Art’s Way Manufacturing Co., Inc. has announced its financial results for the third quarter and fiscal year to date.
Consolidated corporate sales for the quarter and nine months ended 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.
Sales in the company’s tools segment declined for the quarter. All three segments showed increased sales for the nine months of the fiscal year.
Third quarter sales in the agriculture segment increased by 14.9 percent. Year-to-date ag sales increased by 2.7 percent.
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., Inc.
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