Technology
Columbus McKinnon Reports 16% Order Growth in Q2 FY25
Published
2 years agoon
By
CHARLOTTE, NC, Oct. 30, 2024 /PRNewswire/ — Columbus McKinnon Corporation (Nasdaq: CMCO) (“Columbus McKinnon” or the “Company”), a leading designer, manufacturer and marketer of intelligent motion solutions for material handling, today announced financial results for its fiscal year 2025 second quarter, which ended September 30, 2024.
Second Quarter 2025 Highlights (compared with prior-year period, except where otherwise noted)
Orders increased 16% with a book-to-bill ratio of 1.08x; Precision conveyance up 42%Net sales decreased 6% to $242.3 million reflecting impacts related to Hurricane Helene, the ramp up of linear motion production in Monterrey, MX and project timingResults included $17.5 million2 of non-cash pension settlement expense and $11.8 million2 for factory closure and start-up costs as we transitioned manufacturing to our Monterrey, MX facilityGAAP EPS of ($0.52) and Adjusted EPS1 of $0.70Repaid $10 million of debt in Q2 FY25; Anticipate FY25 debt repayment of $60 million Executed $4.9 million of share repurchases in Q2 FY25 and $5.0 million in early Q3 FY25
“Our commercial and operational initiatives are delivering wins with new and existing customers in attractive vertical markets and we delivered one of our highest order quarters in history with 16% order growth and a book-to-bill ratio of 1.08x in Q2.” said David J. Wilson, President and Chief Executive Officer. “Order growth, with particular strength in precision conveyance, and an encouraging funnel of promising opportunities supports our fiscal 2025 guidance and positions us well for fiscal 2026.”
“But for the impact of Hurricane Helene, we delivered on our guidance for the second quarter while transitioning our linear motion manufacturing activity to Monterrey,” continued Wilson. “We remain confident in our long-term financial objectives and are advancing the strategic initiatives that will both grow our business and deliver targeted margin expansion over time.”
Second Quarter Fiscal 2025 Sales
($ in millions)
Q2 FY25
Q2 FY24
Change
% Change
Net sales
$ 242.3
$ 258.4
$ (16.1)
(6.2) %
U.S. sales
$ 132.3
$ 145.2
$ (12.9)
(8.9) %
% of total
55 %
56 %
Non-U.S. sales
$ 110.0
$ 113.2
$ (3.2)
(2.8) %
% of total
45 %
44 %
For the quarter, net sales decreased $16.1 million, or 6.2%. In the U.S., sales were down $12.9 million, or 8.9%. Price improvement of $1.3 million helped to offset $14.2 million in lower volume. Sales outside the U.S. decreased $3.2 million, or 2.8%. Price improvement of $2.5 million helped to offset $6.0 million of lower volume. Favorable foreign currency translation was $0.3 million.
Second Quarter Fiscal 2025 Operating Results
($ in millions)
Q2 FY25
Q2 FY24
Change
% Change
Gross profit
$ 74.7
$ 100.0
$ (25.2)
(25.2) %
Gross margin
30.9 %
38.7 %
(780) bps
Adjusted Gross Profit1
$ 87.9
$ 100.0
$ (12.0)
(12.0) %
Adjusted Gross Margin1
36.3 %
38.7 %
(240) bps
Income from operations
$ 10.8
$ 33.4
$ (22.5)
(67.6) %
Operating margin
4.5 %
12.9 %
(840) bps
Adjusted Operating Income1
$ 27.0
$ 34.1
$ (7.2)
(21.0) %
Adjusted Operating Margin1
11.1 %
13.2 %
(210) bps
Net income (loss)
$ (15.0)
$ 15.8
$ (30.9)
NM
Net income (loss) margin
(6.2) %
6.1 %
(1,230) bps
GAAP EPS
$ (0.52)
$ 0.55
$ (1.07)
NM
Adjusted EPS1
$ 0.70
$ 0.76
$ (0.06)
(7.9) %
Adjusted EBITDA1
$ 39.2
$ 45.7
$ (6.6)
(14.4) %
Adjusted EBITDA Margin1
16.2 %
17.7 %
(150) bps
Adjusted EPS1 excludes, among other adjustments, amortization of intangible assets. The Company believes this better represents its inherent earnings power and cash generation capability.
Third Quarter Fiscal 2025 Guidance
The Company is issuing the following guidance for the third quarter of fiscal 2025, ending December 31, 2024:
Metric
Q3 FY25
Net sales
Flat year-over-year
Adjusted EPS3
Flat year-over-year
Third quarter 2025 guidance assumes approximately $8 million of interest expense, $8 million of amortization, an effective tax rate of 25% and 28.9 million diluted average shares outstanding.
The Company is issuing the following guidance for the fiscal year 2025, ending March 31, 2025:
Metric
FY25
Net sales
Flat to low-single digit growth year-over-year
Adjusted EPS3
Mid-single digit growth year-over-year
Capital Expenditures
$20 million to $25 million
Net Leverage Ratio3
~2.3x
Fiscal 2025 guidance assumes approximately $32 million of interest expense, $30 million of amortization, an effective tax rate of 25% and 29.0 million diluted average shares outstanding.
Teleconference/Webcast
Columbus McKinnon will host a conference call today at 10:00 AM Eastern Time to discuss the Company’s financial results and strategy. The conference call will be accessible through live webcast and via phone by dialing 1-800-836-8184. The webcast, earnings release and earnings presentation will be available at the Company’s investor relations website at investors.cmco.com. A replay of the webcast will also be archived on the Company’s investor relations website and available via phone by dialing 1-888-660-6345 and enter the conference ID number 93312# through Wednesday, November 6, 2024.
______________________
1
Adjusted Gross Profit, Adjusted Gross Margin, Adjusted Operating Income, Adjusted Operating Margin, Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted EPS are non-GAAP financial measures. See accompanying discussion and reconciliation tables provided in this release for reconciliations of these non-GAAP financial measures to the closest corresponding GAAP financial measures.
2
Represents $23.2 million of non-cash pension settlement costs, $11.9 million of expense related to the closure of our Charlotte, NC factory and $3.8 million of Monterrey MX start-up costs, which are taxed at a 24.6% tax rate.
3
The Company has not reconciled the Adjusted EPS and Net Leverage Ratio guidance to the most comparable GAAP financial measure outlook because it is not possible to do so without unreasonable efforts due to the uncertainty and potential variability of reconciling items, which are dependent on future events and often outside of management’s control and which could be significant. Because such items cannot be reasonably predicted with the level of precision required, we are unable to provide guidance for the comparable GAAP financial measures. Forward-looking guidance regarding Adjusted EPS and Net Leverage Ratio is made in a manner consistent with the relevant definitions and assumptions noted herein and in alignment with the Company’s financial covenants per the Company’s Amended and Restated Credit Agreement.
