(TSX:BUI)

WINNIPEG, Aug. 14, 2019 /CNW/ -

Sales
Revenue for the quarter was $64.1 million, compared to $90.8 million for the prior year third quarter. Revenue for the first nine months of 2019 was $179.6 million, down from $222.3 million in 2018. The Company continues to see lower sales levels as a result of weak commodity prices. Sales to Eastern Europe have remained steady, while orders in North America remain below historical levels.

Net Earnings
The net loss for the third quarter was ($1.2) million, compared to ($2.9) million loss for the same period in 2018. For the year to date, the net income was $1.4 million, compared to ($15.2) million loss in the prior year. In the current year improved margin, a large gain on sale of intellectual property and decreased research and development spending were offset by increased interest expenses. In the prior year the Company had a $5.8 million write down in tax assets due to a major reduction of the corporate tax rate in the United States.

Looking Forward
The Company expects to end the year with higher margins in 2019 as the Company continues to focus on margin improvement. Sales levels for 2019 will be less than 2018 resulting from trade related uncertainties in the agricultural market. During the year, the Company announced a long term agreement with Kubota Corporation to develop and produce a new series of mid-range front-wheel assist tractors. In addition, the Company announced the new Versatile Nemesis Series tractor with horsepower ranging from 175 to 250.

Complete financial statement: http://www.buhlerindustries.com/investors/reports/buhler-2019-q3.pdf

Trading symbol: BUI

SOURCE Buhler Industries Inc.

View original content: http://www.newswire.ca/en/releases/archive/August2019/14/c9032.html