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Tax law changes lead to loss at Columbus McKinnon

Changes in the tax law, combined with integration costs at its recent German acquisition, led to a $10.6 million loss at Columbus McKinnon during the third quarter.

The loss, equal to 46 cents per share, compared with a profit of $500,000, or 2 cents per share, a year ago.

Excluding the one-time items, the Amherst material handling equipment maker's adjusted earnings from its operations nearly doubled to $18.2 million, or 44 cents per share, topping analyst forecasts by 12 cents.

The biggest factor in Columbus McKinnon's loss was a revaulation of the company's deferred tax assets, which are less valuable now that the new tax law has lowered corporate tax rates. The company also absorbed $3 million in integration costs from its acquisition of Stahl CraneSystems in January 2017.

Columbus McKinnon's sales grew by 37 percent to $208.7 million, mostly because of the Stahl acquisition. The company's organic revenues increased by nearly 7 percent.

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