BUHLER INDUSTRIES REPORTS 1ST QUARTER EARNINGS

WINNIPEG, MB, May 15, 2023 /CNW/ - (TSX:BUI)

Sales

Revenue for the quarter was $56.0, up $0.8 from the comparable quarter in the prior year. Supply chain issues continue to hamper sales growth. The Company continues to have a large backlog.

First quarter ending March 31, 2023                                    

				Year Ago
Revenue (millions)		$56.0		$55.2
Net Income (millions)		$4.1		$0.4
Net Income/share		$0.16		$0.02
Shares issued (millions)		25.0		25.0

Net Income for the Quarter 

Net income of $4.1 for the quarter was higher by $3.7 compared to the result in the prior year's first quarter. Contributing to the increase in profit this quarter was an increase on the gain on disposal of assets primarily held for sale of $7.9. This was offset by a reduction in income from operations of $2.5, an increase in interest expense of $0.6, a decrease in the gain from foreign exchange of $0.7 and an increase in spending on research and development of $0.7.

Looking Forward

Increased sales are projected for 2023 as the Company continues to work through supply chain challenges. The Company has a large backlog of sales and continues to have strong demand for agricultural machinery and equipment. The Company will be recognizing the results of the sale of its Vegreville facility and the sale-leaseback of its Woodstock facility in the second quarter.

Complete financial statement: https://www.buhlerindustries.com/pages/investors.php

Looking forward disclaimer: Forward-looking statements represent the Company's intentions, plans, expectations and beliefs, and are not guarantees of future performance. They involve risks, uncertainties and assumptions and the Company's actual results could differ, which in some cases may be material, from those anticipated in these statements. Unless otherwise required by applicable securities law, the Company disclaims any intention or obligation to publicly update or revise this information. The Company cautions investors not to place undue reliance upon forward-looking statements.

SOURCE Buhler Industries Inc.

Willy Janzen, Chief Financial Officer, Phone: [phone], E-mail: [email protected]