BUHLER INDUSTRIES REPORTS 2022 YEAR END EARNINGS

WINNIPEG, MB, March 31, 2023 /CNW/ - (TSX: BUI)

Revenue

Revenue for the year was $239.9, down $77.3 from sales of $317.2 in 2021. The Company's decreased sales for the period primarily results from the accounting change to a December year-end in 2021. Included in 2022 are twelve months of sales versus fifteen months of sales in 2021.

Twelve-month year ending December 31, 2022 and fifteen-month period ending December 31, 2021

		Prior Period
Revenue (millions)	$239.9	$317.2
Net income/(loss) (millions)	($1.0)	$8.9
Net income/(loss)/share	($0.04)	$0.36
Shares issued (millions)	25.0	25.0

Net Loss for the Year

 The net loss for the year was $1.0, a decrease of $9.9 from the $8.9 earnings in the prior period. Income from operations improved by $5.0 over the prior period due to higher gross profit and lower selling and administration costs. However, a reduction in the gain on disposal of assets of $11.0 and an increase in foreign exchange loss of $5.0 were the major contributing factors to the net loss in 2022 compared to the prior period.

Looking Forward

Increased sales are projected for 2023 as the Company continues to work through supply chain issues. The Company has a large backlog of sales and continues to have strong demand for agricultural machinery and equipment. Increased sales will require additional inventories and receivables to support the sales growth. The Company continues to experience supply chain challenges faced by agricultural manufacturers as it works to improve shipments. The Company expects to see margin improvement through the year stemming from the increased customer demand and efficiency on its production line as it works the supply chain challenges.

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

Trading symbol: BUI

SOURCE Buhler Industries Inc.

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