About Columbus McKinnon
Columbus McKinnon is a leading worldwide designer, manufacturer and marketer of intelligent motion solutions that move the world forward and improve lives by efficiently and ergonomically moving, lifting, positioning, and securing materials. Key products include hoists, crane components, precision conveyor systems, rigging tools, light rail workstations, and digital power and motion control systems. The Company is focused on commercial and industrial applications that require the safety and quality provided by its superior design and engineering know-how. Comprehensive information on Columbus McKinnon is available at www.cmco.com.
Safe Harbor Statement
This news release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are generally identified by the use of forward-looking terminology, including the terms “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “illustrative,” “intend,” “likely,” “may,” “opportunity,” “plan,” “possible,” “potential,” “predict,” “project,” “shall,” “should,” “target,” “will,” “would” and, in each case, their negative or other various or comparable terminology. All statements other than statements of historical facts contained in this document, including, but are not limited to, statements relating to: (i) our strategy, outlook and growth prospects, including our third quarter and fiscal year 2025 net sales and Adjusted EPS, and our fiscal year 2025 net leverage ratio and capital expenditure guidance; (ii) our operational and financial targets and capital allocation policy; (iii) general economic trend and trends in the industry and markets; (iv) the amount of debt to be paid down by the Company during fiscal year 2025; (v) the estimated costs and benefits related to the consolidation of the Company’s North American linear motion operations in Charlotte, North Carolina to its manufacturing facility in Monterrey, Mexico (vi) the proper application of generally accepted accounting principles, which are highly complex and involve many subjective assumptions, estimates and judgements; and (vii) the competitive environment in which we operate; are forward looking statements. Forward-looking statements are not based on historical facts, but instead represent our current expectations and assumptions regarding our business, the economy and other future conditions, and involve known and unknown risks, uncertainties and other factors that could cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. It is not possible to predict or identify all such risks. These risks include, but are not limited to, the risk factors that are described under the section titled “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended March 31, 2024 as well as in our other filings with the Securities and Exchange Commission, which are available on its website at www.sec.gov. Given these uncertainties, you should not place undue reliance on these forward-looking statements. Forward-looking statements speak only as of the date they are made. Columbus McKinnon undertakes no duty to update publicly any such forward-looking statement, whether as a result of new information, future events or otherwise, except as may be required by applicable law, regulation or other competent legal authority.
Contacts:
Gregory P. Rustowicz
Kristine Moser
EVP Finance and CFO
VP IR and Treasurer
Columbus McKinnon Corporation
Columbus McKinnon Corporation
716-689-5442
704-322-2488
Financial tables follow.
COLUMBUS McKINNON CORPORATION
Condensed Consolidated Income Statements – UNAUDITED
(In thousands, except per share and percentage data)
Three Months Ended
September 30,
2024
September 30,
2023
Change
Net sales
$ 242,274
$ 258,400
(6.2) %
Cost of products sold
167,531
158,424
5.7 %
Gross profit
74,743
99,976
(25.2) %
Gross profit margin
30.9 %
38.7 %
Selling expenses
26,926
26,867
0.2 %
% of net sales
11.1 %
10.4 %
General and administrative expenses
23,363
25,709
(9.1) %
% of net sales
9.6 %
9.9 %
Research and development expenses
6,102
6,541
(6.7) %
% of net sales
2.5 %
2.5 %
Amortization of intangibles
7,547
7,508
0.5 %
Income from operations
10,805
33,351
(67.6) %
Operating margin
4.5 %
12.9 %
Interest and debt expense
8,352
10,211
(18.2) %
Investment (income) loss
(610)
88
NM
Foreign currency exchange (gain) loss
(792)
1,746
NM
Other (income) expense, net
23,806
393
5,957.5 %
Income (loss) before income tax expense (benefit)
(19,951)
20,913
NM
Income tax expense (benefit)
(4,908)
5,100
NM
Net income (loss)
$ (15,043)
$ 15,813
NM
Average basic shares outstanding
28,869
28,725
0.5 %
Basic income (loss) per share
$ (0.52)
$ 0.55
NM
Average diluted shares outstanding
28,869
29,001
(0.5) %
Diluted income (loss) per share
$ (0.52)
$ 0.55
NM
Dividends declared per common share
$ 0.07
$ 0.07
COLUMBUS McKINNON CORPORATION
Condensed Consolidated Income Statements – UNAUDITED
(In thousands, except per share and percentage data)
Six Months Ended
September 30,
2024
September 30,
2023
Change
Net sales
$ 482,000
$ 493,892
(2.4) %
Cost of products sold
318,227
307,266
3.6 %
Gross profit
163,773
186,626
(12.2) %
Gross profit margin
34.0 %
37.8 %
Selling expenses
54,696
51,848
5.5 %
% of net sales
11.3 %
10.5 %
General and administrative expenses
49,810
53,152
(6.3) %
% of net sales
10.3 %
10.8 %
Research and development expenses
12,268
12,442
(1.4) %
% of net sales
2.5 %
2.5 %
Amortization of intangibles
15,047
14,385
4.6 %
Income from operations
31,952
54,799
(41.7) %
Operating margin
6.6 %
11.1 %
Interest and debt expense
16,587
18,836
(11.9) %
Investment (income) loss
(819)
(454)
80.4 %
Foreign currency exchange (gain) loss
(398)
2,230
NM
Other (income) expense, net
24,484
605
3,946.9 %
Income (loss) before income tax expense (benefit)
(7,902)
33,582
NM
Income tax expense (benefit)
(1,488)
8,494
NM
Net income (loss)
$ (6,414)
$ 25,088
NM
Average basic shares outstanding
28,852
28,694
0.6 %
Basic income (loss) per share
$ (0.22)
$ 0.87
NM
Average diluted shares outstanding
28,852
28,962
(0.4) %
Diluted income (loss) per share
$ (0.22)
$ 0.87
NM
Dividends declared per common share
$ 0.07
$ 0.07
COLUMBUS McKINNON CORPORATION
Condensed Consolidated Balance Sheets
(In thousands)
September 30,
2024
March 31, 2024
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents
$ 55,683
$ 114,126
Trade accounts receivable
170,669
171,186
Inventories
