Arts-Way Manufacturing Clocks 2% Sales Growth In Q3, Notes Margin Expansion

  • Arts-Way Manufacturing Co. Inc. ARTW reported third-quarter FY21 sales growth of ~2% year-over-year to $6.59 million.
  • Sales by segments: Agricultural Products sales $4.66 million (+26.9% Y/Y) and Tools segments $0.619 million (+30.2% Y/Y), and Modular Buildings $1.31 million (-43.4% Y/Y). Modular Building's decrease in sales for the quarter is mainly due to completing a large laboratory project.
  • EPS improved to $0.01 from $(0.10) in 3Q20. The gross margin was 26.4%, compared to 14.3% in 3Q20.
  • Operating income stood at $0.16 million, compared to $(0.51) million a year ago.
  • The company noted favorable market conditions, increased sales, and a strong backlog supports a positive outlook for 4Q21 and the first half of 2022.
  • Price Action: ARTW shares are trading lower by 3.12% at $3.57 on the last check Wednesday.

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