Art’s Way Releases Fiscal 2023 Results

Art’s Way Manufacturing announced its financial results for fiscal 2023.

Agricultural Products: The Agricultural Products segment’s net sales for the 2023 fiscal year were $22,467,000 compared to $20,912,000 during the 2022 fiscal year, an increase of $1,555,000, or 7.4%. Commodity prices in the agricultural market remained strong for the majority of fiscal 2023, and production execution on pent-up backlog led to the increase in sales in fiscal 2023. Incoming orders began to slow near the end of fiscal 2023 as supply chains in the industry began to catch up to demand. Gross profit percentage for the 2023 fiscal year was 29.3% compared to 30.8% for the 2022 fiscal year. Component prices and manufacturing overhead continued to increase from inflationary forces in fiscal 2023, and this, coupled with increased sales of its manure spreader line was the primary driver for the decrease in gross profit percentage. Art’s Way continued to take steps to drive production efficiency in fiscal 2023, most notably with the creation of new fixturing to weld a higher volume of parts in its robotic weld cells. It identified additional ways to improve profit margin through automation and plans to continue to make that a focus in fiscal 2024.

Net Income: Income from continuing operations for the 2023 fiscal year was $763,000 compared to income from operations of $374,000 in the 2022 fiscal year. Loss from discontinued operations for the 2023 fiscal year was $496,000 compared to $276,000 in the 2022 fiscal year. Consolidated net income was $267,000 and $98,000 for the 2023 and 2022 fiscal years, respectively.

Net income per share: Income per basic and diluted share from continuing operations for the 2023 fiscal year was $0.15, compared to $0.08 for the 2022 fiscal year. Loss per basic and diluted share from discontinued operations for the 2023 fiscal year was $0.10, compared to a loss of $0.06 for the 2022 fiscal year. Consolidated income per basic and diluted share for the 2023 fiscal year was $0.05, compared to $0.02 for the 2022 fiscal year.

ArtsWay-Mfg.com|Member since 1961

Source: Farm-Equipment.com