201,036
186,091
Prepaid expenses and other
40,357
42,752
Total current assets
467,745
514,155
Property, plant, and equipment, net
107,258
106,395
Goodwill
717,982
710,334
Other intangibles, net
375,598
385,634
Marketable securities
10,579
11,447
Deferred taxes on income
1,367
1,797
Other assets
96,355
96,183
Total assets
$ 1,776,884
$ 1,825,945
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Trade accounts payable
$ 72,106
$ 83,118
Accrued liabilities
106,847
127,973
Current portion of long-term debt and finance lease obligations
50,704
50,670
Total current liabilities
229,657
261,761
Term loan, AR securitization facility and finance lease obligations
449,910
479,566
Other non current liabilities
201,187
202,555
Total liabilities
$ 880,754
$ 943,882
Shareholders’ equity:
Common stock
287
288
Treasury stock
(5,946)
(1,001)
Additional paid in capital
529,599
527,125
Retained earnings
386,892
395,328
Accumulated other comprehensive loss
(14,702)
(39,677)
Total shareholders’ equity
$ 896,130
$ 882,063
Total liabilities and shareholders’ equity
$ 1,776,884
$ 1,825,945
COLUMBUS McKINNON CORPORATION
Condensed Consolidated Statements of Cash Flows – UNAUDITED
(In thousands)
Six Months Ended
September 30,
2024
September 30,
2023
Operating activities:
Net income (loss)
$ (6,414)
$ 25,088
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities:
Depreciation and amortization
24,028
22,482
Deferred income taxes and related valuation allowance
(13,662)
(6,097)
Net loss (gain) on sale of real estate, investments and other
(650)
(302)
Non-cash pension settlement
23,201
—
Stock-based compensation
4,175
5,264
Amortization of deferred financing costs
1,244
1,106
Impairment of operating lease
3,268
—
Loss (gain) on hedging instruments
(2)
554
Loss (gain) on disposal of Fixed Assets
418
—
Non-cash lease expense
5,202
4,684
Changes in operating assets and liabilities, net of effects of business acquisitions:
Trade accounts receivable
2,384
(11,409)
Inventories
(12,277)
(22,415)
Prepaid expenses and other
(11,714)
(5,868)
Other assets
183
357
Trade accounts payable
(10,711)
(5,996)
Accrued liabilities
(6,154)
(3,085)
Non-current liabilities
(3,889)
(4,921)
Net cash provided by (used for) operating activities
(1,370)
(558)
Investing activities:
Proceeds from sales of marketable securities
3,153
1,100
Purchases of marketable securities
(1,993)
(1,809)
Capital expenditures
(10,068)
(10,319)
Purchase of businesses, net of cash acquired
—
(108,145)
Dividend received from equity method investment
—
144
Net cash provided by (used for) investing activities
(8,908)
(119,029)
Financing activities:
Proceeds from the issuance of common stock
86
492
Purchases of treasury stock
(4,945)
—
Repayment of debt
(30,326)
(25,294)
Proceeds from issuance of long-term debt
—
120,000
Fees paid for borrowings on long-term debt
—
(2,859)
Payment to former owners of montratec
(6,711)
—
Fees paid for debt repricing
(169)
—
Cash inflows from hedging activities
11,862
12,084
Cash outflows from hedging activities
(11,809)
(12,660)
Payment of dividends
(4,038)
(4,015)
Other
(1,789)
(1,954)
Net cash provided by (used for) financing activities
(47,839)
85,794
Effect of exchange rate changes on cash
(326)
(325)
Net change in cash and cash equivalents
(58,443)
(34,118)
Cash, cash equivalents, and restricted cash at beginning of year
$ 114,376
$ 133,426
Cash, cash equivalents, and restricted cash at end of period
$ 55,933
$ 99,308
COLUMBUS McKINNON CORPORATION
Q2 FY 2025 Net Sales Bridge
Quarter
Year To Date
($ in millions)
$ Change
% Change
$ Change
% Change
Fiscal 2024 Net Sales
$ 258.4
$ 493.9
Acquisition
—
— %
2.7
0.5 %
Pricing
3.8
1.5 %
7.3
1.5 %
Volume
(20.2)
(7.8) %
(21.6)
(4.4) %
Foreign currency translation
0.3
0.1 %
(0.3)
— %
Total change
$ (16.1)
(6.2) %
$ (11.9)
(2.4) %
Fiscal 2025 Net Sales
$ 242.3
$ 482.0
COLUMBUS McKINNON CORPORATION
Q2 FY 2025 Gross Profit Bridge
($ in millions)
Quarter
Year To Date
Fiscal 2024 Gross Profit
$ 100.0
$ 186.6
Acquisition
—
0.8
Price, net of manufacturing costs changes (incl. inflation)
0.1
3.5
Monterrey, MX new factory start-up costs
(2.2)
(3.8)
Factory and warehouse consolidation costs
(10.8)
(10.8)
Sales volume and mix
(12.3)
(12.1)
Other
(0.3)
(0.5)
Foreign currency translation
0.2
0.1
Total change
(25.3)
(22.8)
Fiscal 2025 Gross Profit
$ 74.7
$ 163.8
U.S. Shipping Days by Quarter
Q1
Q2
Q3
Q4
Total
FY25
64
63
60
62
249
FY24
63
62
61
62
248
COLUMBUS McKINNON CORPORATION
Additional Data1
(Unaudited)
Period Ended
September 30,
2024
June 30,
2024
March 31,
2024
September 30,
2023
($ in millions)
Backlog
$ 317.6
$ 292.8
$ 280.8
$ 317.7
Long-term backlog
Expected to ship beyond 3 months
$ 172.5
$ 156.0
$ 144.6
$ 148.3
Long-term backlog as % of total backlog
54.3
%
53.3
%
51.5
%
46.7
%
Debt to total capitalization percentage
35.8
%
36.6
%
37.5
%
39.8
%
Debt, net of cash, to net total capitalization
33.2
%
33.3
%
32.0
%
35.3
%
Working capital as a % of sales 2
23.3
%
22.5
%
19.1
%
21.8
%
Three Months Ended
September 30,
2024
June 30,
2024
March 31,
2024
September 30,
2023
($ in millions)
Trade accounts receivable
Days sales outstanding
64.1
days
63.3
days
58.7
days
58.6
days
Inventory turns per year
(based on cost of products sold)
3.3
turns
3.0
turns
3.7
turns
3.1
turns
Days’ inventory
110.6
days
121.7
days
98.6
days
117.7
days
Trade accounts payable
Days payables outstanding
46.3
days
50.6
days
50.9
days
48.3
days
Net cash provided by (used for) operating activities
$ 9.4
$ (10.8)
$ 38.6
$ 16.7
Capital expenditures
$ 5.4
$ 4.6
$ 8.5
$ 5.0
Free Cash Flow 3
$ 4.0
$ (15.4)
$ 30.1
$ 11.7
______________________
1
Additional Data: This data is provided to help investors understand financial and operational metrics that management uses to measure the Company’s financial performance and identify trends affecting the business. These measures may not be comparable with or defined in the same manner as other companies. Components may not add due to rounding.
2
March 31, 2024 and September 30, 2023 exclude the impact of the acquisition of montratec®.
3
Free Cash Flow is a non-GAAP financial measure. Free Cash Flow is defined as GAAP net cash provided by (used for) operating activities less capital expenditures included in the investing activities section of the consolidated statement of cash flows. See the table above for the calculation of Free Cash Flow.
