Mr. Willy Janzen reports
BUHLER INDUSTRIES REPORTS 2ND QUARTER EARNINGS
Buhler Industries Inc. has released its earnings for the second quarter of 2022.
Revenue for the quarter was $57.8-million, down $21.4-million from the comparable quarter in the prior year. Revenue for the first six months of 2022 was $113-million, down $30.7-compared with the six months ending June 30, 2021. The company's decrease in sales levels is the result of supply chain issues experienced during the quarter and not a result from the lack of demand as it remains very high.
Net income for the quarter
Net income for the second quarter was $1.1-million, compared with net income of $3.8-million for the same period in 2021. For the six months ending June 30, 2022, the net income was $1.4-million, compared with the net income of $4.2-million for the similar period in 2021.
Sales are expected to grow as the company resolves supply chain issues, which will also reduce inventory. The sales backlog remains very high. In the last year, the company restructured its manufacturing capacity and made changes to reduce the overall cost of operations. The restructuring, coupled with improved shipments, will increase the profitability of the company.
© 2022 Canjex Publishing Ltd. All rights reserved.