| Member since 1972

The Company achieved income from operations of C$4 million in the first quarter compared with a loss of C$0.1 million in the prior year first quarter by increasing margins and reducing selling and administrative expenses. Offsetting the increase in income was an increase in foreign exchange loss of C$1.2 million, additional interest expense of C$0.7 million and a decrease in the gain on disposal of assets by C$8.1 million from the prior year first quarter which resulted in a $2.2-million-dollar loss in the quarter.

Sales are projected to be higher in 2024 as the Company continues to improve problems associated with supply chain issues. The Company has a large backlog of sales and continues to have strong demand for its agricultural machinery and equipment. The Company’s majority shares were acquired by Basak Tractor a wholly-owned subsidiary of ASKO Holding on Dec. 28, 2023.

| Member since 1972

Source:

For the third quarter of 2023, gross profit was $7.4 million compared to $8.7 million in the prior year third quarter. As a percentage of revenue, gross profit was 12.4%, down from 13.3% in the third quarter of 2022. For the nine months ended September 30, 2023, gross profit was $24.8 million, up from $24.1 million in the same period last year. As a percentage of revenue, gross profit was 13.5%, as compared with 13.5% in the prior year to date period.

| Member since 1972

Source:

Net income for the second quarter was $16.1 million, compared to net income of $1.1 million for the same period in 2022. For the 6 months ending June 30, 2023, the net income was $20.2 million, compared to the net income of $1.4 million for the similar period in 2022.

The Company said it has a large backlog of sales and continues to have strong demand for agricultural machinery and equipment. Increased sales are projected for 2023 as the Company continues to work through supply chain challenges.

| Member since 1972

Source:

Net income of $3.1 million for the quarter was higher by $2.8 million compared to the result in the prior year’s first quarter. Contributing to the increase in profit this quarter was an increase on the gain on disposal of assets primarily held for sale of $5.9 million. This was offset by a reduction in income from operations of $1.9 million, an increase in interest expense of $0.5 million, a decrease in the gain from foreign exchange of $0.5 million and an increase in spending on research and development of $0.5 million.

Increased sales are projected for 2023 as the Company continues to work through supply chain challenges. The Company has a large backlog of sales and continues to have strong demand for agricultural machinery and equipment.

| Member since 1972

Source:

Buhler reported its  earlier this month, showing revenue for the year was $178.8 million, down $57.6 million from sales of $236.4 million in 2021. The Company’s decreased sales for the period primarily results from the accounting change to a December year-end in 2021.

| Member since 1972

Source:

Sales are expected to grow as the Company is able to resolve the supply chain issues.  The backlog remains very high.  Inventory is projected to decrease as the Company is able to reduce the supply chain issues. In the past year, the Company restructured its manufacturing capacity and made changes to reduce the overall cost of operations. The restructuring coupled with improved supply chain will increase the profitability of the Company.

Complete financial statement: 

Trading symbol: BUI

SOURCE Buhler Industries Inc.

It announced last week that it “continues to strongly oppose the decisions of the Russian Federation and stands with the people of Ukraine.” It also said the company has made changes to the Board of Directors to “align with the values of the Canadian-based leadership team.”

The Board of Directors accepted the resignation of Konstanin Babkin after Babkin spoke in support of the actions of the Russian Federation.

“These views are in stark contrast to those of the North American executive team and do not reflect the position or values of Buhler Industries,” the statement said.

Babkin will be replaced by Adam Reid, who is currently the vice president of sales and marketing. He has been with the company for more than 15 years.

Grant Adolph has been appointed chairman of the board of Buhler Industries. Adolph is currently a member of the board and chief operating officer. He has been with the company since 1975.

Ossama AbouZeid, Ph.D., has been appointed as a director on the board and chairman of the Audit Committee. AbouZeid has served as president and chief financial officer of Buhler Industries.

AbouZeid replaces company founder John Buhler, who has retired.

“We thank Mr. Buhler, who has served on the board since the formation of Buhler Industries, a company that he started, for his years of dedicated service,” the statement said.

Member since 1972 |

Revenue for the year was $249.6, up 20.5 from sales of $229.1 in 2019. The Company’s increased sales levels are as a result of dealers reducing field inventory in the previous year, strong harvest conditions and crop yields. Sales to North America have increased but were somewhat offset by sales in Eastern Europe and other international sales.

Net Earnings up for the Year

The net loss for the year was $25.8, an improvement of $3.7 from the loss in the prior year. In the current year the Company continued cost saving measures from the previous year that has resulted in continued improvements to gross margin and reductions in the loss from operations. The Company was able to reduce interest expense by managing to reduce its inventory and accounts receivable. In addition the Company reduced its R&D expenses during the period. The Company recorded a small gain on sale of capital assets of $0.5 as compared with the prior year gain of $19.4.

Looking Forward

Sales increased nine percent from 2019 to 2020 and projections for 2021 are favorable as sales are expected to continue to grow in 2021. The backlog has increased as we have seen increased order activity for our products. Increased sales will require additional inventories and receivables to support the sales growth. In the past year the Company revised the manufacturing capacity and made changes to reduce the overall footprint and cost of operations. The results of these changes will begin to be seen in 2021 will the full impact of these cost reductions showing up in 2022.

The company said its lower sales levels were a result of trade uncertainties, bad harvest conditions, and poor crop yields coupled with low commodity prices. Sales to North America and Eastern Europe are below historical levels, while other markets have remained steady.

The company implemented cost-saving measures in 2019 that improved gross margin by 3.3 percent and reduced selling and administrative spending. The company also saw significant improvement in its net loss for the year.

In its forward-looking earnings statement, Buhler said it expects the challenges that faced farmers in 2019 to continue this year. Despite these circumstances, the company expects to achieve higher gross margins in the next year as it continues to focus on margin improvement.

Buhler also expects improved sales when it begins full production of its new mid-range front-wheel assist tractor.

Member since 1972 |