NON-GAAP FINANCIAL MEASURES
The following information provides definitions and reconciliations of the non-GAAP financial measures presented in this earnings release to the most directly comparable financial measures calculated and presented in accordance with generally accepted accounting principles (GAAP). The Company has provided this non-GAAP financial information, which is not calculated or presented in accordance with GAAP, as information supplemental and in addition to the financial measures presented in this earnings release that are calculated and presented in accordance with GAAP. Such non-GAAP financial measures should not be considered superior to, as a substitute for or alternative to, and should be considered in conjunction with, the GAAP financial measures presented in this earnings release. The non-GAAP financial measures in this earnings release may differ from similarly titled measures used by other companies.
COLUMBUS McKINNON CORPORATION
Reconciliation of Gross Profit to Adjusted Gross Profit
($ in thousands)
Three Months Ended
Six Months Ended
September 30,
2024
September 30,
2023
September 30,
2024
September 30,
2023
Gross profit
$ 74,743
$ 99,976
$ 163,773
$ 186,626
Add back (deduct):
Business realignment costs
76
—
468
196
Hurricane Helene cost impact
171
—
171
—
Factory and warehouse consolidation costs
10,763
—
10,763
—
Monterrey, MX new factory start-up costs
2,185
—
3,810
—
Adjusted Gross Profit
$ 87,938
$ 99,976
$ 178,985
$ 186,822
Net sales
$ 242,274
$ 258,400
$ 482,000
$ 493,892
Gross margin
30.9 %
38.7 %
34.0 %
37.8 %
Adjusted Gross Margin
36.3 %
38.7 %
37.1 %
37.8 %
Adjusted Gross Profit is defined as gross profit as reported, adjusted for certain items. Adjusted Gross Margin is defined as Adjusted Gross Profit divided by net sales. Adjusted Gross Profit and Adjusted Gross Margin are not measures determined in accordance with GAAP and may not be comparable with Adjusted Gross Profit and Adjusted Gross Margin as used by other companies. Nevertheless, Columbus McKinnon believes that providing non-GAAP financial measures, such as Adjusted Gross Profit and Adjusted Gross Margin, are important for investors and other readers of the Company’s financial statements and assists in understanding the comparison of the current quarter’s gross profit and gross margin to the historical periods’ gross profit, as well as facilitates a more meaningful comparison of the Company’s gross profit and gross margin to that of other companies.
COLUMBUS McKINNON CORPORATION
Reconciliation of Income from Operations to Adjusted Operating Income
($ in thousands)
Three Months Ended
Six Months Ended
September 30,
2024
September 30,
2023
September 30,
2024
September 30,
2023
Income from operations
$ 10,805
$ 33,351
$ 31,952
$ 54,799
Add back (deduct):
Acquisition deal and integration costs
—
508
—
3,095
Business realignment costs
281
40
1,131
415
Factory and warehouse consolidation costs
11,904
82
11,904
199
Headquarter relocation costs
51
146
147
1,374
Hurricane Helene cost impact
171
—
171
—
Monterrey, MX new factory start-up costs
3,751
—
7,317
—
Adjusted Operating Income
$ 26,963
$ 34,127
$ 52,622
$ 59,882
Net sales
$ 242,274
$ 258,400
$ 482,000
$ 493,892
Operating margin
4.5 %
12.9 %
6.6 %
11.1 %
Adjusted Operating Margin
11.1 %
13.2 %
10.9 %
12.1 %
Adjusted Operating Income is defined as income from operations as reported, adjusted for certain items. Adjusted Operating Margin is defined as Adjusted Operating Income divided by net sales. Adjusted Operating Income and Adjusted Operating Margin are not measures determined in accordance with GAAP and may not be comparable with Adjusted Operating Income and Adjusted Operating Margin as used by other companies. Nevertheless, Columbus McKinnon believes that providing non-GAAP financial measures, such as Adjusted Operating Income and Adjusted Operating Margin, are important for investors and other readers of the Company’s financial statements and assists in understanding the comparison of the current quarter’s income from operations to the historical periods’ income from operations and operating margin, as well as facilitates a more meaningful comparison of the Company’s income from operations and operating margin to that of other companies.
COLUMBUS McKINNON CORPORATION
Reconciliation of Net Income and Diluted Earnings per Share to
Adjusted Net Income and Adjusted Earnings per Share
($ in thousands, except per share data)
Three Months Ended
Six Months Ended
September 30,
2024
September 30,
2023
September 30,
2024
September 30,
2023
Net income (loss)
$ (15,043)
$ 15,813
$ (6,414)
$ 25,088
Add back (deduct):
Amortization of intangibles
7,547
7,508
15,047
14,385
Acquisition deal and integration costs
—
508
—
3,095
Business realignment costs
281
40
1,131
415
Factory and warehouse consolidation costs
11,904
82
11,904
199
Headquarter relocation costs
51
146
147
1,374
Hurricane Helene cost impact
171
—
171
—
Monterrey, MX new factory start-up costs
3,751
—
7,317
—
Non-cash pension settlement expense
23,201
—
23,201
—
Normalize tax rate 1
(11,647)
(2,199)
(14,242)
(4,768)
Adjusted Net Income
$ 20,216
$ 21,898
$ 38,262
$ 39,788
GAAP average diluted shares outstanding
28,869
29,001
28,852
28,962
Add back:
Effect of dilutive share-based awards
205
—
253
—
Adjusted Diluted Shares Outstanding
$ 29,074
$ 29,001
$ 29,105
$ 28,962
GAAP EPS
$ (0.52)
$ 0.55
$ (0.22)
$ 0.87
Adjusted EPS
$ 0.70
$ 0.76
$ 1.31
$ 1.37
1
Applies a normalized tax rate of 25% to GAAP pre-tax income and non-GAAP adjustments above, which are each pre-tax.
Adjusted Net Income, Adjusted Diluted Shares Outstanding and Adjusted EPS are defined as net income (loss) and GAAP EPS as reported, adjusted for certain items, including amortization of intangibles, and also adjusted for a normalized tax rate. Adjusted Net Income, Adjusted Diluted Shares Outstanding and Adjusted EPS are not measures determined in accordance with GAAP and may not be comparable with the measures used by other companies. Nevertheless, Columbus McKinnon believes that providing non-GAAP financial measures, such as Adjusted Net Income, Adjusted Diluted Shares Outstanding and Adjusted EPS, are important for investors and other readers of the Company’s financial statements and assists in understanding the comparison of current periods’ net income (loss), average diluted shares outstanding and GAAP EPS to the historical periods’ net income (loss), average diluted shares outstanding and GAAP EPS, as well as facilitates a more meaningful comparison of the Company’s net income (loss) and GAAP EPS to that of other companies. The Company believes that presenting Adjusted Net Income, Adjusted Diluted Shares Outstanding and Adjusted EPS provides a better understanding of its earnings power inclusive of adjusting for the non-cash amortization of intangible assets, reflecting the Company’s strategy to grow through acquisitions as well as organically.
