Art's Way Manufacturing says that for Q2 FY2023, which ended May 31, the company’s consolidated sales increased 23.8% year-over-year to $9,008,000, with sales in the Agricultural Products segment increasing 19.8% to $6,368,000. For the first half of FY2023, consolidated sales grew to $16,903,000 — a 31.1% jump year-over-year, with agricultural product sales growing 24.6% to $11,813,000.
Consolidated net income for Q2 was $307,000 — up from $175,000 for the same period in FY2022. For the first half, consolidated net income was $649,000 compared to a net loss of $231,000 for the first half of FY2022. Income per basic and diluted share for Q2 was $0.06 versus $0.04 for the same period in FY2022. Income per basic and diluted share for the first half was $0.13 compared to a loss of $0.05 for the same period in FY2022.
"Art's Way continues to thrive in strong market conditions driven by sound execution of our growth strategy and from the operational excellence of our employees, dealers and suppliers," says David King, CEO of Art’s Way. "While supply chain constraints have eased over the last two quarters, our planning around these constraints has improved our ability to deliver product and meet customer demand."
King adds that due to high projected farm income levels for 2023 — which are expected to drive continued ag equipment sales — the outlook for the rest of the year looks positive. He says with a strong backlog for the second half of FY2023 coupled with the sale of the assets of the company’s Tool segment, which it is discontinuing, “we expect significant cash flow to be available to fund strategic initiatives to further improve our agriculture business as well as reduce our outstanding debt."
