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UPDATE 1-Columbus McKinnon Q3 adj profit misses Street
January 28, 2011 / 12:54 PM / 7 years ago

UPDATE 1-Columbus McKinnon Q3 adj profit misses Street

* Q3 adj EPS $0.03 vs est $0.18

* Rev up 8 pct

* Expects 2011 capex $13-$15 mln

Jan 28 (Reuters) - Columbus McKinnon Corp (CMCO.O), a maker of crane hooks and actuators, posted a lower-than-expected adjusted quarterly profit, hurt partly by foreign exchange losses.

The company said it expects 2011 capital spending to be about $13-$15 million on enterprise resource planning investments. October-December loss was $39.6 million, or $2.08 a share, compared with a loss of $2.3 million, or 12 cents a share, a year ago.

Excluding items, the company earned 3 cents a share.

Revenue rose 8 percent to $128.7 million, helped by sales in the American and European markets. Analysts expected earnings of 18 cents a share on revenue of $128.5 million, according to Thomson Reuters I/B/E/S.

Shares of the Amherst, New York-based company closed at $19.72 on Thursday on Nasdaq. The stock has gained 12 percent since the company posted second-quarter results on Oct. 29. (Reporting by Soham Chatterjee in Bangalore; Editing by Maju Samuel)

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