COLUMBUS McKINNON CORPORATION
Reconciliation of Net Income to Adjusted EBITDA
($ in thousands)
Three Months Ended
Six Months Ended
September 30,
2024
September 30,
2023
September 30,
2024
September 30,
2023
Net income (loss)
$ (15,043)
$ 15,813
$ (6,414)
$ 25,088
Add back (deduct):
Income tax expense (benefit)
(4,908)
5,100
(1,488)
8,494
Interest and debt expense
8,352
10,211
16,587
18,836
Investment (income) loss
(610)
88
(819)
(454)
Foreign currency exchange (gain) loss
(792)
1,746
(398)
2,230
Other (income) expense, net
23,806
393
24,484
605
Depreciation and amortization expense
12,188
11,592
24,028
22,482
Acquisition deal and integration costs
—
508
—
3,095
Business realignment costs
281
40
1,131
415
Factory and warehouse consolidation costs
11,904
82
11,904
199
Headquarter relocation costs
51
146
147
1,374
Hurricane Helene cost impact
171
—
171
—
Monterrey, MX new factory start-up costs
3,751
—
7,317
—
Adjusted EBITDA
$ 39,151
$ 45,719
$ 76,650
$ 82,364
Net sales
$ 242,274
$ 258,400
$ 482,000
$ 493,892
Net income margin
(6.2) %
6.1 %
(1.3) %
5.1 %
Adjusted EBITDA Margin
16.2 %
17.7 %
15.9 %
16.7 %
Adjusted EBITDA is defined as net income (loss) before interest expense, income taxes, depreciation, amortization, and other adjustments. Adjusted EBITDA Margin is defined as Adjusted EBITDA divided by net sales. Adjusted EBITDA and Adjusted EBITDA Margin are not a measures determined in accordance with GAAP and may not be comparable with Adjusted EBITDA and Adjusted EBITDA Margin as used by other companies. Nevertheless, Columbus McKinnon believes that providing non-GAAP financial measures, such as Adjusted EBITDA and Adjusted EBITDA Margin, are important for investors and other readers of the Company’s financial statements.
COLUMBUS McKINNON CORPORATION
Reconciliation of Net Leverage Ratio
($ in thousands)
Twelve Months Ended
September 30,
2024
September 30,
2023
Net income (loss)
$ 15,123
$ 51,012
Add back (deduct):
Annualize EBITDA for the montratec acquisition1
—
5,410
Annualize synergies for the montratec acquisition1
—
293
Income tax expense (benefit)
4,920
20,694
Interest and debt expense
35,708
33,807
Non-cash pension settlement
28,185
—
Amortization of deferred financing costs
2,487
1,967
Stock Compensation Expense
10,950
12,060
Depreciation and amortization expense
47,491
43,536
Cost of debt refinancing
1,190
—
Acquisition deal and integration costs
116
3,606
Excluded acquisition deal and integration costs2
—
(510)
Business realignment costs
2,583
2,664
Excluded business realignment costs2
—
(2,249)
Factory and warehouse consolidation costs
12,449
199
Garvey contingent consideration
—
1,230
Headquarter relocation costs
832
2,370
Monterrey, MX new factory start-up costs
11,806
—
Excluded Monterrey, MX new factory start-up costs3
(3,664)
—
Credit Agreement Trailing Twelve Month Adjusted EBITDA
$ 170,176
$ 176,089
Current portion of long-term debt and finance lease obligations
$ 50,704
$ 50,636
Term loan, AR securitization facility and finance lease obligations
449,910
514,205
Total debt
$ 500,614
$ 564,841
Standby Letters of Credit
15,692
15,525
Cash and cash equivalents
(55,683)
(99,058)
Net Debt
$ 460,623
$ 481,308
Net Leverage Ratio
2.71x
2.73x
1
EBITDA is normalized to include a full year of the acquired entity and assumes all cost synergies are achieved in TTM Q2 FY24.
2
The Company’s credit agreement definition of Adjusted EBITDA excludes certain acquisition deal and integration costs and business realignment costs that are incurred beyond one year after the close of an acquisition.
3
The Company’s credit agreement definition of Adjusted EBITDA excludes certain Monterrey, MX factory start-up costs.
Net Debt is defined in the credit agreement as total debt plus standby letters of credit, net of cash and cash equivalents. Net Leverage Ratio is defined as Net Debt divided by the Credit Agreement Trailing Twelve Month Adjusted EBITDA. Credit Agreement Trailing Twelve Month Adjusted EBITDA is defined as net income adjusted for interest expense, income taxes, depreciation, amortization, and other adjustments. Net Debt, Net Leverage Ratio and Credit Agreement Trailing Twelve Month Adjusted EBITDA are not measures determined in accordance with GAAP and may not be comparable with the measures as used by other companies. Nevertheless, the Company believes that providing non-GAAP financial measures, such as Net Debt, Net Leverage Ratio and Credit Agreement Trailing Twelve Month Adjusted EBITDA are important for investors and other readers of the Company’s financial statements.
View original content to download multimedia:https://www.prnewswire.com/news-releases/columbus-mckinnon-reports-16-order-growth-in-q2-fy25-302291065.html
SOURCE Columbus McKinnon Corporation
You may like
Technology
ASTRI Showcases Pioneering Technologies at InnoCarnival 2026
Published
4 minutes agoon
October 24, 2026By
Driving Technology Adoption, Shaping a Vision for the Future
HONG KONG, Oct. 24, 2026 /PRNewswire/ — The Hong Kong Applied Science and Technology Research Institute (ASTRI) is proud to present a range of cutting-edge technologies and practical solutions at this year’s InnoCarnival, spanning communications technology, smart cities, IoT sensing, and renewable energy and energy storage. ASTRI’s innovations address urban development needs and everyday applications, driving diversity in the innovation and technology (I&T) sector.
Organised by the Innovation and Technology Commission of the Hong Kong SAR Government, the InnoCarnival 2026 runs from today through 1 November at Hong Kong Science Park (HKSP) with the theme of “Lead with I&T, Dream to Fly High “, offering the public an opportunity to experience the transformative power and I&T vibrancy.
Ir Dr Ted Suen, Chief Executive Officer of ASTRI, stated: “Innovation is not just about breakthroughs in the lab – it’s about putting technology into practice, empowering industries, and benefiting society as a whole. At ASTRI, we align closely with the government’s priorities in advancing AI development and accelerating new industrialisation. Through our participation in the InnoCarnival, we showcase various state-of-the-art technologies, some of which have been co-developed with industry partners and are already in commercial rollout. These innovations demonstrate the tangible benefits of technology in daily life and inspire the public to explore their curiosity about science and innovation.”
