Revenue for the quarter was $58.1 million, up $1.2 million from the prior year second quarter. Revenue for the first six months of 2019 was $115.4 million, down $16.1 million from 2018. Weak commodity prices continue to contribute to reduced sales levels for the Company. Sales to Eastern Europe have remained steady, while orders in North America remain below historical levels.
| 2nd quarter ending March 31, 2019 | Year ago | |
|---|---|---|
| Revenue (millions) | $58.1 | $56.9 |
| Net profit (millions) | $7.0 | ($6.6) |
| Net profit / share | $0.28 | ($0.26) |
| Shares issued (millions) | 25.0 | 25.0 |
| 6 months ending March 31, 2019 | Year ago | |
|---|---|---|
| Revenue (millions) | $115.4 | $131.5 |
| Net profit (millions) | $2.6 | ($12.4) |
| Net profit / share | $0.10 | ($0.49) |
| Shares issued (millions) | 25.0 | 25.0 |
The net earnings for the second quarter were $7.0 million, compared to net a loss of ($6.6) million for the same period in 2018. For the year to date, the net income was $2.6 million, compared to ($12.4) million in the prior year. In the current year decreased margin and increased interest expenses were offset by the large gains on sale as well as decreased research and development expenses. In the prior year the Company had a $5.8 million write down in tax assets due to a major reduction of the corporate tax rate in the United States.
During the quarter, the Company announced a long term agreement with Kubota Corporation to develop and produce a new series of mid-range front-wheel assist tractors. In addition, the Company announced the new Versatile Nemesis Series tractor with horsepower ranging from 175 to 250. These tractors will add sales during the year, however, the Company still expects sales for 2019 to be less than 2018 results due to the soft farm economy. The Company expects to significantly reduce its losses in 2019 as it focuses on margin improvement.
Willy Janzen, Chief Financial Officer
Phone: (204) 654-5718
E-mail: wjanzen@buhler.com
Trading symbol: BUI