Art’s Way Manufacturing Co., a diversified, international manufacturer and distributor of equipment serving agricultural, research and steel cutting needs, has announced its financial results for the first quarter of fiscal 2023.
The Company’s consolidated corporate sales for the three-month period ended Feb. 28, 2023 were $7,895,000 compared to $5,613,000 during the same period in fiscal 2022, an increase of $2,282,000, or 40.7%. The Company had increased sales across all three of its business segments for the three months ended Feb. 28, 2023 compared to the same period of fiscal 2022.
The Company’s first fiscal quarter sales in its Agricultural Products segment were $5,445,000 compared to $4,161,000 for the same period in fiscal 2022, an increase of $1,284,000, or 30.9%. Because of strong demand and continued manufacturing efficiency improvements, this segment was able to build on recent success and significantly increase sales. This included increased first fiscal quarter sales in its portable feed, manure spreader, land maintenance, top spread and defoliator products. The availability of its products allowed the Company to successfully capitalize on a recent period of heightened demand, a testament to the manufacturing improvements it recently made. In addition, the Company believes its rebranding efforts and improved customer experience processes are being noticed within the industry.
Consolidated net income was $342,000 for the three-month period ended Feb. 28, 2023 compared to net loss of $(406,000) for the same period in fiscal 2022. The Company reported net income in two of its three segments for the first fiscal quarter of 2023 and operating income in all three segments. Despite the first fiscal quarter historically being the slowest for the Company’s Agricultural Products segment, the Company was able to meet its customers’ inventory demands to finish out with a solid first quarter in fiscal 2023. The Company’s Modular Buildings segment started to ramp its production up with research buildings at the end of first quarter of fiscal 2023 and the Company believes it is poised for a strong year. The Tools segment has had steady revenue and production so far in fiscal 2023 and the Company believes this is likely to continue based on current backlog.
Click here for more Industry News.