Buhler reports increase in net earnings

Winnipeg Free Press
Fri Apr 22 2005

FARM equipment manufacturer Buhler Industries has reported a modest increase in net earnings for the second quarter of its current fiscal year. 

The Winnipeg-based firm said yesterday that earnings for the three-month period which ended March 31 were up 4.2 per cent to $4.1 million, or 16 cents per share, from $3.9 million, or 16 cents per share, for the same period last year. 

Revenues, meanwhile, were up 2.2 per cent to $64 million from $62.6 million a year earlier. 

Despite the second-quarter increase in net earnings, profits for the first half of the year fell to $5.7 million, or 23 cents per share, from $6.0 million, or 25 cents per share, in the first half of fiscal 2004, the company noted. 

However, first-half revenues fared a little better, growing by 4.6 per cent to $109.8 million from $104.9 million in the first six months of the previous fiscal year. As for its prospects for the second half of this year, Buhler said in a news release its current order backlog varies from product to product and ranges from "stronger than normal" to "weaker than normal." 

It said that because of the uncertain, long-term reaction to its decision to raise its prices this year, it's anticipating its revenues will remain flat or only slightly higher in the second half of the year. 

Founded in 1933, Buhler Industries employs about 850 people at 10 production plants -- nine in Canada and one in Fargo, N.D. The company also operates seven distribution centres, including three in the United States.