WINNIPEG, MB, Aug. 12, 2021 /CNW/ - (TSX: BUI)
Sales
Revenue for the quarter was $79.2
million, up $2.6 million from
the prior year third quarter, representing an 3% increase over the
prior year and continuing the sales growth seen in the first two
quarters. Revenue for the first nine months of 2021 was
$195 million, up $9 from 2020, showing a 5% YTD increase in
revenue. Demand for products remains strong and the Company is
working to increase production for the remainder of the year to
meet the growing order backlog.
3rd
quarter ending
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9 months
ending
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June 30,
2021
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Year Ago
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June 30,
2021
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Year Ago
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Revenue
(millions)
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$79.2
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$76.6
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Revenues
(millions)
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$195.0
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$185.7
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Net profit
(millions)
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$3.8
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$0.5
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Net profit
(millions)
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$0.4
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$(13.5)
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Net
profit/share
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$0.15
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$0.02
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Net
profit/share
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$0.02
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$(0.54)
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Shares issued
(millions)
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25.0
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25.0
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Shares Issued
(millions)
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25.0
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25.0
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Net Earnings for the Quarter
The net income for the third quarter was $3.8 compared to $0.5 for the same period in 2020. For the
year to date, the net income was $0.4
compared to a loss of $(13.5) in the
prior year. In the prior year the lower margin and foreign
exchange losses resulted in the loss. In the current quarter
the improved margin, coupled with interest expense savings and
gains on disposal of assets have resulted in a profit for the
quarter.
Looking Forward
The Company achieved third quarter sales growth of 3.3% coming
in at $79.2 and continues to project
sales growth in 2021. Sales backlog remains high as the
Company is working through supply chain challenges including raw
material availability in ramping up production. In the past year,
the Company restructured its manufacturing capacity and made
changes to reduce the overall cost of operations. The results of
these changes are showing up in increased margins and while visible
in 2021, the full impact of these cost reductions will be realized
in 2022. As a result of a policy change made this year, the Company
will be extending its year end to December
31 which is a change from the September 30 year end and will show its year end
result for a fifteen month period versus last year's twelve month
period.
Complete financial statement:
http://www.buhlerindustries.com/pages/investors.php
Trading symbol: BUI
SOURCE Buhler Industries Inc.