Buhler (Winnipeg, Manitoba, Canada) has released its fourth-quarter earnings and says the annual revenue disclosed in its quarterly earnings met the company’s target for Fiscal Year 2003, according to press release from the company.
Buhler builds tractors, front-end loaders, grain augers, mowers, snow blowers, and other equipment.
The company reported that it earned CAD $2.5 million for the 3 months that ended Sept. 30, 2003, which is up $1 million from the same period in 2002. Three-month revenues also rose to $40.5 million from $38.3 million.
Total revenue for the year was $181.2 million compared to $232.6 million last year. Earnings for the year ending Sept. 30, 2003 were $11.6 million compared with $13.4 million last year. Gross profit was $41.2 million (22.8 percent of sales) for 2003 compared to $49.5 million (21.3 percent of sales) last year. The number of shares outstanding at year-end was 23 million.
The company increased its annual dividend from $0.12 to $0.13 per share. The dividend is payable Jan. 14, 2004 to shareholders of record on Dec. 5, 2003. This is the 11th consecutive increase in dividends, and Buhler expects that dividend increases will continue.
"The fourth quarter exceeded our target and marked the third consecutive increase in fourth-quarter earnings," a company press release stated. "This proves that the adjustment following the wind-down of tractor sales to CNH is complete, and we are back to a pattern of growth. As a result, we are forecasting increases in both revenue and earnings for fiscal 2004. CNH Global is a European company that makes tractors and combines."
The farm products continue to experience growth in sales through our increasing dealer base in North America, according to the company, and it expects this growth to continue with its core products and also through acquisitions, as they become available and as they are deemed "prudent" by the company.
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