Arts Way Reports Improvements in Q2
Art’s Way Manufacturing Co. recently announced its financial results for the quarter ending May 31 and the first six months of the fiscal year.
Consolidated corporate sales increased 12.9 percent for the quarter and 17 percent for the first six months compared to the same periods last year.
The increases in revenue were primarily due to the increased demand for agricultural products and modular buildings, the company said.
Consolidated gross margin for the quarter increased from 17.3 percent last year to 20.9 percent this year. In the six-month comparison, the increase was a tenth of a percent. Improvements in gross margin were “largely attributable to the agricultural products segment,” Art’s Way said.
Marc McConnell, chairman of the Board of Directors, said this: “As we have reported over the last few quarters, we are beginning to see some positive signs in the marketplace. We are pleased to report stronger second quarter revenues than a year ago and greater success selling non-strategic inventory than we’ve had at any point during this agricultural market downturn.”
He said the company sees dealers more willing to stock whole goods, which indicates a promising direction.
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