Canada NewsWire
WINNIPEG, May 12, 2017
(TSX:BUI)
WINNIPEG, May 12, 2017 /CNW/ -
Sales
Revenue for the quarter was $79.5 million, down $1.5 million from the
prior year second quarter. Revenue for the first six months of 2017 was $126.7 million, up
$9.4 million from 2016. Weak commodity prices continue to contribute to reduced sales levels for
the Company. Orders in North America have returned to near historical levels, with the Company
seeing an increase in sales to the United States. Sales to Eastern
Europe have remained steady.
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2nd quarter ending
March 31, 2017
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Year Ago
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6 months ending
March 31, 2017
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Year Ago
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Revenue (millions)
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$79.5
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$81.0
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Revenues (millions)
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$126.7
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$117.3
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Net profit (millions)
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($0.3)
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$1.5
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Net profit (millions)
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($2.7)
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($7.2)
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Net profit/share
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($0.01)
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$0.06
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Net profit/share
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($0.11)
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($0.29)
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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 loss of ($0.3) million was down from earnings of $1.5 million for
the second quarter of 2016. For the year to date, the net loss was ($2.7) million, an improvement
from the loss of ($7.2) million in the prior year. In the current year improved margin was offset
by the reduced gains on sale that occurred in the prior year.
Looking Forward
Sales for 2017 are expected to be up slightly over 2016 sales. While demand for agricultural equipment continues to be slow
resulting from lower commodity prices, the Company has experienced higher levels of demand for equipment in 2017 compared to
2016. Dealer inventory levels for high horsepower tractors are down in the United States from
last year which will create opportunities when demand for new equipment increases. The Company continues to pursue increases in
market share of agricultural equipment. Profitability from operations is expected to increase during the year resulting from
actions taken by the Company to reduce cost. 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.
Complete financial statement: http://www.buhlerindustries.com/investors/reports/buhler-2017-q2.pdf
Trading symbol: BUI
SOURCE Buhler Industries Inc.
View original content: http://www.newswire.ca/en/releases/archive/May2017/12/c5142.html