Art’s Way Cites ‘Meaningful Improvement’ in Quarterly Report

Art’s Way Manufacturing Co., Inc. announced its financial results for the third quarter last week.

The company reported a 1.8 percent increase in sales for the quarter ending August 31 compared to the same quarter last year. For the first nine months of this year, sales were down by 10.2 percent compared to last year.

The increase in quarterly revenue is primarily due to an uptick in the agriculture economy and increased sales in the company’s tools segment.

Consolidated gross margin for the quarter was 22.1 percent compared to 19.3 percent last year. For the nine-month comparison, the current consolidated gross margin was 21.7 percent; last year’s was 25 percent.

The company largely attributes the decrease in the nine-month measure to new products in the agriculture segment.

“We are pleased to report meaningful improvement in our operational performance and profitability for the third quarter,” said Marc H. McConnell, chairman of the Art’s Way board of directors and a past president of this Association. “Coming off a very challenging first half of the year, we benefited in the third quarter from many of the strategic investments made in recent quarters. While the agricultural market at large remains depressed, we were able to make more of an impact in the markets we serve while maintaining tight cost control and continuing pursuit of our strategic initiatives.”

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