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CMCO expands its Board of Directors to include Michael Dastoor

Columbus McKinnon Corporation (NASDAQ: CMCO) is a multinational designer, manufacturer and marketer of intelligent motion solutions that move, lift, position and secure materials ergonomically. CMCO’s key products include hoists, crane components, precision conveyor systems, actuators, rigging tools, light rail workstations, and digital power and motion control systems. This afternoon CMCO was last traded flat at $ 52.38.

On May 18, the company announced the election of Michael Dastoor, Executive Vice President and Chief Financial Officer of Jabil Inc. (JBL), to its Board of Directors. As stated in the press release, Dastoor will serve on the Audit Committee and the Compensation and Succession Committee. Dastoor brings nearly 35 years of global experience to the Columbus McKinnon Board of Directors as a financial leader in the engineering services, electronics manufacturing and automotive industries.

In addition, Columbus McKinnon is expected to release its fourth quarter fiscal year results before the market opens on Wednesday May 26th. Columbus McKinnon has exceeded earnings expectations in all four of its most recent earnings reports. For the fourth quarter of fiscal 2020, CMCO beat analysts’ estimates by a margin of $ 0.12 and reported earnings per share (EPS) of $ 0.58. For the first quarter of fiscal 2021, Columbus McKinnon earnings per share fell to $ 0.07 but beat expectations with a margin of $ 0.07. For the second quarter of fiscal 2021, CMCO posted earnings spike that rose to $ 0.34 per share, beating estimates with a margin of $ 0.11. For the company’s third quarter of 2021, Columbus McKinnon reported earnings per share of $ 0.26, beating expectations with a margin of $ 0.10.

Columbus McKinnon stock is up about 95% year over year. Additionally, Columbus McKinnon’s shares are up 35.5% year-to-date, but CMCO is currently down about 8% from its 52-week high of $ 57.06. Columbus McKinnon also offers a forward dividend of $ 0.24, which translates to a dividend yield of 0.46%.

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