WINNIPEG, MB, May 15, 2023
/CNW/ - (TSX:BUI)
Sales
Revenue for the quarter was $56.0,
up $0.8 from the comparable quarter
in the prior year. Supply chain issues continue to hamper sales
growth. The Company continues to have a large backlog.
First quarter ending March 31,
2023
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Year Ago
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Revenue
(millions)
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$56.0
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$55.2
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Net Income
(millions)
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$4.1
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$0.4
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Net
Income/share
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$0.16
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$0.02
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Shares issued
(millions)
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25.0
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25.0
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Net Income for the Quarter
Net income of $4.1 for the quarter
was higher by $3.7 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 $7.9. This was offset by a reduction in income
from operations of $2.5, an increase
in interest expense of $0.6, a
decrease in the gain from foreign exchange of $0.7 and an increase in spending on research and
development of $0.7.
Looking Forward
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. The Company will be
recognizing the results of the sale of its Vegreville facility and the sale-leaseback of
its Woodstock facility in the
second quarter.
Complete financial statement:
https://www.buhlerindustries.com/pages/investors.php
Looking forward disclaimer: Forward-looking statements
represent the Company's intentions, plans, expectations and
beliefs, and are not guarantees of future performance. They
involve risks, uncertainties and assumptions and the Company's
actual results could differ, which in some cases may be material,
from those anticipated in these statements. Unless otherwise
required by applicable securities law, the Company disclaims any
intention or obligation to publicly update or revise this
information. The Company cautions investors not to place undue
reliance upon forward-looking statements.
SOURCE Buhler Industries Inc.