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Q1 Earnings Outperformers: Columbus McKinnon (NASDAQ:CMCO) And The Rest Of The General Industrial Machinery Stocks


Max Juang /
2024/07/01 5:20 am EDT

Looking back on general industrial machinery stocks' Q1 earnings, we examine this quarter's best and worst performers, including Columbus McKinnon (NASDAQ:CMCO) and its peers.

Automation that increases efficiency and connected equipment that collects analyzable data have been trending, creating new demand for general industrial machinery companies. Those who innovate and create digitized solutions can spur sales and speed up replacement cycles, but all general industrial machinery companies are still at the whim of economic cycles. Consumer spending and interest rates, for example, can greatly impact the industrial production that drives demand for these companies’ offerings.

The 13 general industrial machinery stocks we track reported a mixed Q1; on average, revenues missed analyst consensus estimates by 2.5%. Stocks--especially those trading at higher multiples--had a strong end of 2023, but 2024 has seen periods of volatility. Mixed signals about inflation have led to uncertainty around rate cuts, and general industrial machinery stocks have held roughly steady amidst all this, with share prices up 0.5% on average since the previous earnings results.

Columbus McKinnon (NASDAQ:CMCO)

With 19 different brands across the globe, Columbus McKinnon (NASDAQGS:CMCO) offers material handling equipment for the construction, manufacturing, and transportation industries.

Columbus McKinnon reported revenues of $265.5 million, up 4.6% year on year, falling short of analysts' expectations by 0.7%. It was a weak quarter for the company, with a miss of analysts' revenue and earnings estimates.

“Our team delivered another record year of sales, gross margin, operating income, and Adjusted EBITDA Margin1 reflecting the solid progress we are making with our transformation. These results provide another proof point on the path to achieving our long-term financial objectives. Our team continues to execute on commercial and operational initiatives to improve productivity, reduce lead times, and enhance customer experience, which position us to scale our business and deliver top-tier financial results,” said David J. Wilson, President and Chief Executive Officer.

Columbus McKinnon Total Revenue

The stock is down 21.4% since the results and currently trades at $34.54.

Read our full report on Columbus McKinnon here, it's free.

Best Q1: General Electric (NYSE:GE)

Tracing its roots back to the work of Thomas Edison, General Electric (NYSE:GE) is a provider of components and solutions for the aerospace, renewable energy, and power sectors.

General Electric reported revenues of $16.05 billion, up 17.2% year on year, outperforming analysts' expectations by 2.2%. It was an exceptional quarter for the company, with an impressive beat of analysts' operating margin estimates and a solid beat of analysts' earnings estimates.

General Electric Total Revenue

General Electric scored the fastest revenue growth among its peers. The stock is up 6% since the results and currently trades at $159.

Is now the time to buy General Electric? Access our full analysis of the earnings results here, it's free.

Slowest Q1: Icahn Enterprises (NASDAQ:IEP)

Founded and mainly owned by renowned investor Carl Icahn, Icahn (NYSE:IEP) is a holding company that has investments in the energy, automotive, food packaging, and metal industries.

Icahn Enterprises reported revenues of $2.47 billion, down 7.7% year on year, falling short of analysts' expectations by 11.6%. It was a weak quarter for the company, with a miss of analysts' revenue and earnings estimates.

The stock is down 3% since the results and currently trades at $16.65.

Read our full analysis of Icahn Enterprises's results here.

3M (NYSE:MMM)

With its original mining venture failing due to anorthosite having no commercial value, 3M (NYSE:MMM) is a provider of products used in the industrial, safety and graphics, healthcare, electronics and energy, and consumer sectors.

3M reported revenues of $5.72 billion, down 28.8% year on year, falling short of analysts' expectations by 25.4%. It was a weaker quarter for the company, with a miss of analysts' earnings and operating margin estimates.

3M had the weakest performance against analyst estimates and slowest revenue growth among its peers. The stock is up 11% since the results and currently trades at $102.35.

Read our full, actionable report on 3M here, it's free.

Albany (NYSE:AIN)

Holding a Guinness World Record for creating the world’s longest paper machine (1,800 feet), Albany (NYSE:AIN) is a provider of equipment and engineered products for the industrial and aerospace sectors.

Albany reported revenues of $313.3 million, up 16.4% year on year, falling short of analysts' expectations by 0.1%. It was a slower quarter for the company, with a miss of analysts' operating margin estimates and underwhelming EBITDA guidance for the full year.

The stock is down 4.4% since the results and currently trades at $84.45.

Read our full, actionable report on Albany here, it's free.

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