BTD Manufacturing’s robust revenues in 2019 were offset by a decline in scrap metal sales, which were affected by falling scrap prices last year.
The subsidiary of Otter Tail Corp reported a $9.5mn increase in revenue over 2018, as its sales to the auto part, construction, and agriculture industries rose. BTD achieved $12.3mn in total sales last year, of which $700,000 was earned through higher material costs, while the $11.6mn balance came through higher sales volumes.
However, the increased revenue was offset by a 31.9pc, or $2.8mn, decline in revenue generated by scrap metal sales, following a 28.2pc decrease in scrap prices in 2019, the company reported.
According to a statement by the company, its depreciation expenses decreased by $400,000 after some of its assets reached the end of their depreciable life.
BTD’s net income increased by $1.4mn in 2019 to 12.89mn—slightly higher than its $12.83mn income the year before.