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CHARLOTTE, N.C. - Columbus McKinnon Corporation (NASDAQ:CMCO), known for its material handling solutions, has announced a regular quarterly dividend of $0.07 per common share, maintaining its annual dividend rate of $0.28 per share. The dividend is scheduled to be distributed on February 18, 2025, to shareholders who are on record as of the close of business on February 7, 2025.
The company, which specializes in the design, manufacturing, and marketing of motion control systems and material handling products, has approximately 28.6 million common shares outstanding, with a market capitalization of $1.08 billion. According to InvestingPro data, Columbus McKinnon maintains a strong financial position with a current ratio of 2.04, indicating solid liquidity. The company's offerings range from hoists and crane components to conveyor systems and digital power controls, catering to commercial and industrial applications that prioritize safety and quality.
This dividend declaration follows Columbus McKinnon's tradition of providing returns to its shareholders and reflects the company's financial health and commitment to its investors. Shareholders can expect the payment to be made in mid-February, which aligns with the company’s established pattern of quarterly dividend payments.
Columbus McKinnon, with its comprehensive suite of intelligent motion solutions, continues to play a significant role in advancing industries by providing efficient and ergonomic ways to move, lift, position, and secure materials. With revenue of over $1 billion in the last twelve months and according to InvestingPro analysis, the company appears slightly undervalued at current levels. The company's focus on superior design and engineering excellence is aimed at moving the world forward and improving lives.
This financial update is based on a press release statement from Columbus McKinnon Corporation.
In other recent news, Columbus McKinnon reported a mixed bag of Q2 results. The company experienced a year-over-year increase in orders by 16%, but net sales dropped by 6% to $242.3 million. The company attributed this to several factors including factory relocation, project backlog timing, and disruptions from Hurricane Helene. Adjusted earnings per share met expectations at $0.70, while a GAAP loss per diluted share of $0.52 was recorded due to non-cash pension settlement and facility closure costs.
In the face of these challenges, Columbus McKinnon managed to pay down $30 million in debt and expects a decrease in its net leverage ratio from 2.7x to 2.3x by the end of the fiscal year. However, the company has also revised its fiscal year 2025 sales guidance to flat or low single-digit growth. On a brighter note, the company reported significant order growth in precision conveyance, with a 42% increase year-over-year.
In terms of future expectations, Columbus McKinnon anticipates flat sales growth and adjusted EPS for the third quarter. The full-year guidance has been updated to reflect low single-digit sales growth and mid-single-digit adjusted EPS growth. The company also remains optimistic about long-term growth and margin improvement despite the current challenges. These are the recent developments surrounding Columbus McKinnon.
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