Buhler Industries Reports 3rd Quarter Earnings

(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.

3rd quarter ending





 9 months ending



June 30, 2016



Year Ago


June 30, 2016


Year Ago

Revenue (millions)


$87.1


$79.1


Revenues (millions)

$204.4

$203.9

Net profit (millions)


$3.0


$0.3


Net profit (millions)

($4.1)

$2.2

Net profit/share


$0.12


$0.01


Net profit/share

($0.16)

$0.09

Shares issued (millions)


25.0


25.0


Shares Issued (millions)

25.0

25.0


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.

For further information: Willy Janzen, Chief Financial Officer, Phone: (204) 654-5718, E-mail: wjanzen@buhler.com

RELATED LINKS
http://www.buhler.com

Organization Profile

Buhler Industries Inc.

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890