For the quarter, sales increased $74.4m or 53.5%. The Dorner acquisition added $34.2m in sales. In the US volume improved $20.8m or 27.8%, and price improved $0.6m, or 0.9%.
US sales related to the acquisition were $28.3m. Outside the US, volume improved $10.5m or 16.4% and price improved $1.3m or 2.0%. The Dorner acquisition added $5.9m of sales outside the US Foreign currency translation was favorable $6.9m or 5.0% of total sales.
“We had a very good start to fiscal 2022 delivering strong growth, expanding margins and achieving record backlog. We are encouraged by increasing demand in all markets. Importantly, we are also having success with our new products and customer solutions, as we continue to advance our Blueprint for Growth 2.0 strategy. Dorner, our new conveying solutions platform, is seeing strong demand and is outpacing expectations. We are working across the enterprise to drive growth initiatives as we pursue the many opportunities in front of us,” said David Wilson, president/CEO, Columbus McKinnon.
Dorner contributed $5.1m in operating income excluding inventory step up expense of $3.0m and acquisition deal costs of $1.0m. Adjusted earnings per diluted share was $0.69 in the fiscal 2022 first quarter compared with $0.17 in the prior year. Adjusted EPS excludes amortization of intangible assets related to acquisitions. The company believes this better represents its inherent earnings power and cash generation capability.
The company expects second quarter fiscal 2022 sales to be within a range of approximately $225m to $230m at current exchange rates.
“We are excited about the progress we are making and are increasingly encouraged by our potential over the longer term. With record backlog and increasing order trends, we expect to deliver a solid year of recovery even as we navigate the dynamic landscape of supply chain and staffing challenges,” added Wilson.
“More importantly, we are making the investments necessary to execute on our strategy and implement the Columbus McKinnon Business System (CMBS) to drive further growth, enable scalability, improve our earnings power and achieve our goal of 19% adjusted EBITDA margin in fiscal 2023.”
