Canada NewsWire
WINNIPEG, Aug. 15, 2016
(TSX:BUI)
WINNIPEG, Aug. 15, 2016 /CNW/ -
Sales
Revenue for the quarter was $87.1 million, up $8.0 million from the
prior year third quarter. Revenue for the first nine months of 2016 was $204.4 million, up
$0.5 million from the same period of 2015. Demand for the limited edition Legend series of tractors
has offset the weak commodity prices that continue to contribute to reduce sales levels for the Company. Year to date sales in
North America have declined from the prior years, particularly in the US.
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3rd quarter ending
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9 months ending
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June 30, 2016
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Year Ago
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June 30, 2016
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Year Ago
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Revenue (millions)
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$87.1
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$79.1
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Revenues (millions)
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$204.4
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$203.9
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Net profit (millions)
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$3.0
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$0.3
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Net profit (millions)
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($4.1)
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$2.2
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Net profit/share
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$0.12
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$0.01
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Net profit/share
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($0.16)
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$0.09
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Shares issued (millions)
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25.0
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25.0
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Shares Issued (millions)
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25.0
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25.0
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Net Earnings
Net earnings of $3.0 million were up from earnings of $0.3 million for
the third quarter of 2015. For the year to date, net earnings were ($4.1) million, down from
$2.2 million in the prior year. Contributing to the increased earnings for the quarter was a
$2.4 million gain on sale of surplus property as well as improved margin. For the year to date,
the decrease in profit is principally due to the decreased margin, offset by increased gains on sale of surplus property made
during the year.
Looking Forward
Sales for the remaining part of the year are expected to be slightly off 2015 levels as demand for agricultural equipment continues
to be down resulting from lower commodity prices. Profitability for the year is projected to be improved over 2015 levels mostly
due to sales of surplus assets. Company inventory levels are being adjusted to reflect the reduced demand and will to
continue to drop in 2016 contributing to increased cash flow. Margin levels are still expected to be weak due to competition for
equipment sales and the weaker Canadian dollar that continues to have a significant negative impact on the Company with parts
purchased in US dollars and with the majority of sales projected to be done in Canada during the
year.
Complete financial statement: http://www.buhlerindustries.com/investors/reports/buhler-2016-q3.pdf
Trading symbol: BUI
SOURCE Buhler Industries Inc.
