Arts Way Reports FY 18 Results
Art’s Way Manufacturing Co., Inc., has announced its financial results for fiscal 2018.
Consolidated net sales for continuing operations totaled about $19.7 million for the 2018 fiscal year, compared to $20.7 million for the 2017 fiscal year.
Art’s Way experienced steady demand in its agricultural products segment. It attributed the decrease in sales to the termination of a relationship to sell passthrough beet equipment and to liquidate its Canadian operations.
Marc H. McConnell, chairman of the Art’s Way Board of Directors, reports: “Fiscal 2018 at Art’s Way was quite a challenge, and the fourth quarter was certainly no exception. In nearly every respect, headwinds persisted in our industries for yet another year, and we have thus made significant overhead reductions, placed increasing emphasis on continuous improvement, and replaced personnel in key operations and production functions as we move forward into fiscal 2019.”
He went on to say the company has taken steps to “allow for better results under similar conditions and substantially increased opportunity for profitability in an improving market.”
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