Why Columbus McKinnon's Shares Popped
Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of Columbus McKinnon jumped 10% today after releasing earnings.
So what: Fiscal third-quarter sales were up 7.3% to $153.2 million and profit was $9.6 million, or $0.49 per share. Analysts expected only $143.95 million in revenue and $0.29 per share in earnings, so the results easily flew past what Wall Street expected.
Now what: Management said that uncertainty still exists in the U.S., but order growth in Asia is driving the business right now. Analysts were expecting a decline in earnings, so this may be a sign that the business will improve next year. I think the shares still have room to run, considering how wide the earnings beat was on both top and bottom lines.
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The article Why Columbus McKinnon's Shares Popped originally appeared on Fool.com.Fool contributor Travis Hoium has no position in any stocks mentioned. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings, or follow his CAPS picks at TMFFlushDraw. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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