Buhler Reports Best 3Q in Company History
Winnipeg, Manitoba, August 9, 2012 — Buhler Industries (BUI) is reporting that the company revenues for the period ended June 30 set a record as the best third quarter in company history reaching $95.8 million, up 24.4% from last year’s third quarter of $77 million. Sales of $274.8 million for the first nine months are also the best in company history, up $72.7 million from the prior year. The increase in sales can be attributed to the strong demand overseas and in North America.
|Third Quarter Ended||Nine Months Ended|
|June 30, 2012
||June 30, 2012||Year Ago|
|Net profit (millions)||$ 6.8||$ 4.6||$13.3||$5.5|
Net earnings for the third quarter was $6.8 million, up $2.2 million from the previous third quarter. For the first nine months, earnings were $13.3 million compared to $5.5 million last year. Net earnings for the quarter set a record as the best quarter in company history. In addition, record earnings are being reported for the first three quarters of the year. The increase in earnings was primarily due to the significant increase in sales, which was partially offset by increased interest and depreciation expense due to the acquisitions made in the prior year. Earnings per share came in at $0.27 compared to $0.18 in the prior third quarter and $0.53 compared to $0.22 for the nine months ended June 30, 2011.
The company is on track to complete another record year in sales. Orders for the fourth quarter continue to be strong. Sales to the Midwest may see some decline due to concerns related to drought; however, so far we have not seen a decline in our current orders for that region. The recent launch of the new four-wheel drive tractor and mechanical link air drill have been successful and we expect to see continued strong demand for our new tractor line. Our new combine is seeing lots of interest at our Versatile All Star Tour. Net earnings for the year are expected to be higher than last year as the result of the increase in sales. Continued exchange rate pressure from the strengthening of the Canadian dollar may impact future results negatively.
Complete financial statement (PDF download): http://www.buhlerindustries.com/investors/reports/buhler-2012-q3.pdf
Trading symbol: BUI