(TSX: BUI)
WINNIPEG, MB, March 28, 2024 /CNW/ -
Revenue
Revenue for the year was $238.5, down $1.4 from sales of $239.9 in 2022. The Company's sales were flat when compared to 2022 and 2021 included a fifteen month period due to the accounting change from September 30 to December 31.
Twelve-month year ending December 31, 2023 and December 31, 2022
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Prior Period
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Revenue (millions)
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$238.5
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$239.9
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Net income/(loss) (millions)
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$7.1
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($1.0)
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Net income/(loss)/share
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$0.28
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($0.04)
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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 Year
The net profit for the year was $7.1, an increase of $8.1 from the $1.0 loss in the prior year. The significant items that account for this increase is an increase in the gain on disposal of assets of $20.6 due to a sale of land and building, gain from interest income of $1.4 and gain from foreign exchange of $3.5 compared to prior year. This is offset by decreased income from operation of $13.0 and increase in research and development of $4.0.
Looking Forward
Increased sales are projected for 2024 as the Company improves 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. Subsequent to year end, the Company received a loan of $14.4 million from its Basak Tractor and has full support to grow its sales from its majority owner. The Company expects to see profitability improvement as a result actions taken early in 2024. In addition, margins are 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.
View original content: http://www.newswire.ca/en/releases/archive/March2024/28/c5108.html