For the quarter, sales increased $67.1m, or 36.0%. Acquisitions added $40.5m in sales, while foreign currency translation had an unfavorable foreign currency translation of $5.0m, or 2.7% of total sales. In the US, volume improved $15.1m, or 15.9%, and price improved $4.4m, or 4.7%. US sales related to acquisitions were $34.6m.
Outside the US, volume improved $8.1m, or 8.9%, and price improved $3.9m, or 4.3%. Acquisitions added $5.9m of sales outside the US.
“We delivered exceptional growth as demand for our intelligent motion solutions strengthened throughout the quarter across our end markets. We outpaced our internal growth expectations with innovation, the acceleration of our growth initiatives, and the expansion of our precision conveying platform. In fact, we achieved record sales for both the quarter and the fiscal year,” said David Wilson, president/CEO, CMCO.
“We are being deliberate, flexible and creative as we address the persistent macro challenges that the industrial world is facing. While we were successful in outpacing raw material inflation in the quarter and for the fiscal year, gross margin this quarter was heavily impacted by rising freight costs. We are being diligent about addressing inflationary pressures while executing to deliver on growing demand.”
Columbus McKinnon expects first quarter fiscal 2023 sales of approximately $220m to $230m at current exchange rates which year-over-year has an $8m to $9m negative impact.
“We expect fiscal 2023 to be another great year for Columbus McKinnon. We are transforming the company into a faster growing, higher margin business that serves secular-driven markets with strong tailwinds. We are heavily focused on execution and remain confident that we are creating a better business model with stronger earnings power,” added Wilson.
