The only tractor manufacturer based in Canada is reporting a jump in sales in its year-end financials.
Buhler Industries, which makes and sells Versatile tractors and Farm King equipment, says it saw gross revenue of $249.6 million in fiscal 2020, up from $229.1 million in 2019.
The company says the increased sales were “a result of dealers reducing field inventory in the previous year, strong harvest conditions, and crop yields.” North America sales were up, but were offset by reduced sales in Eastern Europe and other international markets.
The bottom line for Buhler in 2020 was still negative, as the company reported a net loss of $25.8 million, an improvement over losses of $29.5 million in 2019 and $49.5 million in 2018.
The company says it’s expecting sales to grow again in 2021, citing a growing list of new order activity.
Buhler is also in the process of streamlining its manufacturing footprint, closing production facilities in Fargo, North Dakota, Wilmar, Minnesota, and Vegreville, Alberta. Production of Farm King and Ezee-On equipment will be moved to the company’s main plants in Winnipeg and Morden, Manitoba. The company says the impact of these cost reduction measures will be seen in 2021, with the full impact showing up in 2022.