WINNIPEG, Man. — Buhler Industries, manufacturer of the Versatile tractor line and other farm machinery, said its sales for the year were up 13.5% to $248 million compared with $218 million the previous year. The company also reported gross margins of 11.6% compared with 7.7% for the previous year.
Orders in North America have returned to near historical levels, with the Company seeing an increase in sales to the U.S. Sales to Eastern Europe have remained steady.
Net Earnings Up for the Year
The net income for the year was $0.5 million, an improvement of $3.2 million compared to the $2.7 million loss in the prior year. An increase in sales and the resulting margin was the main contributor to the improvement, offset by lower gains on the sale of surplus assets, increased spending on research and development, interest expense and a loss on foreign exchange.
Sales for 2018 are expected to increase over 2017 results. Demand for agricultural equipment in the U.S. is slowly increasing as farmers adjust to depressed commodity prices. Canadian sales are expected to remain steady and profit margins overall are expected to improve.
|Year Ending Sept. 30, 2017||Year Ago|
|Net Income (loss) (millions)||$0.5||($2.7)|
|Net Income (loss)/share||$0.02||($0.11)|