BUHLER INDUSTRIES REPORTS 3rd QUARTER EARNINGS

 (TSX: BUI)

WINNIPEG, MB , Nov. 14, 2024 /CNW/ - 

Sales

Revenue for the quarter was up 38.6% coming in at $83.3 million compared with $60.1 million in the prior year third quarter. Revenue for the first nine months of 2024 was $232.8 up $49.0 from 2023. The Company has been successful in improving its supply chain issues and is able to better meet its customer demand for agricultural equipment.

Net Income for the Quarter

 Net income for the third quarter was $6.7 , compared to net loss of $1.4 for the same period in 2023. For the year to date, net income was $11.8 , compared to net income of $18.8 in the prior year. Contributing to the increase in profit in the quarter was an increase in income from operations of $10.1 , an increase in gain on foreign exchange of $0.9 and a decrease in research and development expense of $1.6 . This was offset by a decrease in gain on asset disposal of $0.5 , a decrease in interest income of $0.9 chiefly related to a SRED refund from prior years, an increase in interest expense of $1.9 and a decrease in income taxes recovered of $1.2 . Prior period income tax recovered was primarily due to SRED tax refunds.

Looking Forward

Sales for 2024 are projected to outperform 2023 sales as the Company continues to focus on improving its supply chain and continues to enjoy demand for its product.  The Company's majority shares were acquired by ASKO Sinai, a wholly-owned subsidiary of ASKO Holding, on December 28, 2023 and continues to receive full support from ASKO Sinai to achieve its sales growth and return to profitability. Margins are projected to improve in 2024 over 2023 as a result of operating efficiencies stemming from increased shipments and cost reductions taken during the year. 

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.