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Source: Buhler Industries news release

To view the complete report, click here.

Revenue for the quarter was $77.1, down $22.1 from the record set in the third quarter of 2013. For the first nine months of 2014, sales were $250.7, amongst the best three quarters in Company history, although down $18.3 from the prior year.

As anticipated, tractor sales saw a decline in the third quarter due to the higher inventory levels in North America. For the first nine months of 2014, tractor sales continue to be strong, both domestically and in the over- seas market. The recently introduced Delta Track units have proven to be popular and have added to the revenues for the year.

Gross Profit
With the decline in sales for the quarter, gross profit for the three months ended June 30 were down from 2013, coming in at $10.1, down from the prior year figure of $16.7. For the nine months ended June 30 the gross profit was amongst the best in Company history, hitting $39.4, although off of the record seen in 2013 of $43.8.

As a percentage of sales, gross profit for the quarter was 13.1%, down from 16.9% in the second quarter last year. For the nine months ended, gross profit was 15.7%, down from last year to date's 16.3%. The decrease in margin for the year to date was due to the lower sales levels in 2014.

Income from Operations
Income from operations in the quarter came in at $4.0, a decrease of $7.5 from the record third quarter of 2013. For the nine months ended, income from operations was $19.8, down from the Company record prior year of $27.7, but still among the best nine months in Company history.

Selling and administration expenses in the quarter were $6.1, up from $5.2 in the prior year. For the year to date, selling and administration were $19.6, compared to $16.1 in 2013.

Increased spending on marketing, salaries and travel are responsible for most of this increase. As a percentage of sales year to date, selling and administration expenses was 7.9%, an increase of 1.8% from the prior year.

Net Earnings
Net earnings were $1.1, down $7.3 from the prior year record third quarter earnings of $8.4. For the year to date, earnings were $10.8, down $7.3 from the record prior year to date of $18.1. These decreases were due to the decrease in sales coupled with the increase in selling and administration expenses and reduced foreign exchange gains.

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