Columbus McKinnon Q2 2024 Earnings Call Transcript

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Provided by Quartr
November 1, 2023

There are 8 speakers on the call.

Operator

Greetings, and welcome to Columbus McKinnon's Second Quarter Fiscal Year 20 24 Financial Results. At this time, all participants are in a listen only mode. A question and answer session will follow the formal presentation. As a reminder, this conference is being recorded. It is now my pleasure to introduce Deborah Pawlowski, Investor Relations.

Operator

Thank you. You may begin.

Speaker 1

Thank you, Doug, and good morning, everyone. We certainly appreciate your time today and your interest in Columbus McKinnon. Joining me here for our financial results conference call are David Wilson, our President and CEO and Greg Rastewitz, our Chief Financial Officer. You should have a copy of our Q2 fiscal year 2024 financial results, which we released earlier this morning. There are also slides that will accompany our conversation today.

Speaker 1

Both the slides and the release are available on our website at investors. Dotcmco.com. David and Greg are going to provide their formal remarks, after which we will open the line for questions. But right now, if you'll just turn to slide 2 in the deck, I will review the Safe Harbor statement. You should be aware that we may make some forward looking statements during the formal discussion as well as during the Q and A session.

Speaker 1

These statements apply to future events that are subject to risks and uncertainties as well as other factors that could cause actual results to materially from what is stated here today. These risks and uncertainties and other factors are provided in the earnings release as well as with other documents filed by the company with the Securities and You can find these documents on our website or atsec.gov. During today's call, we will also discuss some non GAAP financial measures. We believe these will be useful in evaluating our performance. However, you should not consider the presentation of this additional information in isolation or as a substitute for results prepared in accordance with GAAP.

Speaker 1

We have provided reconciliation of non GAAP measures with comparable GAAP measures in the tables that accompany today's release and slides. So with that, please advance to slide 3, and I will turn the call over to David to begin. David?

Speaker 2

Thank you, Deb, and good morning, everyone. Our second quarter results are a testament to the progress our team is making as an organization as we transform Columbus McKinnon into a higher growth, less cyclical enterprise with stronger earnings power. Together, we took a meaningful step forward in terms of performance in the quarter, establishing several new records. While we are pleased with the results we are delivering, we are more encouraged with the progress we're making And by the potential of our business as we advance the strategic transformation of Columbus McKinnon. Team remains highly focused on executing our strategic And achieving the objectives we have established for the business.

Speaker 2

Sales in Q2 were $258,000,000 and at the high end of our guidance. This included $9,500,000 for MonterTek. We are very pleased with the early performance of our MonterTek acquisition and the broader momentum that we are building within our Precision Conveyance platform. We also achieved record gross margin in the quarter. Our 38.7% represents a 120 basis point improvement over our previous record, which was established in the Q1 of last year.

Speaker 2

Our revenue and gross margin performance in the quarter translated to record operating income and adjusted EBITDA. Our adjusted EBITDA of 17.7 percent represents a 90 basis point improvement over our previous record, which was established in the same period last year. We also remain focused on reducing our interest rate exposure and our accelerating debt repayment. Greg will speak to this further, but we have upped our plans to reduce debt by an additional dollars within the year bringing our total debt reduction to $50,000,000 in fiscal 2024. Year to date, we paid down $25,000,000 And our net debt leverage ratio now sits at 2.7 times and we see it dropping to approximately 2.3 times by the fiscal year end.

Speaker 2

If you'll turn to slide 4, you'll see the progress we're making toward our gross margin expectations and the effectiveness of the work we're doing within the company to enable Stronger earnings power. We believe the performance we achieved in the quarter is underpinned by sustainable improvements and reflects The effectiveness of our strategy as we advance the operating and strategic initiatives referenced on this page. We remain highly focused on improving our customers' experience and our progress has been validated by recent improvements in our Net Promoter Score. Being customer led is a foundational component of the Columbus McKinnon Business System or CMBS, which is driving continuous improvement, Discipline, communication and accountability within our business. Eightytwenty analysis, decision making and actions are unlocking Further value within our CMBS framework and we are currently focused on product line simplification.

