Columbus McKinnon Corp. (CMCO), a maker of material handling products, Thursday reported an increase in net income for the fourth quarter, reflecting an income tax benefit.
For the three-month period, the company reported net income of $52 million or $2.64 per share compared with $9 million or $0.46 per share during the corresponding period last year. The increase was particularly due to a $40.2 million income tax benefit.
Excluding the tax valuation allowance and applying a 38 percent tax rate, the company reported earnings of $0.37 per share for the fourth quarter.
On average, four analysts polled by Thomson Reuters expected earnings per share of $0.38 for the quarter. Analysts' estimates typically exclude one-time items.
Net sales for the period declined to $144.6million, from $159.5 million reported during the same period last year. The Street had expected the company to clock revenues of $151.20 million.
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