Buhler Industries, the manufacturer of Versatile and Farm King branded farm equipment, released its second quarter earnings on Aug. 15, 2022.
Revenue for the quarter was $57.8, down $21.4 from the comparable quarter in the prior year. Revenue for the first 6 months of 2022 was $113 million, down $30.7 compared to the 6 months ending June 30, 2021. The Company's decrease in sales levels is the result of supply chain issues experienced during the quarter and not a result from the lack of demand as it remains very high.
Net Income for the Quarter:
Net income for the second quarter was $1.1 million, compared to net income of $3.8 million for the same period in 2021. For the six months ending June 30, 2022, the net income was $1.4 million, compared to the net income of $4.2 million for the similar period in 2021.
Sales are expected to grow as the Company resolves supply high chain issues, which will also reduce inventory. The sales backlog remains very high. In the past year, the Company restructured its manufacturing capacity and made changes to reduce the overall cost of operations. The restructuring coupled with improved shipments will increase the profitability of the Company.