Speaker 2

Beyond optimizing financial This will result in improved product offerings, stronger market positioning and the further simplification of our factory footprint. In the period, we saw improvements in capacity planning, material costs, direct labor productivity, Factory overhead rates and pricing. The acquisition of Monteratech served as a strategic lever for gross margin performance as well and added 70 basis points in the quarter. We are energized by the momentum we're building within the organization and are highly with the pipeline of opportunities we are seeing in a variety of end markets. Given our progress, we now expect gross margin to expand approximately 150 basis points year over year.

Speaker 2

This is up from our previous expectation of 50 to 100 basis points of improvement Fiscal 24. I'll now turn the presentation over to Greg to review our results in greater detail.

Speaker 3

Thank you, David. Good morning, everyone. Turning to slide 5, we delivered record sales in the 2nd quarter of $258,400,000 up 9.1% the prior year period on a constant currency basis. This was at the high end of the guidance we provided last quarter. In addition, we grew sales sequentially by 10%.

Speaker 3

On a year over year basis, we realized pricing gains of 10,600,000 or 4.6 percent, which was in line with what we were anticipating. We were quite pleased with the Montertec acquisition, which added $9,500,000 of sales. Volume increased by $1,000,000 or 0.4%. Foreign currency translation was a benefit this quarter of $5,600,000 or 2.4 percent. Let me provide a little color on sales by region.

Speaker 3

For the Q2, sales grew in the U. S. By 3.9% compared with the prior year. The increase reflected 3.5 percent of price improvement. Mantra Tech added 30 basis points of revenue in the U.

Speaker 3

S. And sales volume was slightly up 10 basis points. Volume was up in our automation business as it benefited from strong megatrends, but was down in our precision conveyance business due to the timing of projects, which reflects the market slowdown we saw in the second half of last year. Outside of the U. S, sales increased by 23%.

Speaker 3

The Montertec acquisition added 9.9% of growth, Pricing improved by 6.1% and sales volume increased by 0.9%. In EMEA, our largest region outside of the U. S, We saw volume decline by approximately 2% or $1,100,000 This was largely project related. Sales volume increased in APAC by a strong 46%. Keep in mind, however, APAC represents just 6% of total sales.

Speaker 3

Within APAC, we benefited from strong sales in Malaysia, Singapore and Taiwan, especially in the energy, utility and transportation verticals. Volume declined by approximately 1% in Latin America. And in Canada, which is about 4% of total revenue, we saw volume decline by 24%. On Slide 6, we recorded record gross margin of 38.7 percent in the 2nd quarter, which is 190 basis point increased sequentially. As David pointed out, we are quite pleased with the progression we have made with gross margin expansion and believe we have a path to achieve 40% plus gross margins by fiscal year 'twenty seven.

Speaker 3

Gross profit increased $13,700,000 or 16% versus the prior year. This was driven by several factors, which you can see in the table. The largest items driving gross profit expansion were pricing, net of material manufacturing cost changes including material inflation, Which added $5,700,000 and the Montertec acquisition, which contributed $5,500,000 to gross profit. Montertec was accretive to gross margins by 70 basis points this quarter with an overall gross margin of 57%. Let me remind you that our fiscal Q3 is a seasonally softer quarter.

Speaker 3

With less shipping days given the holiday season, We would expect approximately 100 basis point reduction in gross margin sequentially from this quarter's gross margin. Moving to Slide 7. Our SG and A expense was $59,100,000 in the quarter or 22.9 percent of sales. This included $800,000 of pro form a adjustments primarily related to the Montertec acquisition with the remainder related to quarter's relocation, business realignment costs and a warehouse consolidation. Excluding these pro form a adjustments, our SG and A as a percent of sales was 22.6%.

Speaker 3

Sequentially, our SG and A costs were higher by 800,000 as we had a full quarter of Montertec costs, which added $2,600,000 We also recorded higher stock compensation costs of 1,300,000 Both items were partially offset by lower Montertec acquisition deal and integration costs and headquarters relocation costs compared with the Q1 of fiscal 4, compared with the prior year, our SG and A costs were higher by $6,600,000 Montrotech accounted for $3,300,000 of the increase. The remainder of the increase was in G and A, which was elevated by higher incentive compensation and stock compensation expense. We also increased our investment in R and D by $1,000,000 Helping to offset these expenses were lower business realignment costs of $1,100,000 For the Q3, we expect our SG and A expense of approximately $58,000,000 Turning to slide 8, We generated record operating income of $33,400,000 in the quarter or 12.9 percent of sales. This represented an increase of $6,000,000 or 22 percent over last year's Q2. Adjusted operating income was also a record at $34,100,000 or 13.2 percent of sales.

