AMHERST, N.Y. (AFX) - Forklift and crane maker Columbus McKinnon Corp. said Tuesday fiscal third-quarter earnings rose sharply as the company cut interest expense and boosted investment gains.
Net income climbed to $9.1 million, or 48 cents per share, from $1.4 million, or 8 cents per share, in the year-ago period.
Excluding income from the sale of marketable securities in the company's self-insurance unit, earnings totaled $7.1 million, or 38 cents per share. That was in line with the average Wall Street estimate, according to Thomson Financial.
The latest quarter was boosted by reduced interest expense after the company lowered debt during the year, and an investment income gain of $3.8 million, up sharply from $400,000 last year.
Sales grew 6.5 percent to $142 million from $133.3 million last year. Analysts had the top-line figure pegged at $143 million.
The company said it expects to maintain full-year operating margin in its goal range of 11 percent to 12 percent.
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