He highlighted the InnoCarnival as a key platform to bridge the I&T community with the public. “This annual landmark event motivates young people to explore their potential and encourages them to pursue careers in Hong Kong’s growing I&T sector,” he added.
ASTRI’s booth (A08), located at the HKSP’s Atrium Link, features interactive games powered by its groundbreaking technologies “5G-SAT Link” and “Omniguard-All-Weather Multispectral Surveillance System” technologies. Visitors can also explore other advanced solutions on display, including the dual-purpose “SafeStop Dual-purpose Impact Dissipation Bollard”, the “Hybrid-Powered Asset Tracker”, and the award-winning “NIR Secure Anti-Counterfeit Solutions”, which received gold award at the prestigious Edison Awards.
1. 5G-SAT Link
ASTRI’s “5G-SAT Link” technology delivers seamless, comprehensive communications coverage—even in remote areas, emergency scenarios where infrastructure is compromised, or at sea and in the air.
2. Omniguard: All-Weather Multispectral Surveillance System
The “Omniguard” is equipped with exceptional fog penetration capabilities, superior contrast, and crystal-clear signal quality. Leveraging its advanced shortwave and longwave infrared sensors, the system can even detect non-metallic vessels that are difficult for radar systems to identify in harsh coastal environments.
3. SafeStop Dual-purpose Impact Dissipation Bollard
Developed by ASTRI, the “SafeStop Bollard” features a unique material design inspired by the retractable claw structure of cats. Its 3D tension-expansion composition allows it to effectively dissipate kinetic energy from moving vehicles, providing dual protection by blocking vehicles while minimising potential harm to occupants. Certified to meet international crash-test standards, the bollard’s shallow foundation design makes it ideal for fast and efficient installation in high-traffic urban locations.
4. Hybrid-Powered Asset Tracker
The “Hybrid-Powered Asset Tracker” enables efficient, real-time management of airport equipment such as baggage carts over extended periods. Supported by the Airport Authority Hong Kong, the tracker is compatible with airport wireless networks and utilises automatic Bluetooth-GPS switching for seamless indoor and outdoor location updates. With a long-lasting battery combined with an efficient, low-light solar panel, the tracker extends its lifespan from under two years to five years.
5. NIR Secure Anti-Counterfeit Solutions
The “NIR Secure Anti-Counterfeit Solutions” offer an innovative authentication system by embedding covert near-infrared (NIR) absorbing materials into product packaging. Users can verify product authenticity instantly using a smartphone, paired with an NIR reader and mobile app. Highly scalable and robust, this solution combats counterfeit goods while preserving the original product design and production workflow. Co-developed with Zhuhai Print-Rite New Materials Corporation Ltd., this technology sets a new benchmark in secure authentication.
Photos Download: https://bit.ly/4iguifh
About ASTRI
Founded in 2000 by the HKSAR Government, Hong Kong Applied Science and Technology Research Institute (ASTRI) is the city’s largest government-funded R&D centre. Committed to transforming high-impact research into practical innovations, ASTRI drives market-driven, interdisciplinary advancements across sectors, including Smart City, FinTech, Digital Health and Life Sciences, New Industrialisation and Intelligent Manufacturing, Application-Specific Integrated Circuits (ASIC) and Advanced Electronics, New Energy and Energy Storage, and Green and ESG Technologies. Following its merger with the Nano and Advanced Materials Institute, ASTRI has further strengthened its capabilities, with over 1,500 patents and 2,200 successful cases of technology transfer. Recognised with numerous international awards, ASTRI continues to nurture top I&T talent and foster collaborations among the I&T ecosystem, contributing to Hong Kong’s high-value economic development. For more information, please visit: https://www.astri.org
View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/astri-showcases-pioneering-technologies-at-innocarnival-2026-302918617.html
SOURCE Hong Kong Applied Science and Technology Research Institute (ASTRI)
Technology
Best Magnetic Stand Cases for iPhone 18 Pro & iPhone 18 Pro Max in 2026: TORRAS Recognized as a Top Choice by Expert Consumers
Published
4 minutes agoon
October 24, 2026By
NEW YORK, Oct. 24, 2026 /PRNewswire/ — Expert Consumers has recognized the TORRAS Magnetic Stand Case as a top choice for iPhone 18 Pro and iPhone 18 Pro Max users seeking built-in stand functionality, magnetic accessory support, and everyday convenience. The recognition highlights TORRAS’s Q-series and O-series lineup, including Q3 Spin, O3 Fitness, Q3 Silicone, Q3 Wind, Q3 VegSkin, and Q3 Air Essential.
Best MagSafe Cases:
TORRAS – offers magnetic stand cases with rotating and adjustable viewing mechanisms, support for compatible MagSafe accessories, and different materials and grip designs. Its Ostand lineup provides options for desk work, entertainment, fitness, travel, and everyday smartphone use.
As smartphones become increasingly central to video calls, navigation, streaming, and mobile work, the role of a phone case has expanded beyond protection. For consumers researching the best MagSafe case, the ability to position a phone hands-free, connect compatible accessories, and maintain comfortable everyday handling can make a meaningful difference.
Expert Consumers examined the features that matter when choosing a magnetic stand case, including stand practicality, viewing flexibility, magnetic functionality, charging compatibility, material feel, and documented durability features. The review highlights how TORRAS addresses these priorities through multiple stand configurations and case designs.
TORRAS Ostand Series Combines Stand and Magnetic Functionality
The TORRAS Ostand lineup integrates stand mechanisms into magnetic phone cases, reducing the need for separate hands-free viewing accessories. Rather than offering one universal configuration, the Q-series and O-series address different preferences for stand movement, grip, materials, and everyday use.
The TORRAS Q3 Spin features a 360-degree rotating ring stand that folds flat when not in use. The design supports flexible positioning for portrait video calls, landscape streaming, and desk use. For the iPhone 18 Pro version, TORRAS specifies an 18N magnetic holding force for compatible accessories and states that the stand mechanism has been tested through 30,000 rotations.
The TORRAS O3 Fitness offers additional adjustment for users who frequently move between handheld and hands-free activities. Available for iPhone 18 Pro and Pro Max, its aluminum stand provides 360-degree rotation, up to 180-degree tilt, and grip functionality. TORRAS lists 38 N56 magnets arranged in a Halbach array, delivering up to 18N of magnetic force. The design is particularly relevant for workouts, filming, travel, and video calls.
For users prioritizing a softer case feel, the TORRAS Q3 Silicone combines a liquid silicone exterior with a 360-degree rotating stand. Its documented iPhone 18 Pro Max version uses N52 magnets in a Halbach array for compatible magnetic charging and accessories. A microfiber interior and reinforced construction complement the soft-touch finish, supporting comfortable everyday handling.
