Valmont Industries - Australian Mining Consumables Business

Jul 24, 2017

Monday, July 24th, 2017   Valmont Industries, Inc. (NYSE: VMI), a leading global provider of engineered products and services for infrastructure development and mechanized irrigation equipment and services for agriculture, today reported second quarter 2017 results. "Substantial increases in Utility Support Structures and Irrigation Segment sales drove second quarter performance," said Mogens C. Bay, Valmont's Chairman and Chief Executive Officer. "Engineered Support Structures and Coatings Segment sales also improved, while Energy and Mining sales declined due to weaker end market demand. Overall, a less favorable sales mix and some lagging recoveries of increased raw material costs resulted in slightly lower operating income as a percent of sales." Agricultural irrigation equipment, parts, services and tubular products. Sales of $188.3 million rose 24% above last year, with significant increases in both North America and International regions. North American sales increased due to improved demand from markets outside the traditional corn-belt. Additionally, higher equipment operating times drove increased service parts sales. The broad increase in International sales was led by project demand and continued favorable market conditions in Brazil. Operating income was higher at $34.7 million, or 18.4% of sales compared to $31.0 million, or 20.4% of sales in 2016. The decline in operating income as a percent of sales was due to higher raw material costs only partly offset by leverage of volume, and selling, general and administrative expenses. To view the complete report, click here. ADVERTISEMENT Did you enjoy this article? Signup for our newsletter to stay informed!