WINNIPEG, MB, Nov. 14,
2022 /CNW/ - (TSX: BUI)
Sales
Revenue for the quarter was $65.3,
up $6.9 from the comparable quarter
in the prior year. Revenue for the first nine months of 2022 was
$178.3 million, down $23.9 compared to the nine months ending
September 30, 2021. The Company's
decrease in sales levels is the result of supply chain issues
experienced during the year. Sales backlog continues to remain at
very high levels.
|
3rd quarter
ending
|
|
|
9 months
ending
|
|
|
September 30,
2022
|
|
|
Year Ago
|
|
September 30,
2022
|
|
Year Ago
|
|
Revenue
(millions)
|
|
$65.2
|
|
$58.4
|
|
Revenues
(millions)
|
$178.3
|
$202.1
|
|
Net (Loss)
(millions)
|
|
$(2.5)
|
|
$(0.7)
|
|
Net income
(millions)
|
$(1.1)
|
$3.5
|
|
Net
(Loss)/share
|
|
$(0.08)
|
|
$(0.02)
|
|
Net
income/share
|
$(0.04)
|
$0.12
|
|
Shares issued
(millions)
|
|
25.0
|
|
25.0
|
|
Shares Issued
(millions)
|
25.0
|
25.0
|
Net Loss for the Quarter
Net loss for the third quarter was $2.5, compared to a net loss of $0.7 for the same period in 2021. For the nine
months ending September 30, 2022, the
net loss was $1.1, compared to the
net income of $3.5 for the similar
period in 2021. Positive contributing factors included an increase
in gross margin of $1.1 over the
prior year's quarter. Offsetting factors included a decrease
in the gain on disposal of assets of $0.5, an increase in foreign exchange loss of
$1.4, and an increase in research and
development of $0.5.
Looking Forward
The Company continues to deal with supply chain issues and the
resulting inefficiencies in production and delays in
shipments. This is expected to continue in the near
term. Sales are expected to grow as the Company is able to
resolve the supply chain issues. The Company's order 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 and increased shipments will
increase the profitability of the Company.
Complete financial statement:
https://www.buhlerindustries.com/pages/investors.php
Trading symbol: BUI
SOURCE Buhler Industries Inc.