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Columbus McKinnon sets quarterly dividend at $0.07 per share

Published 22/10/2024, 12:10 am
CMCO
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CHARLOTTE, N.C. – Columbus McKinnon Corporation (NASDAQ:CMCO), a prominent player in the material handling industry, has declared a quarterly dividend of $0.07 per common share. This announcement follows a recent decision by the company's Board of Directors and is in line with its regular dividend payments.

The dividend is scheduled to be distributed on or around November 18, 2024, to shareholders who are recorded by the close of business on November 8, 2024. With around 28.7 million common shares outstanding, this dividend payout represents a continued commitment by Columbus McKinnon to return value to its shareholders.

Columbus McKinnon is recognized globally for its innovative solutions in motion technology, with a product portfolio that includes hoists, crane components, conveyor systems, and digital power and motion control systems. These products are integral to a variety of commercial and industrial applications, emphasizing safety, efficiency, and ergonomic design.

The company's strategic focus on intelligent motion solutions aims to advance industries and improve quality of life by providing reliable and well-engineered equipment for material handling.

This dividend payment is part of Columbus McKinnon's ongoing financial strategy, reflecting its stable performance and dedication to shareholder interests. The information presented in this article is based on a press release statement from Columbus McKinnon Corporation.

In other recent news, Columbus McKinnon Corporation disclosed steady Q1 fiscal 2025 results, with a modest 2% year-over-year sales increase and an unchanging adjusted EPS of $0.62. The company also reported a 2% rise in adjusted EBITDA and emphasized its robust cash conversion rate, which has surpassed 100% for the past four quarters. As part of its recent developments, Columbus McKinnon is integrating its North American linear motion facility into its Mexico Manufacturing Center of Excellence. Despite predicting a sales decline and decreased adjusted EPS growth for Q2, the company maintains its full-year guidance, anticipating low single-digit sales growth and mid to high single-digit adjusted EPS growth. Lastly, Columbus McKinnon aims to repay $60 million of debt in fiscal year '25, projecting a net leverage ratio around 2 times by the end of the fiscal year.

InvestingPro Insights

Columbus McKinnon Corporation's (NASDAQ:CMCO) recent dividend declaration aligns with its strong track record of shareholder returns. According to InvestingPro data, the company boasts a dividend yield of 0.81% as of the latest available information. More notably, an InvestingPro Tip reveals that CMCO has maintained dividend payments for 11 consecutive years, underscoring its commitment to consistent shareholder rewards.

The company's financial health appears robust, with InvestingPro data showing a market capitalization of $991.55 million and a price-to-earnings ratio of 21.55. This valuation metric, when considered alongside the company's steady dividend history, suggests a balance between growth and shareholder returns.

Another InvestingPro Tip indicates that CMCO's liquid assets exceed its short-term obligations, pointing to a strong balance sheet that supports its dividend policy and operational flexibility. This financial stability is crucial for a company in the material handling industry, where capital investments and innovation are key to maintaining market position.

For investors seeking a deeper understanding of Columbus McKinnon's financial landscape, InvestingPro offers 13 additional tips that could provide valuable insights into the company's performance and prospects. These tips, available through the InvestingPro product, can help investors make more informed decisions about CMCO's stock in the context of its dividend policy and overall financial health.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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