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Earnings reports coming in

Earnings season is upon us and the results on this day are mixed for Western New York companies.

Greatbatch, which we still consider a local company despite its front office folk moving to Texas, reported lower profits associated with closing a Swiss factory. The company is bringing the work back to the U.S.

Columbus McKinnon, maker of hoists, chains and devices to lift and move things, has been running a tight ship, and the profits show it. Increased productivity helped boost profits 24 percent last quarter.

Synacor, the Buffalo-based high-tech firm that helps TV stations improve web site profitability, saw revenues rise but profits dip due to some higher expenses.

Five Star Bank's earnings fell due to one-time expenses of an outgoing CEO and the cost of buying eight former HSBC branches.

Earnings rose at Evans Bancorp on income from lending and setting aside less for loan losses.

Sounds like local companies are battling hard in the slow economy.

- Grove Potter

 

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