The TORRAS Q3 Wind takes a related approach to comfort while offering a different stand configuration. Its iPhone 18 Pro Max version features 360-degree rotation and an opening range of up to 180 degrees. The stand can also function as a finger grip. TORRAS specifies N56 magnets in a Halbach array with an 18N magnetic holding force, combining flexible viewing with magnetic accessory support.
The TORRAS Q3 VegSkin emphasizes material finish alongside everyday functionality. Available for iPhone 18 Pro and Pro Max, it features an organic silicone-leather exterior and a 360-degree rotating aluminum stand. Its N56 Halbach magnetic system provides a stated 18N holding force. The combination makes it suitable for meetings, commuting, presentations, and users who prefer a more refined case appearance.
The TORRAS Q3 Air Essential combines rotating stand functionality with textured handling surfaces and Air Pro cushioning. Available in dedicated iPhone 18 Pro and Pro Max versions, it features a 360-degree rotating stand for hands-free viewing and a stated magnetic holding force of up to 18N. Its textured exterior is designed to support grip during everyday use, while cushioning provides an additional protective element.
Together, these models demonstrate how integrated stand cases can accommodate different routines without requiring users to rely on separate stands or grips.
Practical Features for Everyday Phone Use
A magnetic stand case becomes more useful when its design matches the way a phone is used. The TORRAS lineup includes configurations suited to several everyday situations:
Desk work and streaming: Q3 Spin provides a rotating ring stand for changing between portrait and landscape viewing.Fitness and filming: O3 Fitness combines 360-degree rotation, up to 180-degree tilt, and grip functionality for flexible positioning.Comfortable everyday handling: Q3 Silicone and Q3 Wind combine soft-touch finishes with adjustable stand mechanisms.Office use and commuting: Q3 VegSkin offers rotating stand functionality with a leather-inspired exterior.Travel and hands-free viewing: Q3 Air Essential combines a rotating stand with textured grip and cushioning.
Magnetic functionality is another shared consideration. The featured models support compatible MagSafe chargers and accessories, including magnetic mounts and wallets. However, magnet grades, arrangements, and attachment specifications differ between models.
These distinctions allow buyers to consider not only whether a case supports MagSafe accessories, but also how its stand mechanism and exterior design suit everyday habits.
Evaluating Durability, Handling, and Design
Expert Consumers’ evaluation considers the practical trade-offs of integrated stand cases. A built-in stand can reduce the need for additional accessories, but it also introduces a moving component that should be evaluated for convenience, durability, and comfort.
Stand construction varies across the lineup. Q3 Spin uses a rotating ring mechanism, while O3 Fitness offers additional tilt adjustment. Q3 Wind combines rotation with a wider opening range, and Q3 Silicone, Q3 VegSkin, and Q3 Air Essential provide their own approaches to rotating stand functionality.
Material choice also affects handling. The TORRAS magnetic stand case lineup includes soft silicone finishes, leather-inspired textures, and textured cushioning designs intended to address different preferences for grip and everyday carrying.
Manufacturer-stated testing offers additional product context. TORRAS reports 30,000 rotations for the Q3 Spin stand mechanism, although such figures should not be treated as guarantees of performance under every condition.
Protection features should also be considered separately from stand durability. Raised edges, cushioning, and reinforced construction may contribute to a case’s protective design, but the best choice ultimately depends on the intended phone model, handling preferences, and frequency of hands-free use.
A Complementary Screen-Protection Option
TORRAS also offers the SunView AR Ultra Screen Protector for iPhone 18 Pro and Pro Max, as well as iPhone 17 Pro and Pro Max.
The protector incorporates seven anti-reflective layers and two anti-fouling layers. TORRAS specifies film-only reflectance below 0.8%, light transmittance above 95%, and approximately 97% coverage through its 2.5D silk-screened glass.
Designed to reduce distracting reflections and fingerprint oils, the protector offers a complementary option for users who frequently check maps, messages, workout information, or camera previews outdoors.
Choosing a Magnetic Stand Case
Expert Consumers’ recognition of TORRAS highlights the growing importance of integrated stand functionality in everyday phone accessories. Rather than selecting a case solely for its appearance or magnetic attachment, buyers can consider viewing flexibility, stand construction, material feel, charging compatibility, and intended use.
The TORRAS Ostand lineup provides several approaches to these priorities. Q3 Spin emphasizes rotating viewing positions, O3 Fitness adds movement and grip flexibility, Q3 Silicone and Q3 Wind focus on comfortable handling, Q3 VegSkin combines functionality with a refined finish, and Q3 Air Essential balances adjustable viewing with textured grip and cushioning.
For consumers comparing magnetic stand cases for iPhone 18 Pro and iPhone 18 Pro Max, the most suitable option depends on viewing preferences, magnetic accessory compatibility, and everyday handling. Shoppers can explore the TORRAS Magnetic Stand Case to learn more about its integrated stand functionality and magnetic features.
The full review, including detailed product comparisons and buying considerations, is available at the Expert Consumers site.
About TORRAS
TORRAS creates technology accessories that combine protection, thoughtful engineering, and practical everyday function. Across the Q3 Air, Q3 Air Pro, and Ostand product lines, the brand challenges the idea that better protection must mean more bulk, while using Ostand to make hands-free use and spontaneous content capture part of daily life.
About ExpertConsumers.org: Expert Consumers delivers news and insights on consumer products and services. As an affiliate, Expert Consumers may earn commissions from sales generated using links provided.
View original content:https://www.prnewswire.com/news-releases/best-magnetic-stand-cases-for-iphone-18-pro–iphone-18-pro-max-in-2026-torras-recognized-as-a-top-choice-by-expert-consumers-302918040.html
SOURCE ExpertConsumers.org
Technology
2026 China Marine Economy Expo Kicks Off: Embarking Together on a Journey Toward Digital and Smart Ocean
Published
4 minutes agoon
October 24, 2026By
SHENZHEN, China, Oct. 24, 2026 /PRNewswire/ — On October 22, Shenzhen World Exhibition & Convention Center was illuminated in a deep ocean blue as the 2026 China Marine Economy Expo—themed “Digital and Smart Ocean: Co-creating a Sustainable Future”—officially opened. Spanning an exhibition area of 50,000 square meters, the expo hosts over 350 enterprises and is expected to attract 25,000 professional visits. It focuses on core marine sectors and cutting-edge fields, featuring eight exhibition zones including integrated deep-sea and far-sea energy development and application, green shipping and low-carbon logistics, marine electronic information, marine ecology and sustainable development, offshore applications of the low-altitude economy, full-space marine monitoring and disaster early warning, marine biomedicine, and modern marine services and coastal cultural tourism, as well as three specialized exhibition zones dedicated to international participation, industrial clusters, and accelerated technological innovation, which together present the complete ecosystem of marine industries across their entire value chain.
