Versatile tractor maker expects "modestly higher" sales in 2014.
Strong demand across its tractor and farm tool product lines has led Winnipeg ag equipment maker Buhler Industries to record profit for fiscal 2013.
Buhler, the manufacturer of Versatile tractors and Farm King farm tools, on Tuesday reported net profit of $19.9 million on $343.9 million in revenue for the year ending Sept. 30, up from $16.4 million on record revenues of $361.2 million in fiscal 2012.
The record profit, Buhler said, can be chalked up to "an improved margin on sales, gain on foreign exchange due to the decline in the Canadian dollar, and a reduction in selling and administrative expense."
Demand for Buhler's Versatile tractors, precision seeding and tillage lines "continue(s) to be strong," the company said, adding it expects sales for 2014 to be "modestly higher" than in 2013.
"Favourable crops" in North America in 2013 are expected to contribute to Versatile and Farm King product sales, Buhler said.
The introduction of new products — such as Versatile's DeltaTrack tracked tractors and front-wheel assist row-crop tractors, launched this year — "should continue to stimulate new sales" next year.