Buhler Reports Record 2013
Buhler Industries, Winnipeg, Manitoba, manufacturer of Versatile tractors and Farm King farm tools, reported net profit of $19.9 million on $343.9 million in revenue for the year ending Sept. 30, up from $16.4 million on record revenues of $361.2 million in fiscal 2012.
T
he record profit, Buhler said, can be credited to, “an improved margin on sales, gain on foreign exchange due to the decline in the Canadian dollar, and a reduction in selling and administrative expense.”
Demand for Buhler’s Versatile tractors, precision seeding and tillage lines “continue(s) to be strong,” the company said, adding it expects sales for 2014 to be “modestly higher” than in 2013.
“Favorable crops” in North America in 2013 are expected to contribute to Versatile and Farm King product sales, Buhler said.
The introduction of new products — such as Versatile’s DeltaTrack tracked tractors and front-wheel assist row-crop tractors, launched this year — “should continue to stimulate new sales” next year.
The company remains cautiously optimistic about being able to repeat its last year’s sales record. Higher commodity prices continue to drive demand for agricultural equipment as customers upgrade their equipment. Commodity prices are projected to remain high as the world population continues to grow and the middle class in emerging markets change their consumption patterns.