Buhler Industries reports a record level of revenue for the second quarter at $102.5 million, up 44.0% from last year’s second quarter of $71.2 million.
Sales of $179.0 million for the first six months are the best in company history, up $53.9 million from the prior year. The increase in sales can be attributed to the strong overseas market for tractors, strong demand for the sprayer line as well as the tillage line introduced in 2011.
2nd quarter ending March 31, 2012
|Net profit (millions)||$4.2||$0.4|
|Shares issued (millions)||25.0||25.0|
|6 months ending March 31, 2012|
|Net profit (millions)||$6.5||$0.9|
|Shares Issued (millions)||25.0||25.0|
Net earnings for the second quarter was $4.2 million, up $3.8 million from the previous second quarter. For the first six months, earnings were $6.5 million, compared to $0.9 million last year. The increase in earnings was primarily due to the significant increase in sales, which was partially offset by increased interest and depreciation costs due to the acquisitions made in the prior year. Earnings per share came in at $0.17 compared to $0.02 in the prior second quarter, and $0.26 compared to $0.04 for the six months ended March 31, 2011.
Sales for 2012 are expected to reach record levels as the increased sales levels for the first six months are anticipated to continue. Contributing to the increase in sales for 2012 is the significant growth in the overseas market for tractors, sprayers and tillage equipment. The second half of the year will see the company begin to ship its brand new four wheel drive high horsepower tractor and introduce combines to its Versatile product line. While sales are expected to be higher, profit may be impacted by a stronger Canadian dollar.
Complete financial statement can be found here.