(TSX:BUI)

WINNIPEG, MB, May 14, 2024 /CNW/ -

Revenue

Revenue for the quarter was up 27% coming in at $71.1 million compared with $56.0 million in the prior year first quarter. The Company has been successful in improving its supply chain issues and continues to enjoy strong demand for its products.

1^st Quarter ending March 31, 2024 and March 31, 2023

Net Income/(Loss) for the Quarter

The Company achieved income from operations of $4.0 million in the first quarter compared with a loss of $0.1 million in the prior year first quarter by increasing margins and reducing selling and administrative expenses.  Offsetting the increase in income was an increase in foreign exchange loss of $1.2 million, additional interest expense of $0.7 million and a decrease in the gain on disposal of assets by $8.1 million from the prior year first quarter which resulted in a $2.2 million dollar loss in the quarter.

Looking Forward

Sales are projected to be higher in 2024 as the Company continues to improve problems associated with supply chain issues. The Company has a large backlog of sales and continues to have strong demand for its agricultural machinery and equipment. The Company's majority shares were acquired by Basak Tractor a wholly-owned subsidiary of ASKO Holding on December 28, 2023 and continues to receive full support from Basak Tractor to achieve its sales growth and return to profitability. The Company expects to see profitability improve as a result of actions taken early in 2024. Margins are also projected to improve in 2024 as a result of operating efficiencies stemming from increased shipments.

Complete financial statement: http://www.buhlerindustries.com/pages/investors.php 

Trading symbol: BUI

Forward-looking statements

Certain statements made above contain forward-looking statements including, but not limited to, statements concerning possible or assumed future results of operations of the Company. Forward-looking statements represent the Company's intentions, plans, expectations and beliefs, and are not guarantees of future performance. Such forward-looking statements represent Buhler Industries current views based on information as at the date of this report. They involve risks, uncertainties and assumptions and the Company's actual results could differ, which in some cases may be material, from those anticipated in these forward-looking statements. Factors that could cause results to differ from those expected include, but are not limited to: the terms, availability and costs of acquiring raw materials and the ability to pass on price increases to customers; ability to negotiate contracts with new customers or renew existing customer contracts with less favorable terms; timely response to changes in customer product needs and market acceptance of our products; the potential loss of business or increased costs due to customer or vendor consolidation; competitive pressures, including new product development; industry capacity, and changes in competitors' pricing; ability to maintain or increase productivity levels; ability to contain or reduce costs; foreign currency exchange rate fluctuations; changes in governmental regulations, including environmental, health and safety; changes in Canadian and foreign income tax rates, income tax laws and regulations. Unless otherwise required by applicable securities law, Buhler Industries disclaims any intention or obligation to publicly update or revise this information, whether as a result of new information, future events or otherwise. The Company cautions investors not to place undue reliance upon forward-looking statements

SOURCE Buhler Industries Inc.

View original content: http://www.newswire.ca/en/releases/archive/May2024/14/c7561.html