Art's Way's reported Feb. 15 its consolidated net sales for 2022 totaled $28,400,000, which represents a 13.8% increase from consolidated net sales of $24,965,000 for the 2021 fiscal year. The increase in revenue is due to increased demand in the Agricultural Products and Tools segments.
The company's Agricultural Products segment net sales for the 2022 fiscal year were $20,912,000 compared to $16,826,000 during the 2021 fiscal year, an increase of $4,086,000, or 24.3%.
"We continued to see strong commodity prices in fiscal 2022 which contributed to increased sales in grinder mixers, manure spreaders and our beet harvesting equipment for the second straight fiscal year," the company's earnings release said. "While the price of steel began to drop near the end of fiscal 2022, we saw component prices and manufacturing overhead increase in fiscal 2022. We utilized price increases to stay ahead of these rising costs in fiscal 2022 and maintain margins consistent with fiscal 2021. We also purchased 3 robotic weld cells and a high-definition plasma cutter in fiscal 2022 that we expect will increase manufacturing efficiencies, increase output and improve the quality of our products.
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