The company based in
“We are often questioned on how we will handle a changing landscape,” said chief executive
Sales for the three months ended
Hasenfratz estimated that COVID-19 was the single biggest impact, leaving a
Second-quarter sales in its industrial segment fell 56.7 per cent and in its transportation segment 55.3 per cent, partly due to adverse conditions associated with the pandemic.
Its industrial business includes agricultural harvesting machines. Hasenfratz cited a tough harvest last year, tariffs, and political backlash that is “hurting” North American farmers, particularly soybean and canola farmers and Canadian farmers.
Overall, the manufacturer said it recorded a net loss of
Despite the slide, Hasenfratz estimated that the second quarter is the trough or low point for the pandemic, but said that even in the case of a second shutdown, the company forecasts being profitable.
“There is still a lot of uncertainty out there and now is not the time to become complacent,” she said.
Hasenfratz said the company had cut capital spending by 18 per cent, and had scraped out about
Analysts expected a net loss of
In addition to trimming travel expenses and taking advantage of government relief, Hasenfratz said the company was able to save on costs like uniform cleaning and trash collection when fewer employees were present at workplaces.
Although the workforce has seen “sporadic cases” of COVID-19 popping up, more than 90 per cent of employees are back to full-time work and the company has contained and stopped any transmission onsite, she said.
“We have had no serious outbreaks in any of our plants,” she said. Chief operating officer
“We've got to be doing both things: Keep people safe and keep livelihoods going,” said Jarrell.
Going forward, Hasenfratz predicted a boost from electric vehicles, noting that fully electric vehicles are set to surpass hybrids for the first time.
“Electrified vehicles continue to present a great opportunity for us,” she said.
This report by
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