The international zone stands as one of the most prominent core zones. For the first time, China Marine Economy Expo has introduced a Guest Country of Honor mechanism, with France serving as the inaugural honoree. France pavilion offers an immersive experience of its Mission Neptune, and showcases the achievements of Sino-French cooperation in deep-sea research, polar affairs, marine engineering, digital marine technologies, etc. in collaboration with Deep Blue Voyager 2035 global ocean expedition (an international cooperation initiative under UN Ocean Decade spearheaded by China Ocean Mineral Resources R&D Association) and Fujian Ocean Innovation Center.
Hainan, as the inaugural Guest Province of Honor, has brought its leading enterprises to the expo. The enterprises unveil solutions in deep-sea oil and gas, marine renewable energy, deep-sea equipment manufacturing, marine tourism, fisheries, modern marine services, marine biomedicine, subsea embodied-AI robots, large AI models for marine application, quantum-based marine communication and navigation, as well as progress in the development of service and support bases for South China Sea resource exploration, and maritime search and rescue facilities.
Many leading Chinese enterprises, industry front runners and emerging companies are present to demonstrate their capabilities.
Enterprises including China Merchants Group, China Communications Construction Group, China International Marine Containers, and Shenzhen Mawan Smart Port present innovations in smart shipping, offshore engineering and port operations. Tech companies like China Telecom, Huawei, Hikvision and China Unicom introduce cross-industry solutions covering large marine AI models, open sea networked communications, subsea cables and underwater connectors, and digital twin technology for the marine environment.
Underwater robotics section offers a particularly immersive experience. Companies such as CRRC SMD, Boya Gongdao, VVLAI, Sealien Robotics, Seahi, T-SEA Tech, QYSEA Technology, Chasing Innovation, and Wujiang Ocean showcase a diverse range of equipment from consumer-grade robots to 6,000 m industrial-grade submersibles, deep-sea trenching gear, and autonomous underwater exploration and imaging installations. Shenzhen Energy Group highlights a project integrating seawater electrolysis for hydrogen production with offshore wind power generation. SANYA Oceanographic Laboratory presents its Magic Needle large AI model for the South China Sea. ZJU-Hengyi Global Innovation Research Center, Zhejiang University features Haihong II deep-sea unmanned submersible.
There is also a wealth of standout innovations in marine materials and parts. Exhibits such as heavy plates for offshore engineering from Baosteel Zhanjiang Steel, deep-sea robotic arms from KathayBot, deep-sea optoelectronic connectors from Lansuo Technology, pressure resistant spherical hulls from Yancheng Huida Glass Instrument, and solid buoyancy materials from T21 offer visitors a glimpse into the essential materials and parts that underpin China’s major national equipment. Professional service organizations including China Classification Society, China Rescue & Salvage, and Shenzhen Court of International Arbitration provide expertise in areas ranging from testing and certification to emergency response, commercial arbitration, and legal services. Additionally, regional delegations from Guangdong, Hainan, Shanghai, Zhejiang, Shenzhen’s Dapeng and Bao’an districts, Huizhou, and Shantou stage a diverse array of marine projects and technological innovations.
Meanwhile, the 2026 Shenzhen Global Marine Economy Forum, serving as a premier platform for international exchanges within China Marine Economy Expo, took place from October 22 to 23. Nearly 50 high-level representatives and professionals from more than 10 countries and regions engaged in in-depth discussions to advance initiatives related to ecological conservation, the resilience of coastal cities, the value of blue carbon, blue finance, and sustainable urban development.
Industry matchmaking and investment promotion efforts also advance steadily, exemplified by events including International Shipping and Cross-Border Trade Matchmaking, Inaugural Greater Bay Area Blue Ocean Summit on University Sci-Tech Innovation and Capital, investment and financing roadshows by marine SMEs, and Investment Promotion for Shenzhen’s Marine Industries. Notably, the 2026 Investment Promotion for Shenzhen’s Marine Industries—held on October 23 and co-hosted by the Shenzhen Municipal Bureau of Marine Development and the Authority of Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone, with the support of Bao’an, Longgang and Guangming districts—attracted representatives from around 100 enterprises and organizations specializing in high-end shipping, new energy vessels, deep-sea equipment and other related sectors.
From the technological feast inside exhibition halls to forums covering global ocean governance, blue finance and APEC regional cooperation, and further to city-wide ocean week, yacht shows and public science outreach activities, this edition of China Marine Economy Expo boasts both in-depth professional content for the marine sector and inclusive public experiences with a humanistic touch. It serves not only as a vivid microcosm of the transformation and advancement of China’s marine industries, but also as a vital link for deepening global maritime cooperation and venturing into deep ocean. By gathering guests from all over the world for a journey toward digitally-empowered smart ocean governance, the event ushers in a new chapter of high-quality development in the global marine economy.
View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/2026-china-marine-economy-expo-kicks-off-embarking-together-on-a-journey-toward-digital-and-smart-ocean-302918625.html
SOURCE 2026 China Marine Economy Expo (CMEE)
ASTRI Showcases Pioneering Technologies at InnoCarnival 2026
Best Magnetic Stand Cases for iPhone 18 Pro & iPhone 18 Pro Max in 2026: TORRAS Recognized as a Top Choice by Expert Consumers
2026 China Marine Economy Expo Kicks Off: Embarking Together on a Journey Toward Digital and Smart Ocean
Send Rakhi to UK swiftly with UK Gifts Portal
Whiteboard Series with NEAR | Ep: 45 Joel Thorstensson from ceramic.network
Nullmax and Renesas Forge Strategic Partnership to Deliver Competitive ADAS Solutions for the Global Market
Why You Should Build on #NEAR – Co-founder Illia Polosukhin at CV Labs
Whiteboard Series with NEAR | Ep: 45 Joel Thorstensson from ceramic.network
NEAR End of Year Town Hall 2021: The Open Web World, MetaBUILD 2 Hackathon and 2021 recap
Trending
-
Technology5 days agoInstaMall Launches Same-Day Fashion Delivery Experience, Bringing 80+ Brands to Shoppers’ Doors in Miami
-
Coin Market5 days agoWorld Liberty’s USD1 stablecoin sheds $400M in market cap in two weeks
-
Technology5 days agoTreasuries Rallied as Tech Slid, and the Crowded Bet Against Bonds Felt It
-
Technology5 days agoEnciso Systems Joins SOLAIYA / GARDANT GLOBAL Team to Provide IT Services on NASA SEWP VI Contract
-
Technology5 days agoElectives Launches “Electives for Everyone,” Making Live Expert-Led Learning Available to Every Employee
-
Technology4 days agoSophont Launches Holon-S1 to Reveal Tumor Biology from Routine Pathology Slides
-
Technology5 days agoOppFi Announces its Third Quarter 2026 Earnings Conference Call
-
Technology5 days agoEqvista Launches Company-Sponsored Tender Offers, Expanding Private Market Liquidity Capabilities