Justin Kuepper
Long only, Deep Value, special situations, event-driven

Columbus McKinnon: Strong Performance, Low Expectations

Columbus McKinnon Corp. (NASDAQ:CMCO) is a leading designer, manufacturer and marketer of materials handling products. With approximately 62% of the U.S. market by net sales and no single product SKU accounting for more than 1% of sales, the company has built a highly successful and diverse domestic business with strong competitive advantages in terms of well-known brand names and significant economies of scale.

While top-line revenue growth appears to have slowed down to just 0.9% in FY2013, a closer look reveals that the results were skewed by net acquisition/divesture activity, unfavorable foreign currency translation and fewer shipping days. Revenues actually improved 5.4% year over year adding back in these elements, with operating income growing 20.4% and diluted earnings...

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