Art’s Way Manufacturing Co. has announced its financial results for the third quarter and fiscal year to date.
Third quarter sales in the agriculture segment increased by 14.9 percent. Year-to-date ag sales increased by 2.7 percent.
Consolidated corporate sales as of Aug. 31 increased by 17.5 percent for the quarter and 10.2 percent for the first nine months.
The three-month increase is the result of greater sales in agriculture products and modular buildings.
Ag, modular buildings, and the tools segment showed increased sales for the nine months of the fiscal year.
“We attribute the increased sales success to gained market share for our dump box product line and improved design of our manure spreader line,” the company said. “The addition of key employees to our sales and marketing team over the past year has also contributed to our recent sales success.”
Gross margin in the agricultural products segment also improved. It was 15.7 percent for the first nine months of FY2019 and 21.3 percent this year.
The company attributes the gain in gross margin to continuous improvement initiatives that have increased workforce efficiency as well as price increases, strategic product offerings and product eliminations.
“In a year with much disruption and many challenges, we were encouraged to see several significant positive trends in the third quarter,” said Chairman of the Board of Directors Marc H. McConnell. “Meaningful top-line growth, margin expansion, and improvements in operational efficiency are key gains that we seek to continue to realize in the quarters ahead.”
Source: Art’s Way Manufacturing Co.
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