(TSX:BUI)
WINNIPEG, MB, May 14, 2024
/CNW/ -
Revenue
Revenue for the quarter was up 27% coming in at $71.1 million compared with $56.0 million in the prior year first quarter.
The Company has been successful in improving its supply chain
issues and continues to enjoy strong demand for its products.
1st Quarter ending March
31, 2024 and March 31,
2023
|
Prior Period
|
|
Revenue
(millions)
|
$71.1
|
$56.0
|
|
Net income/(loss)
(millions)
|
($2.2)
|
$4.1
|
|
Net
income/(loss)/share
|
($0.09)
|
$0.16
|
|
Shares issued
(millions)
|
25.0
|
25.0
|
Net Income/(Loss) for the Quarter
The Company achieved income from operations of $4.0 million in the first quarter compared with a
loss of $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 $1.2 million, additional interest expense of
$0.7 million and a decrease in the
gain on disposal of assets by $8.1
million from the prior year first quarter which resulted in
a $2.2 million dollar loss in the
quarter.
Looking Forward
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 December 28, 2023 and continues to receive full
support from Basak Tractor to achieve its sales growth and return
to profitability. The Company expects to see profitability improve
as a result of actions taken early in 2024. Margins are also
projected to improve in 2024 as a result of operating efficiencies
stemming from increased shipments.
Complete financial
statement: http://www.buhlerindustries.com/pages/investors.php
Trading symbol: BUI
Forward-looking statements
Certain statements made above contain forward-looking statements
including, but not limited to, statements concerning possible or
assumed future results of operations of the Company.
Forward-looking statements represent the Company's intentions,
plans, expectations and beliefs, and are not guarantees of future
performance. Such forward-looking statements represent Buhler
Industries current views based on information as at the date of
this report. 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 forward-looking
statements. Factors that could cause results to differ from those
expected include, but are not limited to: the terms, availability
and costs of acquiring raw materials and the ability to pass on
price increases to customers; ability to negotiate contracts with
new customers or renew existing customer contracts with less
favorable terms; timely response to changes in customer product
needs and market acceptance of our products; the potential loss of
business or increased costs due to customer or vendor
consolidation; competitive pressures, including new product
development; industry capacity, and changes in competitors'
pricing; ability to maintain or increase productivity levels;
ability to contain or reduce costs; foreign currency exchange rate
fluctuations; changes in governmental regulations, including
environmental, health and safety; changes in Canadian and foreign
income tax rates, income tax laws and regulations. Unless otherwise
required by applicable securities law, Buhler Industries disclaims
any intention or obligation to publicly update or revise this
information, whether as a result of new information, future events
or otherwise. The Company cautions investors not to place undue
reliance upon forward-looking statements
SOURCE Buhler Industries Inc.