Revenue for the first six months of 2017 was $126.7 million, up $9.4 million from 2016. Weak commodity prices continue to contribute to reduced sales levels for the Company. Orders in North America have returned to near historical levels, with the Company seeing an increase in sales to the United States. Sales to Eastern Europe have remained steady.
| 2nd quarter ending March 31, 2017 | Year ago | |
|---|---|---|
| Revenue (millions) | $79.5 | $81.0 |
| Net profit (millions) | ($0.3) | $1.5 |
| Net profit / share | ($0.01) | $0.06 |
| Shares issued (millions) | 25.0 | 25.0 |
| 6 months ending March 31, 2017 | Year ago | |
|---|---|---|
| Revenues (millions) | $126.7 | $117.3 |
| Net profit (millions) | ($2.7) | ($7.2) |
| Net profit / share | ($0.11) | ($0.29) |
| Shares issued (millions) | 25.0 | 25.0 |
Net loss of ($0.3) million was down from earnings of $1.5 million for the second quarter For the year to date, the net loss was ($2.7) million, down from a loss of ($7.2) million in the prior year. In the current year improved margin was offset by the reduced gains on sale that occurred in the prior year.
Sales for 2017 are expected to be up slightly over 2016 sales. While demand for agricultural equipment continues to be slow resulting from lower commodity prices, the Company has experienced higher levels of demand for equipment in 2017 compared to 2016. Dealer inventory levels for high horsepower tractors are down in the United States from last year which will create opportunities when demand for new equipment increases. The Company continues to pursue increases in market share of agricultural equipment. Profitability from operations is expected to increase during the year resulting from actions taken by the Company to reduce cost. Margin levels are still expected to be weak due to competition for equipment sales and the weaker Canadian dollar that continues to have a significant negative impact on the Company with parts purchased in US dollars.
Willy Janzen, Chief Financial Officer
Phone: (204) 654-5718
E-mail: wjanzen@buhler.com
Trading symbol: BUI