Speaker 3

On an adjusted basis, operating income grew $5,500,000 or 19%. This record performance demonstrates the success of our strategy and is another proof point in our transformation journey. As you can see on Slide 9, we recorded GAAP earnings per diluted share for the quarter of $0.55 up $0.06 versus the prior year. Our tax rate on a GAAP basis was 24%. For the year, we expect our tax rate to be approximately 25%.

Speaker 3

Adjusted earnings per diluted share of $0.76 was up 0 point Interest expense is expected to be about $10,000,000 in the 3rd quarter, down slightly from the $10,200,000 we recorded this quarter as interest rates stabilize and we accelerate our debt reduction plans. Adjusted EBITDA margin this quarter of 17.7 percent demonstrating the earnings power of the company. This Step change improvement gets us closer to our stated goal of 21% EBITDA margin in fiscal year 20 27. With this quarter's record performance, our trailing 12 month adjusted EBITDA is now $156,100,000 which represents an adjusted EBITDA margin of 16%. We believe that while variable from quarter to quarter, our EBITDA margin in Q2 is Sustainable given the underlying improvements in the business.

Speaker 3

Our return on invested capital improved 20 basis points to 6.8% from Q1. Our goal remains to get to a double digit ROIC over our planning horizon. Moving to Slide 11, quarterly free cash flow was $11,700,000 in the 2nd quarter. This includes cash provided by operating activities of $16,700,000 and CapEx of $5,000,000 Working capital was a use of cash in the quarter of $12,200,000 We would expect this to over the remainder of the year as our working capital levels continue to normalize. We anticipate that CapEx will range between $30,000,000 to $40,000,000 in fiscal year 2024 as we are continuing to make investments in a lower cost center of excellence to simplify our factory footprint as well as increased capacity, productivity and throughput.

Speaker 3

For fiscal 2024, We expect free cash flow conversion will range between 90% 100%. Turning to Slide 12, Our capital structure is improving as our net debt leverage ratio is now 2.7 times on a financial covenant basis, Which is down from 2.9 times that we reported last quarter. As we have previously discussed, we have a covenant light credit agreement. With no revolver borrowings outstanding at quarter end, our financial covenant is not tested. We are also accelerating our debt reduction As we paid down $15,000,000 of debt this quarter, we are now planning to pay down $50,000,000 of debt this fiscal year, up from $40,000,000 We expect our net leverage ratio to improve to approximately 2.3 times by the end of this fiscal year.

Speaker 3

This once again demonstrates our ability to delever quickly after an acquisition. Please advance Slide 13 and I will turn it back over to David.

Speaker 2

Thanks, Greg. Orders were up 2% year over year in the quarter driven by strength in the Americas. In EMEA, while we began to see signs of moderating demand in Germany, demand in the Middle East remained robust and the region held up reasonably well despite the broader Economic and geopolitical headwinds. Precision conveyance orders were up 11% in the quarter and our lifting business was up 7% year over year. Overall short cycle orders increased a robust 11% compared with last year.

Speaker 2

Project orders slowed however in the quarter, but visibility to project order opportunities improved throughout the quarter. We remain encouraged by the overall quotation and order pipeline for our business. While we would caution that the 1st month quarter does not necessarily define a trend, we have realized double digit order growth in the 1st month of this quarter versus the same period last quarter. Our backlog remains quite healthy at $318,000,000 During the quarter, we reduced our past due backlog by 28% And we're beginning to see backlog normalize as lead times and deliveries improve. Our orders and backlog levels continue to support our revenue expectations for the year.

Speaker 2

Please turn to slide 14, where I will summarize our outlook for the business. Notwithstanding a global backdrop of macroeconomic and geopolitical uncertainty, our outlook for the business remains encouraging as we are benefiting from in more secular growth markets and several megatrends including significant fiscal investments in infrastructure and defense, The near shoring of manufacturing capacity, automation and the scarcity of labor resources, energy conservation and electrification. We expect to deliver sales between $245,000,000 $255,000,000 in Q3 and to surpass $1,000,000,000 of revenue for the year. We are also raising our full year gross margin improvement guidance and now expect approximately 50 basis points of improvement in fiscal 2024. As I mentioned earlier, we're gaining traction with our customer experience initiatives, especially in the key Key areas of on time delivery, reduced lead times, overall responsiveness and communication.

