Buhler Industries reported a 9-percent increase in sales in 2020 compared to 2019.
The company attributed the increase to dealers reducing field inventory in the previous year, strong harvest conditions, and crop yields.
Total revenue was $249.6 million for the year ended Sept. 30.
The company reported a $25.8 million net loss for the year, which was an improvement over the $29.5 million net loss in 2019.
“In the current year, the company continued cost saving measures from the previous year that have resulted in continued improvements to gross margin and reductions in the loss from operations,” it said. “The company was able to reduce interest expense by managing to reduce its inventory and accounts receivable. In addition, the company reduced its R&D expenses during the period.”
Buhler’s projections for 2021 are favorable. It expects sales to continue to grow, in part because it has seen an increase in its backlog and order activity.
It also expects to see continued gains as a result of revising manufacturing capacity and reducing its overall footprint and cost of operations.
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