WINNIPEG, MB , Aug. 14, 2024 /CNW/ - (TSX: BUI)

Sales

Revenue for the quarter was up 15.9% coming in at $78.3 million compared with $67.6 million in the prior year second quarter. Revenue for the first six months of 2024 was $149.4 up $25.8 from 2023. The Company has been successful in improving its supply chain issues and, continues to enjoy strong demand for its products.

Net Income for the Quarter

Net income for the second quarter was $7.2, compared to net income of $16.1 for the same period in 2023. For the year to date, net income was $5.1, compared to net income of $20.2 for the similar period in 2023.

Looking Forward

Sales, for the remainder of the year, are projected to be higher in 2024 as the Company continues to improve problems associated with supply chain issues. The Company's majority shares were acquired by ASKO Sinai, a wholly-owned subsidiary of ASKO Holding, on December 28, 2023 and continues to receive full support from ASKO Sinai to achieve its sales growth and return to profitability. Margins are projected to improve in 2024 over 2023 as a result of operating efficiencies stemming from increased shipments and cost reductions taken during the year.

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

Trading symbol: BUI

Forward-looking statements

Certain statements made above contain forward-looking statements including, but not limited to, statements concerning possible or assumed future results of operations of the Company. Forward-looking statements represent the Company's intentions, plans, expectations and beliefs, and are not guarantees of future performance. Such forward-looking statements represent Buhler Industries current views based on information as at the date of this report. 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 forward-looking statements. Factors that could cause results to differ from those expected include, but are not limited to: the terms, availability and costs of acquiring raw materials and the ability to pass on price increases to customers; ability to negotiate contracts with new customers or renew existing customer contracts with less favorable terms; timely response to changes in customer product needs and market acceptance of our products; the potential loss of business or increased costs due to customer or vendor consolidation; competitive pressures, including new product development; industry capacity, and changes in competitors' pricing; ability to maintain or increase productivity levels; ability to contain or reduce costs; foreign currency exchange rate fluctuations; changes in governmental regulations, including environmental, health and safety; changes in Canadian and foreign income tax rates, income tax laws and regulations. Unless otherwise required by applicable securities law, Buhler Industries disclaims any intention or obligation to publicly update or revise this information, whether as a result of new information, future events or otherwise. The Company cautions investors not to place undue reliance upon forward-looking statements

SOURCE Buhler Industries Inc.