Speaker 2

Our Monchotech acquisition is performing And we're encouraged by the robust level of a quotation activity in the order pipeline across our precision conveyance platform. We also continue to deliver organic growth through investments in commercial initiatives, innovation and new product development. On a year to date basis, our vitality index or NPD-three rate was 3.3% through Q2. We are executing all elements of our strategy and our 2nd quarter results demonstrate the progress we're making as we advance the transformation of Columbus McKinnon. With that Doug, we can open up the line for questions.

Operator

Thank you. Ladies and gentlemen, at this time, we will be conducting a question and answer session. Our first question comes from the line of Matt Summerville with D. A. Davidson.

Operator

Please proceed with your question. Excuse me. Thank

Speaker 4

you. Maybe you touched on a couple of end markets, David. Can you maybe talk a little more broadly About some of your other larger end market verticals like auto, construction, oil and gas, general industrial and maybe in the context of your project related comments Where you've seen that order to or conversion to order momentum start to elongate a bit?

Speaker 2

Thanks, Matt, and good morning. Yes, so we have been encouraged by the activity across End markets in general. And I would say that notably aerospace and defense, electric vehicles, food and beverage Have been markets that have been pretty robust for us. When you ask about the general industrial markets, they've maintained the momentum And the Americas has been pretty strong for us overall. The timing of projects is something that has Been a bit lumpy as you'd expect.

Speaker 2

And we're really encouraged with the activity we've seen in the pipeline in the discussions that we've had and those opportunities range across attractive end markets like food and beverage, electric vehicle manufacturing, The industrial markets in general. And I feel like we're pretty well positioned as we're in this Quarter advancing through October to see a nice uplift in year over year order activity based on the performance we saw quarter over quarter. Oil and Gas is another one that I didn't mention that I think is worth noting. We've had pretty significant investments in both The Middle East as well as in Asia Pacific as it relates to that market specifically.

Speaker 4

Got it. And then, just a quick follow-up. As you, Greg, take leverage down to 2.3 times, Do you view Columbus McKinnon as sort of being nothing you're necessarily ever out of it, but maybe more back in the In M and A mode, you get into fiscal 2025? And then with respect to fiscal 2025, what would your thoughts be on incremental price

Speaker 3

As you mentioned, our focus is really on paying down debt this year. And we continue to work an active pipeline because you always have to look at opportunities. But we think with where we sit today, we're on a pretty clear path to delevering to the 2.3 times by the end of the And I think once we get into that level, I think we've got more capacity to look for the next potential acquisition that could be accretive and Bring synergies to the company. So our strategy includes M and A as part of our growth to get to the $1,500,000,000 And I think we'll be in good shape next year. And but once again, a deal has to make sense.

Speaker 3

And it has to make sense financially both because obviously the incremental costs today for interest substantially higher than they've been in the past. And then your second part of the question with pricing, We would expect pricing next year to moderate somewhat. I think this year we're just under 5% on a year to date basis. And We have seen inflation come down on materials. And as we think about pricing strategies for next year, I think it will be more Modest than it has been the last couple of years.

Speaker 3

Got it. Thank you, guys.

Speaker 2

Thanks, Matt.

Operator

Our next question comes from the line of Jon Tanwanteng with CJS Securities. Please proceed with your question.

Speaker 2

Hey, good morning.

Speaker 5

Thanks for taking my questions and very nice quarter. I was wondering just the incremental gross margin was 60% in the quarter over the last quarter, which is really great. Is that kind of incremental sustainable once you get back to seasonally stronger quarters? Or should we think of late deflation or some other components that may not be repeating? Any thoughts on how that plays out as we go through the rest of the year?

Speaker 2

Yes, John. We feel really good about the sustainable improvements that we've put in place within the business Sam, we feel like what we're the way that we're performing now, but for the seasonal adjustment that Greg spoke of as we head into our Q3, We see the levels that we're performing at now as being sustainable. And clearly, you know what our longer term goals are and we intend to keep executing in a way that we And those margin the results of us expanding those margins over time. But from an operating perspective, we've driven a lot of improvements in the underlying business. We have other levers that we've been speaking to that we continue to exercise and that have more room to advance the business.

