Buhler Industries, manufacturer of the Versatile and Farm King brands of ag equipment, reported revenue for the 2nd quarter ended June 30,2024, was up 15.9% coming in at 78.3 million compared to $67.6 million in the prior year's second quarter. Revenue for the first six months of 2024 was $149.4 up $25.8 from 2023. The Company has been successful in improving its supply chain issues and, continues to enjoy strong demand for its products.
| Second Quarter Ended June 30 | 6 months Ended June 30 | |||
| 2024 | 2023 | 2024 | 2023 | |
| Revenue (millions) | $78.30 | $67.60 | $149.40 | $123.60 |
| Net income (millions | $7.20 | $16.10 | $5.10 | $20.20 |
| Net income/share | $0.29 | $0.64 | $0.20 | $0.81 |
| Shares issued (millions) | 25 | 25 | 25 | 24 |
| Source: Buhler Industries | ||||
Net Income for the Quarter
Net income for the second quarter was $7.2, compared to net income of $16.1 for the same period in 2023. For the year to date, net income was $5.1, compared to net income of $20.2 for the similar period in 2023.
Looking Forward
Sales, for the remainder of the year, are projected to be higher in 2024 as the Company continues to improve problems associated with supply chain issues. The Company’s majority shares were acquired by ASKO Sinai, a wholly-owned subsidiary of ASKO Holding, on December 28, 2023 and continues to receive full support from ASKO Sinai to achieve its sales growth and return to profitability. Margins are projected to improve in 2024 over 2023 as a result of operating efficiencies stemming from increased shipments and cost reductions taken during the year.
