Buhler Industries (Symbol BUI) reported today that sales revenue for the quarter was $52.2 million, up 22.2% from last year’s first quarter of $42.8 million. The company attributed the increase to growing demand for tractors, as well as its sprayer line introduced in fiscal 2010. Sales for the shortline division also remain strong.
First Quarter Ending
12/31/10 12/31/09
Revenue (millions) $52.2 $42.8
Net profit (millions) $0.5 $1.4
Net profit/share $0.02 $0.06
Shares issued (millions) 25.0 25.0
Net earnings for the first quarter wwere $0.5 million, down from $1.4 million in the first quarter of 2009. According to Buhler, this was primarily due to increased spending on research and development as the company continues to invest in its future and the gain on sale recorded on the sale of property in the prior year.
Looking forward, the company is projecting strong sales for 2011, with the increased demand for tractors and sprayers. In addition, the previously announced strategic alliance with Westeel and the recent acquisition of Ezee-On will contribute to sales growth in 2011. While sales are expected to be higher, profit will be impacted by the stronger Canadian dollar and higher steel prices.
Contact: Willy Janzen, Chief Financial Officer, Phone: (204) 654-5718, E-mail: wjanzen@buhler.com
Complete financial statement: http://www.buhlerindustries.com/investors/reports/buhler-2011-q1.pdf
