Buhler Industries today reported results for Q3 Nov. 14, 2024. Revenue for the quarter was up 38.6% coming in at $83.3 million compared with $60.1 million in the prior year third quarter. Revenue for the first nine months of 2024 was $232.8 up $49.0 from 2023. The Company has been successful in improving its supply chain issues and is able to better meet its customer demand for agricultural equipment.
Net income for the third quarter was $6.7, compared to net loss of $1.4 for the same period in 2023. For the year to date, net income was $11.8, compared to net income of $18.8 in the prior year. Contributing to the increase in profit in the quarter was an increase in income from operations of $10.1, an increase in gain on foreign exchange of $0.9 and a decrease in research and development expense of $1.6. This was offset by a decrease in gain on asset disposal of $0.5, a decrease in interest income of $0.9 chiefly related to a SRED refund from prior years, an increase in interest expense of $1.9 and a decrease in income taxes recovered of $1.2. Prior period income tax recovered was primarily due to SRED tax refunds.
Sales for 2024 are projected to outperform 2023 sales as the company continues to focus on improving its supply chain and continues to enjoy demand for its product. 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.
