Columbus McKinnon 1Q beats Street, sells Univeyer

Crane maker Columbus McKinnon on Thursday said its first-quarter profit edged up 2 percent and that the closure on the sale of its Univeyor subsidiary is imminent.

The company said net income, including losses from discontinued operations of Univeyor, rose to $9.7 million, up from $9.5 million for the same quarter last year. Earnings per share for the quarter remained steady at 50 cents per share.

Excluding the losses of $2.2 million from discontinued Univeyor operations, income from continuing operations totaled $11.8 million, or 61 cents per share.

Quarterly revenue increased 7 percent to $151.2 million, driven by international sales.

Analysts polled by Thomson Financial expected the company to deliver more modest earnings of 55 cents per share, with sales of $158.4 million.

Columbus McKinnon also announced the sale of its Univeyor business, which manufactures and installs material conveyer systems, will be complete on July 25. The unit is being sold to a Danish material handling company. The company will repay Univeyor's $15.2 debt obligations.

Shares of the company shed 61 cents, or 2.6 percent, to $23.80 in afternoon trading.