Mr. Willy Janzen reports

BUHLER INDUSTRIES REPORTS 2023 YEAR END EARNINGS

Buhler Industries Inc. has released its 2023 financial results.

Revenue

Revenue for the year was $238.5-million, down $1.4-million from sales of $239.9-million in 2022. The company's sales were flat when compared with 2022 and 2021 included a 15-month period due to the accounting change from Sept. 30 to Dec. 31.

Net income for the year

The net profit for the year was $7.1-million, an increase of $8.1-million from the $1.0-million loss in the prior year. The significant items that account for this increase is an increase in the gain on disposal of assets of $20.6-million due to a sale of land and building, gain from interest income of $1.4-million, and gain from foreign exchange of $3.5-million compared with the prior year. This is offset by decreased income from operation of $13.0-million and increase in research and development of $4.0-million.

Looking forward

Increased sales are projected for 2024 as the company improves 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 Dec. 28, 2023. Subsequent to the year-end, the company received a loan of $14.4-million from its Basak Tractor and has full support to grow its sales from its majority owner. The company expects to see profitability improvement as a result actions taken early in 2024. In addition, margins are projected to improve in 2024 as a result of operating efficiencies stemming from increased shipments.

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