Columbus McKinnon Q1 2024 Earnings Report
Key Takeaways
Columbus McKinnon reported a 7% increase in sales for Q1 2024, driven by growth in EMEA and APAC regions and strong automation and linear motion sales in the Americas. The company's gross margin expanded sequentially, and they are on track to exceed $1 billion in revenue for fiscal year 2024.
Strong orders in quarter of $257.0 million with book-to-bill ratio of 1.1x.
Record backlog of $355.3 million includes $23.4 million from the acquisition.
Sales of $235.5 million for first quarter fiscal 2024 increased 7%.
Gross margin expanded 90 basis points sequentially to 36.8%.
Columbus McKinnon
Columbus McKinnon
Columbus McKinnon Revenue by Geographic Location
Forward Guidance
Columbus McKinnon expects second quarter fiscal 2024 sales of approximately $250 million to $260 million at current exchange rates.
Positive Outlook
- Solid start to the year with 5% sequential order growth.
- 7% year-over-year sales growth.
- Sequential gross margin improvement that supports objective to expand gross margin by 50 to 100 basis points for the year.
- Demand for products and solutions combined with progress to improve customers’ experience are reflected in the over $500 million of new business booked in the last six months.
- Addition of montratec drove record backlog of $355 million, further reinforcing expectation to exceed $1 billion in revenue in fiscal 2024.
Revenue & Expenses
Visualization of income flow from segment revenue to net income