Source: Winnepeg Free Press
Winnipeg, Manitoba — Record sales that began in the third-quarter and continued in the fourth helped farm equipment manufacturer Buhler Industries Inc. (TSX:BUI) report a big increase in full-year earnings Wednesday.
Winnipeg-based Buhler said net profit for the full year was $11.9 million or 48 cents per share, up from $8.2 million or 33 cents as full-year revenue rose almost 36 per cent to $284.7 million from $209.6 million.
Net net earnings the fourth quarter ended Sept. 30 were $6.4 million, triple the $2.1 million the company earned in the same quarter in 2010.
The company said in a release that it experienced record sales in the last half of 2011, resulting in net earnings that were "among the highest in company history."
"The return of the overseas markets for tractors, as well as the new product lines introduced by the company over the past two years, have contributed to the increase in sales," it said.
"Earnings for the fourth quarter 2011 were $6.4 million, a record for the company, mostly due to the increase in sales and the weakening of the Canadian dollar," it added