.
The company's sales rose by 40 percent to $212.8 million during the quarter that ended in September, up from $152 million a year ago. Excluding Stahl, the company's sales from existing businesses grew by 8.5 percent.