Columbus McKinnon Corporation reports developments tied to its intelligent motion solutions business for material handling. The company designs, manufactures and markets products that move, lift, position and secure materials, including hoists, crane components, precision conveyor systems, rigging tools, light rail workstations, and digital power and motion control systems for commercial and industrial applications.
Recurring updates include dividend declarations, investor conference presentations, operating and financial results, capital-structure matters, material agreements, shareholder voting items and governance developments. Company communications also reflect portfolio actions involving hoist, chain manufacturing and related motion-control operations.
Columbus McKinnon Corporation (NASDAQ: CMCO) announced its third quarter fiscal year 2022 results will be released on January 27, 2022, before market open. A conference call will be held at 10:00 a.m. Eastern Time to discuss financial results and corporate strategy, followed by a Q&A session. Audio replay of the call will be available from 1:00 p.m. Eastern Time on the same day through February 3, 2022. Columbus McKinnon specializes in intelligent motion solutions for material handling, focusing on safety and quality in engineering.
Columbus McKinnon Corporation (CMCO) has successfully completed the acquisition of Garvey Corporation, a leader in accumulation systems solutions. This acquisition, which aligns with CMCO's transformational Blueprint for Growth 2.0 strategy, enhances its offerings in precision conveying technologies. Founded in 1926, Garvey brings a skilled workforce and innovative solutions to CMCO, aiming to establish a comprehensive product line in the market. CEO David J. Wilson emphasized the strategic significance of this acquisition in boosting overall business value.
Columbus McKinnon Corporation (NASDAQ: CMCO) has appointed Gerald Colella, former President and CEO of MKS Instruments, and Chad Abraham, Chair and CEO of Piper Sandler, to its Board of Directors effective November 11, 2021. Richard H. Fleming, Chair of the Board, highlighted their extensive experience in industrial technology and financial services, which will support the company's growth strategy. The board now consists of eleven directors, with ten being independent.
Columbus McKinnon Corporation (CMCO) announced the acquisition of Garvey Corporation for $74 million to enhance its precision conveying solutions in the food & beverage and pharmaceutical sectors. This strategic move is expected to add $0.05 to GAAP EPS in fiscal 2023 and achieve cost synergies of 2% of revenue over two years. Garvey has a strong market presence with approximately $30 million in revenue and $9 million in adjusted EBITDA. The transaction will be financed through borrowing, resulting in a pro forma net debt leverage ratio of 2.8x.
Columbus McKinnon has launched the SPA Linear Actuator with Intelli-Motion technology, enhancing automation in material handling. This advanced actuator integrates a variable frequency drive (VFD) for precise control, supporting diverse applications, such as balancing loads and synchronizing processes. With a duty cycle increase of up to 75%, the actuator improves operational efficiency and production rates, while reducing installation costs. A free webinar on November 18 will provide further insights into its features.
Columbus McKinnon Corporation (CMCO) reported strong financial results for Q2 FY 2022, ending September 30, 2021, with revenues of $223.6 million, a 41.7% increase compared to the previous year. This growth was driven by robust demand and the acquisition of Dorner Manufacturing, contributing $33.5 million in sales. The gross margin reached a record 36.3%, up 80 basis points, while net income saw a turnaround to $15.2 million from a loss of $4.1 million in the prior year. The company anticipates Q3 sales of approximately $215 million amidst ongoing supply chain constraints.
Columbus McKinnon Corporation (CMCO) has announced a quarterly dividend of $0.06 per common share, payable on or about November 15, 2021. Shareholders of record will be those who hold stock at the close of business on November 5, 2021. Currently, the company has approximately 28.4 million shares outstanding. CMCO specializes in intelligent motion solutions for material handling, showcasing their commitment to providing safe and quality designs for commercial applications.
Columbus McKinnon Corporation (CMCO) will announce its second quarter fiscal year 2022 results before the market opens on Thursday, October 28, 2021. A conference call and webcast will follow to discuss financial results, corporate strategy, and future outlook, allowing for a Q&A session. Investors can access the call at 10:00 a.m. Eastern Time, with a replay available from 1:00 p.m. Eastern Time on the same day until November 4, 2021. More information is available at investors.columbusmckinnon.com.
Columbus McKinnon Corporation (NASDAQ: CMCO) will hold a fireside chat at the 2021 D.A. Davidson Diversified Industrials & Services Conference on Thursday, September 23, 2021, at 9:30 a.m. ET. The event will feature David Wilson, President and CEO, alongside Greg Rustowicz, CFO. A live audio webcast with slides will be available at investors.columbusmckinnon.com and an archive will be accessible post-conference. Columbus McKinnon specializes in intelligent motion solutions for material handling.
Columbus McKinnon Corporation (CMCO) reported a strong start to fiscal year 2022 with first-quarter revenues reaching $213.5 million, up 53% year-over-year, driven by 24% organic growth. The Dorner Manufacturing acquisition contributed $34.2 million in sales. Gross margin expanded by 250 bps to 34.7%, with adjusted gross margin hitting a record 36.3%. Despite a net loss of $7.3 million, adjusted EPS surged to $0.69 from $0.17 the previous year. The company projects Q2 sales between $225 million and $230 million, supported by a record backlog.