Buhler Industries has reported its revenue for the first quarter of 2023 was $41.6 million, up $0.6 million from the comparable quarter in the prior year. Supply chain issues continue to hamper sales growth, and the company continues to have a large backlog.
Net income of $3.1 million for the quarter was higher by $2.8 million compared to the result in the prior year's first quarter. Contributing to the increase in profit this quarter was an increase on the gain on disposal of assets primarily held for sale of $5.9 million. This was offset by a reduction in income from operations of $1.9 million, an increase in interest expense of $0.5 million, a decrease in the gain from foreign exchange of $0.5 million and an increase in spending on research and development of $0.5 million.
Increased sales are projected for 2023 as the Company continues to work through supply chain challenges. The Company has a large backlog of sales and continues to have strong demand for agricultural machinery and equipment.
The Company will be recognizing the results of the sale of its Vegreville facility and the sale-leaseback of its Woodstock facility in the second quarter. Financial filings reported the company's total proceeds net of commission on this sale and sale-leaseback was $11.4 million for both properties.
Buhler reported spending $1.9 million on R&D in 1Q23.
Total inventories were valued at $126.8 million as of March 31, 2023, down 2.2% vs. Dec. 31, 2022. This included $58.7 million in finished goods (up 2.2% vs. the end of 2022) and $65 million in raw materials (down 5.8%).
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