Buhler Industries' revenue for the year was $178.8 million, down $57.6 million from sales of $236.4 million in 2021. The Company's decreased sales for the period primarily results from the accounting change to a December year-end in 2021. Included in 2022 are 12 months of sales vs. 15 months of sales in 2021.
The net loss for the year was $750,000, a decrease of $7.4 million from the $6.6 million earnings in the prior period. Income from operations improved by $3.7 million over the prior period due to higher gross profit and lower selling and administration costs. However, a reduction in the gain on disposal of assets of $8.2 million and an increase in foreign exchange loss of $3.7 million were the major contributing factors to the net loss in 2022 compared to the prior period.
Increased sales are projected for 2023 as the Company continues to work through supply chain issues. The Company has a large backlog of sales and continues to have strong demand for agricultural machinery and equipment. Increased sales will require additional inventories and receivables to support the sales growth. The Company continues to experience supply chain challenges faced by agricultural manufacturers as it works to improve shipments. The Company expects to see margin improvement through the year stemming from the increased customer demand and efficiency on its production line as it works the supply chain challenges.
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