Speaker 2

And as we indicated in our prepared remarks, we are now targeting approximately 150 basis points of expansion in this fiscal year.

Speaker 5

Okay, great. Thank you. And then second question just, you mentioned that the projects in the pipeline were pretty strong, But we've seen some news obviously in the media saying that EV demand hasn't been quite as strong, there's been push outs of battery manufacturing Facilities, I know some of your future prospects are tied to that in some of your current businesses. And I'm wondering, what you're seeing in the project Specifically regarding EVs and batteries and the timing of those projects as you go forward?

Speaker 2

Right. Yes. Actually we are pretty encouraged with the volume of activity that we're seeing in that space, both domestically and abroad as Major customers of ours are investing and are engaged with us in pretty active discussions around Opportunities that we're expecting will come to fruition here in the near future.

Speaker 3

And just to add on John, so It's really dependent on the specific customers and I think we're linked with 2 of the more substantial larger Players in the EV market both in the U. S. As well as in Germany.

Speaker 5

Got it. Thank you. I'll jump back in queue.

Operator

Thanks, John. Our next question comes from the line of Steve Farizzani with Sidoti and Company. Please proceed with your question.

Speaker 6

Good morning, everyone. Just wanted to get a sense of how much the Monterey Tech Acquisition is potentially outperforming and how much that led to So the more positive view on gross margin improvement this year, can you guys give us a little bit of sense on integration of Montra Tech and just what you think cross selling opportunities now that you've had a full quarter under the belt?

Speaker 2

Yes. Sure. Yes, we feel really good about the opportunities for the MonterTek business. We've the business is performing well and it's performing to expectations in the quarter. The teams have been doing a great job of participating in cross Selling and integration related activities both in Europe and in the United States.

Speaker 2

And our teams in the United States have built up Pipeline of opportunities that they're actively pursuing as we seek to help scale that business over here in the U. S. Beyond the penetration that they've had in the past. And in the quarter, they were a good contributor to the performance. They contributed 70 basis Points of margin in the quarter that was the accretive impact of their gross margin contribution.

Speaker 2

And in general, we're really pleased with the way that the team is performing and the prospects for the business. So we remain very bullish on that piece of the business, but I want to emphasize Our bullish view on the overall precision conveyance business that we're engaged in more broadly. Obviously, we've Seeing some sequential declines in sales activity tied to some softness in the market that we saw over the past year. And with the challenges we've seen in the e commerce space with 1 large customer, but we do see a lot of opportunities on the Verizon and our team is very actively engaged in good discussions around the development of that business.

Speaker 6

When I think about precision conveyance becoming a larger part of overall sales, but it sounds like you're still sort of guiding towards traditional for December quarter seasonality. Any reason to think and obviously we look at the revenue change last September to December, which was very minimal. Any reason to think that we have you're just entering a period of years now where you're just not going to see the same traditional seasonality?

Speaker 3

Yes. So I think our core lifting business is still 60% of the mix approximately. So I think we will continue to see a seasonal impact on gross margins. I would point out though Steve that last year we saw 160 sequential decline this year. We don't think it's going to be near that level.

Speaker 3

And that's, I would say, due to the positive impact that our Precision Conveyance business and the Montertec acquisition in general will have on our overall gross margins.

Speaker 6

Okay.

Speaker 2

Yes. Steve, I would just add that I think your instincts are right as it relates to the mix of business shift and the opportunities we have as we continue to push Business more into that mix of business. We're leaning on a traditional view that the markets and the business has Produced a seasonally adjusted result that's been lower in this upcoming quarter. And we anticipate that that will continue This year, but our goal over time is to see that moderate.

Speaker 6

Great. Thanks,

Operator

Our next question comes from the line of Walt Liptak with Seaport Global. Please proceed with your question.

Speaker 5

Hi, thanks. Good morning and great quarter.

Speaker 7

I wanted to ask just sort of a refining question about you made some comments about October and I wonder if you could Just go over those again and how was October for short cycle versus projects?

Speaker 2

Yes. Walt, I don't have the short cycle versus project broken out top of mind or in front of me right now, but I know that through the first 4 weeks of October, orders are up double digits over the prior quarter's same period. So we're encouraged. We wanted to highlight that obviously with the project orders being down in the second quarter. And we are emphasizing that the pipeline is very attractive and we're working on some exciting opportunities.

