Buhler Industries announces an 8% increase in sales in 2Q21
Revenue for the quarter was $ 64.6 million, up $ 4.8 million from the second quarter of a year earlier, representing an increase of 8% from the previous year and continues the sales growth observed in the first quarter. Revenue for the first 6 months of 2020 was $ 115.8 million, up $ 6.7 million from 2020, a 6% increase in revenue since the start of the year. Product demand remains strong and the company is working to increase production for the remainder of the year to meet the growing order backlog.
Net income for the second quarter was $ 0.4, compared to a net loss of $ (8.5) for the same period in 2020. For the year to date, the net loss was (3.4 ) $, compared to a loss of ($ 13.9)) in the previous year. In the previous year, the lower margin and large currency losses resulted in the loss. The company improved its manufacturing efficiency and managed improving margins. In addition, lower selling and administrative expenses, interest expense savings, gains on disposal of assets and favorable exchange rates all contributed to the favorable quarter-over-year results. previous.
Second quarter sales increased 8% from the second quarter of the previous year. The company continues to project sales growth in 2021. The order backlog remains high as the company addresses supply chain challenges, including the availability of raw materials, to ramp up production. Inventory and accounts receivable levels are expected to increase to support sales growth. Over the past year, the company has restructured its manufacturing capacity and made changes to reduce the overall cost of operations. The results of these changes start to be visible in 2021 and the full impact of these cost reductions will materialize in 2022.