Art’s Way Manufacturing Co., Inc. reported encouraging news in its financial results for fiscal year 2019 and its final quarter.
Net sales increased by 16 percent for the fourth quarter compared to the same quarter last year.
The company’s fourth quarter was the strongest it has had since 2014. Sales in the agricultural products segment increased by 59 percent from the final quarter of 2018 to 2019.
Art’s Way also reported to investors that it reduced bank borrowing by 20 percent, reduced aged inventory significantly, added key members to its management team, built a recurring revenue stream, introduced new products, added potentially high-impact customers, and made significant operational improvements, among other good news.
“For several years we have kept our focus on quality, customer service, innovation, and continuous improvement in our operations and are now beginning to feel the benefit of these efforts undertaken during the difficult times those in our industry have experienced,” said Marc McConnell, chairman of the Art’s Way Board of Directors. “I am confident that this proactivity is helping to drive gains we are making in the business.”
“As we look ahead to 2020,” he continued, “we are pleased to have a strong backlog of work in front of us in all segments and expect that this strong demand will continue as international trade deals are finalized, commodity prices continue to rebound, and a degree of certainty and stability returns to the agricultural industry at large.”
Art’s Way also named Michael Woods as its new chief financial officer. Woods has been with the company since 2016.
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