Speaker 2

And in this quarter, We're seeing orders accelerate coming out of last quarter. And so that's the bottom line.

Speaker 7

Okay. All right. That sounds great. And then just you mentioned the project orders being a little bit slow and we can I guess all kind of Think about what that might be from, but what is it that you think why do you think the project orders were down?

Speaker 3

Yes. I think while part of it is due to rising interest rates and companies are looking at their CapEx spend and looking at what it's going to cost to finance Some of these projects and while they're good projects, I think they're being a more they're being more discerning. And I think also as we approach the end of the calendar year, There's a lot of companies that have budgets that are being used up or maybe they've reduced what their original budgets were for CapEx. And we'd see that typically with a little bit weaker December. And so I would expect that that will Some of these projects will get let loose if not in our fiscal Q3 certainly in our fiscal Q4.

Speaker 3

Yes.

Speaker 2

I also think that it's the nature of the lumpy nature of project activity. We did see orders down 9% Year over year in project based business, short cycle business was steady and up 11% and the Pipeline of opportunities is even more encouraging than it has been. And so it's a matter of where those projects phase and our customers' schedules and our ability to adapt and And do what we can to best service them. But we're not concerned about the Order rates that came through in the Q2 from a project standpoint. We're encouraged about the activity we're pursuing and The prospects for the business more broadly.

Speaker 7

Okay. All right, great. And then maybe Last one for me. It was nice hearing the eightytwenty is going well and you guys are working on PLS. And I guess in one of the prior questions you touched on this too, but are there any other eightytwenty efforts that you guys are going after?

Speaker 2

Yes. For sure, Walt. Our product line and P and L segmentation And work and the opportunities we have from a cost perspective as it relates To certain lines of business and a rationalization perspective as well as the factory footprint simplification Opportunities coming from the CapEx investments we're making to increase capacity in key areas and develop this center of excellence that And so I feel like we're in a good position to really advance the business from a performance Leveraging eightytwenty through those tools and we're excited about the work that we're doing and the work that's yet to be done That will lead us to a higher performing enterprise.

Speaker 7

Okay. Okay, great. Thanks so much.

Operator

We have a follow-up question from the line of Jon Tanwanteng with CJS Securities. Please proceed with your question.

Speaker 5

Hi, thanks for the follow-up. I think you touched on this, but I just want to wonder if there's a little more clarity or color on the e commerce Business and that largest drop of customer you had there, just the split between the pipeline for those 2?

Speaker 2

Yes. Sure. So what I would say John is that we have taken the opportunity with the slowdown in business in that area To do a lot of business development work with a broader base of customers and we've been able to gain access to a number of new and Attractive customers where we are growing. We've also maintained very close connectivity with that specific customer we've mentioned in the past and we're in Great discussions regarding the development of new opportunities with them with their R and D teams and we're encouraged by Some promising prospects and potentially near term opportunities associated with that pipeline.

Speaker 5

Okay, great. And then finally, just to be clear, at a high level and from what you're seeing in October order rates on what you're seeing in your project pipeline, it doesn't seem like demand has weakened outside of your normal seasonality. Is that fair to say?

Speaker 2

I think that's generally fair to say. As we alluded to in the prepared remarks, there's been some softness in Germany. But that is not something that has been dramatic and it's something that we've been working to offset with opportunities we're pursuing more Broadly. And so the short answer to the question is no, we're not overly concerned about that.

Speaker 5

Okay, great. Thanks again.

Operator

There are no further questions in the queue. I'd like to hand the call back to Mr. Wilson for closing remarks.

Speaker 2

Great. Thank you, Doug, and thank you everyone for joining us today. We took a meaningful step forward this quarter and established several new performance records. This is a testament to the great work being done by our global associates across Columbus McKinnon and I thank you all. We are pleased with our results to date And are more encouraged with the progress we're making as a team and the potential we have as a business.

Speaker 2

We're growing in attractive markets, Building a higher margin profile, generating cash and accelerating debt repayment. We now expect to exit the fiscal year with a net debt leverage ratio 2.3 times. Our team remains highly focused on executing our strategy and achieving our strategic plan objectives. Thank you for your attention and have a great day.

Operator

Ladies and gentlemen, this does conclude today's teleconference. Thank you for your participation. You

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Earnings Conference Call
Columbus McKinnon Q2 2024
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