Art’s Way Manufacturing Co., Inc., recently announced its financial results for the third quarter and year to date.
Consolidated corporate sales for continuing operations for the three- and nine-month periods ended August 31 were down by 4.2 percent for the quarter and 3.5 percent for the first nine months of the fiscal year.
A three-month increase in revenue is largely attributable to an $8.5 million project in the company’s modular buildings segment that began in the spring and increased lease revenue from modular building rentals.
Agricultural products and tools segments experienced decreases in revenues in the third quarter of fiscal 2019.
A nine-month decrease in consolidated sales is primarily due to decreased revenue in the ag products and tools segments.
Despite the overall sales decrease, Art’s Way saw increased sales for the nine-month period in land maintenance equipment, plows, beet equipment, bale processors and dump boxes over 2018.
“While it is clear that unfavorable market conditions and uncertainty continue to impact our business, we are pleased to see top line growth for the third quarter, driven by our Art’s Way Scientific business,” said Marc McConnell, chairman of the Art’s Way Board of Directors. “We continue to see strong backlog and ongoing demand in this business and have experienced the benefits of diversification helping the company overall. While consolidated profitability remained elusive in the third quarter of fiscal 2019, we continued to make operational improvements and investments that we expect to benefit us long-term.”
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