Buhler Reports Best 3Q in Company History
Buhler Industries, Winnipeg, Manitoba, reported that the company revenues for the period ended June 30 set a record as the best third quarter in company history reaching C$95.8 million, up 24.4% from last year’s third quarter of C$77 million. Sales of $274.8 million for the first nine months are also the best in company history, up C$72.7 million from the prior year. The increase in sales can be attributed to the strong demand overseas and in North America.
Net earnings for the third quarter was $6.8 million, up C$2.2 million from the previous third quarter. For the first nine months, earnings were C$13.3 million compared to C$5.5 million last year. Net earnings for the quarter set a record as the best quarter in company history. In addition, record earnings are being reported for the first three quarters of the year. The increase in earnings was primarily due to the significant increase in sales, which was partially offset by increased interest and depreciation expense due to the acquisitions made in the prior year.
Gross profit was C$16.7 million, up C$3.4 million, up 25.4% over the third quarter of 2011. For the nine months ended June 30, gross profit was C$45.3 million, up from $32.6 or 39.0%, for the same period in the prior year. As a percentage of sales, gross profit for the quarter was 17.4%, up from 17.3% in the third quarter last year and up 0.3% to 16.4% for the nine months ended June 30. The increase in gross profit was due to higher sales volumes in the period.
The company said it is on track to complete another record year in sales. Orders for the fourth quarter continue to be strong. Sales to the Midwest may see some decline due to concerns related to drought; however, so far the company has not seen a decline in current orders for that region. Net earnings for the year are expected to be higher than last year as the result of the increase in sales. Continued exchange rate pressure from the strengthening of the Canadian dollar may impact future results negatively, the company said.
Buhler Industries, Association member since 1972; buhler.com.