AMHERST, N.Y. (AP) — Crane-maker Columbus McKinnon Corp. reported a fiscal third-quarter profit on Friday, one year after reporting a big loss because of unfavorable currency exchange rates and other issues.
The company earned $8.5 million, or 44 cents per share, in its most recent quarter, which ended Dec. 31. A year earlier it lost $39.6 million, or $2.08 per share.
Some of the gain came from improvements in its forging operation, which the company has been restructuring. Related to that, it said it had a gain from selling a plant in Cedar Rapids, Iowa, which had previously housed forging operations.
The company said its adjusted profit would have been 33 cents per share. Analysts surveyed by FactSet had been expecting a profit of 26 cents per share.
Revenue rose almost 11 percent to $142.8 million, from $128.7 million a year ago.
Timothy T. Tevens, president and CEO, said economic conditions steadily improved during the quarter. He said the company is focused on generating cash, increasing its international market share, developing new products and finding other companies it can buy to expand its geographic footprint or extend its product lines.
Columbus McKinnon shares rose $1.29, or 9.3 percent, to $15.20 in afternoon trading.
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