Business
Art’s Way Announces Revenue Growth for Q3 and First Nine Months of Fiscal 2023, Earnings Growth for the Nine Months Ended August 31, 2023
ARMSTRONG, IA / ACCESSWIRE / October 11, 2023 / Art's Way Manufacturing Co., Inc. (Nasdaq: ARTW) (the "Company"), a diversified, international manufacturer
About this update from Art's-way Manufacturing Co., Inc.
[{"type":"text","content":"ARMSTRONG, IA / ACCESSWIRE / October 11, 2023 / Art's Way Manufacturing Co., Inc. (Nasdaq: ARTW) (the \"Company\"), a diversified, international manufacturer and distributor of equipment serving agricultural and research industries, announces its financial results for the third quarter and year to date of fiscal 2023. For the Three Months Ended (Continuing Operations, Consolidated) August 31, 2023 August 31, 2022 Sales $8,117,000 $7,476,000 Operating Income $468,000 $500,000 Net Income $241,000 $304,000 EPS (Basic) $0.05 $0.06 EPS (Diluted) $0.05 $0.06 Weighted Average Shares Outstanding: Basic 5,009,041 4,700,422 Diluted 5,009,041 4,700,422 For the Nine Months Ended (Continuing Operations, Consolidated) August 31, 2023 August 31, 2022 Sales $23,429,000 $19,031,000 Operating Income $1,445,000 $510,000 Net Income $921,000 $191,000 EPS (Basic) $0.18 $0.04 EPS (Diluted) $0.18 $0.04 Weighted Average Shares Outstanding: Basic 5,000,185 4,633,621 Diluted 5,000,185 4,633,621 Sales from Continuing Operations: Our consolidated corporate sales from continuing operations for the three- and nine-month periods ended August 31, 2023 were $ 8,117,000 and $23,429,000, respectively, compared to $7,476,000 and $19,031,000 during the same respective periods in fiscal 2022, a $641,000, or 8.6%, increase for the three months and a $4,398,000, or 23.1%, increase for the nine months.Our third quarter sales in our Agricultural Products segment were $5,530,000 compared to $6,345,000 during the same period of fiscal 2022, a decrease of $815,000, or 12.8%. Our year-to-date agricultural product sales were $17,343,000 compared to $15,823,000 during the same period in fiscal 2022, an increase of $1,520,000, or 9.6%. We saw a decrease in revenue in Q3 of fiscal 2023 compared to 2022 due to the timing of our beet equipment production. We typically see a spike in sales during our beet run as it is our largest and most expensive equipment. We shipped the majority of our beet equipment during the second quarter of fiscal 2023 compared to Q3 of fiscal 2022. Despite the Q3 decrease, year to date sales in our Agricultural Products segment are up 9.6%. We've seen increased demand for our grinders, beet equipment and manure spreaders thus far in fiscal 2023. We released smaller versions of our manure spreader line in fiscal 2023 that have been well-received in the mar...