Columbus McKinnon, a material handling manufacturer based in Amherst, New York, on Friday reported that its quarterly revenues had jumped 31.3% for the period ending June 30, 2013. It was among the largest one-quarter increases in the company’s history.
Company President and CEO Timothy T. Tevens said the unprecedented growth was attributed to the company’s expansion into overseas markets.
“We achieved great success in driving margin expansion in the quarter as we realized one of the highest gross margin levels in our recent history,” Tevens said in a news release. “We are making solid headway in increasing our sales volumes in emerging markets, specifically Asia, the Middle East, Latin America and Eastern Europe. These gains have helped to offset the recessionary industrial economy in Europe. Our Lean Business System has also been successful in driving out waste and therefore cost from our operating structure, which has improved our margins on a lower sales base.”
Although Columbus McKinnon showed robust overseas growth, its US sales were down 8.8% for the quarter, from $90 million to $82 million.
The company manufacturers material handling products such as hoists, cranes, actuators and rigging tools.