Mr. Willy Janzen reports

BUHLER INDUSTRIES REPORTS 2ND QUARTER EARNINGS

Buhler Industries Inc. has released its second quarter financial results.

Sales

Revenue for the quarter was $67.6-million, up $9.8-million from the comparable quarter in the prior year. Revenue for the first six months of 2023 was $123.6-million, up $10.6-million compared with the six months ended June 30, 2022. The company achieved higher sales as it begins to see improvements in the supply chain issues experienced over the last two years.

                                   FINANCIAL HIGHLIGHTS

Second quarter ended                          Six months ended
June 30, 2023                      Year ago   June 30, 2023                       Year ago

Revenue (millions)         $67.6   $57.8      Revenues (millions)        $123.6   $113.0  
Net income (millions)      $16.1   $1.1       Net income (millions)      $20.2    $1.4    
Net income/share           $0.64   $0.04      Net income/share           $0.81    $0.06   
Shares issued (millions)   25.0    25.0       Shares issued (millions)   25.0     25.0    

Net income for the quarter

Net income for the second quarter was $16.1-million, compared with net income of $1.1-million for the same period in 2022. For the six months ended June 30, 2023, net income was $20.2-million, compared with net income of $1.4-million for the similar period in 2022.

Looking forward

The company has a large backlog of sales, and continues to have strong demand for agricultural machinery and equipment. Increased sales are projected for 2023 as the company continues to work through supply chain challenges. In July, the company announced that it has engaged the services of Toronto-based Origin Merchant Partners to identify a long-term investment partner. This collaboration represents a significant step forward for the company as it seeks to bolster its position in the agricultural industry and continue its commitment to serving farmers and dealers with high-quality farm equipment.