Buhler Industries Reports 1st Quarter Earnings
Canada NewsWire
WINNIPEG, Feb. 13, 2013
WINNIPEG, Feb. 13, 2013 /CNW/ -
Sales
Revenue for the quarter was $76.7 million, surpassing last year's record
of $76.5 for a first quarter. Higher sales levels are due to continued
strong demand for tractors, seeding and tillage.
1st quarter ending December 31, 2012
| Year Ago | ||||
| Revenue (millions) | $76.7 | $76.5 | ||
| Net profit (millions) | $3.3 | $2.4 | ||
| Net profit/share | $0.13 | $0.09 | ||
| Shares issued (millions) | 25.0 | 25.0 | ||
Net Earnings up for the Quarter
Net earnings for the first quarter was $3.3 million, up $0.9 million in
the previous first quarter. This was primarily due to a gain on foreign
exchange and reduced selling and administrative expenditures offset by
increased research and development expenditures. Earnings per share
came in at $0.13 compared to $0.09 in the prior first quarter.
Looking Forward
The Company remains cautiously optimistic about being able to repeat its
last year's sales record. Higher commodity prices continue to drive
demand for agricultural equipment as customers upgrade their equipment.
Commodity prices are projected to remain high as the world population
continues to grow and the middle class in emerging markets change their
consumption patterns.
Sales of the Company's tractors, seeding and tillage equipment continue to have strong demand. The recent introductions of the combine, the new drill and cart and grain cart will provide additional sales during the year.
Research and development expenditures are expected to increase in 2013 as the Company continues to invest in new products and technologies. The Company expects to unveil two new products at shows during the second quarter.
SOURCE: Buhler Industries Inc.
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