* Q4 adj shr of $0.10 beats est of $0.06
* Q4 rev down more than 9 pct year-over-year
* Sees moderate acceleration in revenue improvement
* Shares up as much as 8 percent
(Recasts, adds conf call details, analyst comments, updates
By Biswarup Gooptu
BANGALORE, May 27 Columbus McKinnon Corp
(CMCO.O) reported an adjusted quarterly profit that beat
estimates, helped by increased bookings and stronger
performance across segments, as global industrial markets limp
back to normalcy.
In a statement, the maker of crane hooks and actuators
attributed the latest quarter's performance to a stronger
Eurozone capacity utilization, which had been trending higher
for the last three quarters, thereby having a positive impact
on its monthly bookings.
Needham and Co analyst Theodor Kundtz said, while Columbus
has gained market share in Europe, North America and other
geographical areas are expected to drive growth going forward.
"Europe was not that strong in terms of growth ...
fundamentally, I do not think that the core growth is that
strong in Europe. I would expect it to be stronger here in the
U.S and also in other international markets," he told Reuters.
In a conference call, Columbus Chief Executive Timothy
Tevens said, while U.S. industrial capacity utilization
increased to 71.3 percent in April 2010, the company will be
focusing on emerging markets such as Brazil, China and Latin
FOURTH-QUARTER BEATS WALL STREET EXPECTATIONS:
For the fourth-quarter ended March 31, Columbus posted net
income of $460,000, or 2 cents a share, compared with a net
loss of $102.5 million, or $5.43 a share, a year earlier.
On an adjusted basis, it earned 10 cents a share, topping
analysts' estimates of 6 cents a share, according to Thomson
Net sales dropped more than 9 percent to $123 million, but
dwarfed Wall Street's expectations of $121.7 million.
According to Needham's Kundtz while the increase in
bookings were gradual, the company's performance was on track
However, Columbus remained guarded about its outlook, and
said, based on current industrial capacity utilization trends,
it expects a moderate acceleration in revenue improvement.
"I have them sequentially building up every quarter. It's
just a question of the pace of recovery... I would say that 8
percent to 10 percent revenue growth is an okay number," Kundtz
Shares of the Amherst, New York-based company were up 3
percent at $16.46, in afternoon trade on Nasdaq. They had
touched a high of $17.22 earlier in the session.
(Reporting by Biswarup Gooptu in Bangalore; Editing by Vyas