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ARTW News
ARTW Events
Art's-Way Manufacturing Modular Buildings Backlog Increases to $19.0M
Art's-Way Manufacturing announces that its Modular Buildings segment has been awarded major projects recently, increasing the segment's backlog to over $19.0M, a significant increase since the $1.3M reported in the company's Quarterly Report on Form 10-Q for the fiscal quarter ended May 31. "These projects represent a significant increase in the Modular Building segment's production commitments and provide enhanced visibility into future manufacturing activity. The backlog is estimated to be substantially fulfilled by the end of the company's 2027 fiscal year, subject to customer schedules, project milestones and customary execution," the company stated.
Company Reports Q2 Revenue of $7.9M
Reports Q2 revenue $7.9M vs. $6.34M last year. Marc McConnell, CEO, reports, "We are pleased to report that the marked improvement we saw at the outset of our fiscal year continued into the second quarter, resulting in improving revenue and operating results. In our Agricultural Products segment, we have experienced demand growth in livestock-oriented products that have well outpaced the reduced demand in our sugar beet products. We view this as an overall positive result given the persistent challenges in the entirety of the farm equipment marketplace. We are especially pleased with the continued strong demand and profitability in our Modular Buildings segment, where growth and progress continue. Despite improving operating results, we acknowledge that material cost pressures have impacted our gross margins and we are thus focused on monitoring, managing, and improving margins in both businesses. Overall, we have an optimistic view of our opportunities in the quarters ahead and remain steadfastly focused on quality, innovation, and serving our customers well."
Onconetix Appoints David White as CEO
Onconetix (ONCO) announced the appointment of David White as CEO, effective March 18 and the appointment of Sammy Dorf as a member of the company's board of directors and the audit committee, effective March 19. Karina Fedasz, the company's outgoing interim CEO, will continue to serve as its interim CFO. White currently serves as an independent director of Art's Way (ARTW).
Art's Way anticipates implementing a 3%-5% price hike for customers.
The company said, "We have experienced decreased demand for the last six fiscal quarters due to difficult agricultural market conditions highlighted by high interest rates, increasing input costs and low row crop prices. Although our inventory decreased from heightened levels in fiscal 2024, many dealers are still sitting on inventory from other equipment manufacturers, which hampers our ability to get these dealers to stock more of our equipment. We believe product availability will be key for the next two fiscal quarters to capitalize on retail opportunities and yearend tax buying. Strategically, we are continuing to build inventory through our fiscal year end despite low demand in order to be responsive to farmers needs this fall. Livestock prices, predominately cattle, continue to be at all-time highs in fiscal 2025 and have driven strong grinder mixer sales activity thus far in fiscal 2025. We expect cattle farmers to have strong earnings in 2025, and we could potentially see retail opportunities in an attempt to offset tax liability prior to the calendar year-end. The agriculture market is highly cyclical, and we believe this is the bottom of the cycle. We anticipate that conditions will start to improve in the next 9 to 15 months in our market. Our efforts in fiscal 2024 to right-size our production and administrative staff have reduced our operating expenses which is aiding in our efforts to weather the bottom of the cycle. Our fall early order program starts in October and runs through January 15th. The sales decreases for the three- and nine- months periods ended August 31, 2025 compared to the same periods in fiscal 2024, resulted in less variable margin to cover our fixed costs comparatively while inflationary forces also negatively affected our gross margin. Steel prices began to rise in February 2025 due to tariff uncertainty and infrastructure projects that impacted domestic demand. While steel prices have dropped from their peak in April 2025, we have not seen them return to 2024 levels. We are also paying higher prices from tariff charges for imported products, which is negatively affecting our margin. We are exploring reshoring options for these items in an attempt to reduce the gross margin impact. We expect to pass on a 3-5% price increase to our customers with our fall early order program due to rising costs from our suppliers."
Art's Way Announces Q3 Earnings Per Share of 5 Cents Compared to 0 Cents Last Year
Reports Q3 revenue $6.4M vs. $5.9M last year. Marc McConnell, the Company's President, CEO, and Chairman, reports, "We continue to be pleased by operational progress and improved profitability during our third quarter and year to date despite persistent headwinds in the ag equipment space. During the quarter, we again benefited greatly from strong performance by our Modular Buildings segment while our Agricultural Products segment continued to experience modest demand. We remain focused on enhancing our products and customer experience to improve our market position in both segments while also further improving our balance sheet and cashflow positions. We are cautiously optimistic that strong profitability among livestock producers will lead to improvement in demand in the near term and into 2026."
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