Business
Art’s Way Announces Earnings Growth for Q2 and First Six Months of Fiscal 2023 Led By Agricultural Products Segment
ARMSTRONG, IA / ACCESSWIRE / July 11, 2023 / Art's Way Manufacturing Co., Inc. (Nasdaq:ARTW) (the "Company"), a diversified, international manufacturer and
About this update from Art's-way Manufacturing Co., Inc.
[{"type":"text","content":"ARMSTRONG, IA / ACCESSWIRE / July 11, 2023 / Art's Way Manufacturing Co., Inc. (Nasdaq:ARTW) (the \"Company\"), a diversified, international manufacturer and distributor of equipment serving agricultural, research and steel cutting needs, announces its financial results for the second quarter and year to date of fiscal 2023. For the Three Months Ended (Consolidated) May 31, 2023 May 31, 2022 Sales $9,008,000 $7,275,000 Operating Income $434,000 $321,000 Net Income $307,000 $175,000 EPS (Basic) $0.06 $0.04 EPS (Diluted) $0.06 $0.04 Weighted Average Shares Outstanding: Basic 5,014,050 4,629,331 Diluted 5,014,050 4,629,331 For the Six Months Ended (Consolidated) May 31, 2023 May 31, 2022 Sales $16,903,000 $12,888,000 Operating Income (Loss) $982,000 $(115,000)Net Income (Loss) $649,000 $(231,000)EPS (Basic) $0.13 $(0.05)EPS (Diluted) $0.13 $(0.05) Weighted Average Shares Outstanding: Basic 4,995,708 4,599,743 Diluted 4,995,708 4,599,743 Sales: The Company's consolidated corporate sales for the three- and six-month periods ended May 31, 2023 were $9,008,000 and $16,903,000, respectively, compared to $7,275,000 and $12,888,000 during the same respective periods in fiscal 2022, a $1,733,000, or 23.8%, increase for the three months and a $4,015,000, or 31.1%, increase for the six months. The Company increased revenue and saw increased demand in all three business segments for the three and six months ended May 31, 2023.The Company's second quarter sales in the Agricultural Products segment were $6,368,000 compared to $5,316,000 during the same period of fiscal 2022, an increase of $1,052,000, or 19.8%. Year-to-date agricultural product sales were $11,813,000 compared to $9,477,000 during the same period in fiscal 2022, an increase of $2,336,000, or 24.6%. Successful execution of the Company's production plan in fiscal 2023 has led to strong increases in the revenue for beet equipment, grinders, manure spreaders and bale processing equipment year on year. While some supply chain challenges still exist, proper planning has allowed the Company to overcome most of these issues. The Company continued to see improved throughput in the production facility due to automation advances including the utilization of robotic weld cells and from the alleviation of bottleneck constraints with the addition of a high-definition plasma cutter. Demand has...