Consolidated net sales for Art’s Way’s 2020 fiscal year decreased by 2.1 percent compared to 2019. The company attributes the decrease to a dip in sales in agriculture products and modular buildings.
The tools segment reported a 9.9 percent increase in sales compared to 2019.
In agriculture, net sales declined by 3.1 percent in 2020, which the company primarily attributes to the loss of low-margin OEM business. Art’s Way also saw decreased demand for its beet equipment and forage and receiver boxes. It expects those lines to recover in the current year based on backlog and the introduction of a new forage box.
Sales of manure spreaders, dump boxes and grinders improved in fiscal 2020.
The company’s net loss increased as the result of a leadership transition, additional personnel searches and hires, employee retention efforts, and pandemic-related costs.
“While 2020 brought unforeseen challenges, we were pleased to see an increase in efficiency gains through continuous improvement projects and implementation of lean principles,” said President and CEO David King.
He said the company’s focus in 2021 “will be on rebranding the manufacturing division to appeal to a broader customer base while continuing to strengthen and expand our dealer network.”
Source: Art’s Way Manufacturing Co., Inc.