Buhler Industries, which manufactures the Versatile and Farm King brands of equipment, reported 2021 fourth quarter revenue of $46 million, down 8.5% from $51 million in the fourth quarter of 2020. Total revenue for 2021 came in at $201 million, up 1.5% from $198 in 2020. Demand for products was reportedly strong and Buhler continues to increase production to meet the growing order backlog. Sales for the quarter were down due to supply chain issues that the company is working through.
Gross profit for the quarter came in at $5.8 million, up 462.5% from the $1.6 million loss reported in the last quarter. For the year, gross profit came in at $21.9 million, up 73.8% from $12.6 million in 2020.
Income from operations in the fourth quarter was $1.7 million, an improvement from the $5.9 million loss reported in the same quarter last year. Income from operations for the full year 2021 was $5.9 million, up from a loss of $8.3 million in 2020.
Net earnings for the quarter were a loss of roughly $0.6 million, while net earnings for the year were a loss of roughly $0.3 million.
Consistent with Buhler's strategy over the past several year, the company continues to invest in the development of new products for the future, so expenditures for research and development continued to be high. In the fourth quarter of 2021, Buhler spent $1.1 million on R&D vs. $1.5 million in the same quarter last year. For the full year 2021, Buhler's expenses R&D totaled $5.2 million, down from $5.5 million in 2020.