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Buhler Industries Reports 2nd Quarter Earnings

WINNIPEG, MB, May 14, 2021 /CNW/ – (TSX: BUI)

Sales
Revenue for the quarter was $64.6 million, up $4.8 million from the prior year second quarter, representing an 8% increase over the prior year and continuing the sales growth seen in the first quarter. Revenue for the first six months of 2020 was $115.8 million, up $6.7 from 2020, showing a 6% YTD increase in revenue. Demand for products remains strong and the Company is working to increase production for the remainder of the year to meet the growing order backlog. 

2nd quarter ending 

6 months ending

March 31, 2021

Year Ago

March 31, 2021

Year Ago

Revenue (millions)

$64.6

$59.8

Revenues (millions)

$115.8

$109.1

Net profit (millions)

$0.4

$(8.5)

Net profit (millions)

$(3.4)

$(13.9)

Net profit/share

$0.02

$(0.34)

Net profit/share

$(0.14)

$(0.56)

Shares issued (millions)

25.0

25.0

Shares Issued (millions)

25.0

25.0

Net Earnings for the Quarter

The net income for the second quarter was $0.4, compared to a net loss of $(8.5) for the same period in 2020. For the year to date, the net loss was $(3.4), compared to a loss of $(13.9) in the prior year. In the prior year the lower margin and significant foreign exchange losses resulted in the loss.  The Company has made improvements in manufacturing efficiencies, and has managed margin improvement.  In addition, lower selling and administration costs, interest expense savings, gains on disposal of assets and favorable exchange rates have all contributed to the favorable results in the quarter over the prior year.

Looking Forward

Second quarter sales increased by eight percent over the prior year second quarter.  The Company continues to project sales growth in 2021. Sales backlog remains high as the Company is working through supply chain challenges, including raw material availability, in ramping up production.  Inventory and accounts receivables levels are projected to increase to support the sales growth. In the past year, the Company restructured its manufacturing capacity and made changes to reduce the overall cost of operations. The results of these changes are beginning to be visible in 2021 and the full impact of these cost reductions will be realized in 2022.

Complete financial statement: http://www.buhlerindustries.com/pages/investors.php

Trading symbol: BUI

SOURCE Buhler Industries Inc.

Written by Tenner Smith

Tenner Smith - I have experience in financial intelligence and automated intelligence. In industry I have worked on artificial intelligence and machine learning. Tenner Smith is a reporter at DF media.

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