Columbus McKinnon FY27 Guide In-Line, FY4Q Noise Merit Further Proof of Execution

研报英文原文证据摘录

Columbus McKinnon FY27 Guide In-Line, FY4Q Noise Merit Further Proof of Execution

J P M O R G A N North America Equity Research

10 June 2026

Columbus McKinnon Overweight

CMCO, CMCO US

FY27 Guide In-Line, FY4Q Noise Merit Further Proof of Price (09 Jun 26):$12.71

Execution ▼Price Target (Dec-26):$25.00 Prior (Dec-26):$27.00

CMCO reported its first quarter since closing its ~$2.7bn Kito Crosby acquisition

on February 3rd. The quarter included 2 months of Kito Crosby, and effectively 2 Industrials

months of the divested U.S. power chain hoist business. As such, the quarter had James M Kirby AC

some noise for investors to digest. The company provided initial FY27 sales, (1-212) 622-8297

EBITDA and EPS guidance for the combined business that roughly aligned with james.m.kirby@jpmchase.com

J.P. Morgan Securities LLC

previously disclosed estimates and Street numbers. Equity investors were

unimpressed as the stock sunk 13%, with gross margins reported for the quarter

being the pain point as it implies, in our view, that the near-term macro may prove Key Changes (FYE Mar)

uncooperative given continued EMEA demand softness, and on-going conflict in Prev Cur Δ

the Middle East disrupting client capital decisions in the near-term. However, Adj. EBITDA - 27E ($ mn) 376 392 4.2%

looking beyond the quarter, assuming a full year of acquisition and divestiture, PF

FY26 adj GM and EBITDA margins registered at 36.0% and 18.5%, respectively, Quarterly Forecasts (FYE Mar)

which is in-line with management PF estimates as of Sept 30 (or FY2Q for CMCO). Adj. EBITDA ($ mn)

2026A 2027E 2028E

Said differently, we don’t see a reason to think there is trouble under the hood with Q1 31 91

either the Kito or CMCO business, with PF GM and Adj Margins consistent with, Q2 37 96