10/15/2010 1:09:00 AM
NEWS BRIEFS
Valmont Earnings Down Despite Higher Sales
Valmont Industries reported sales of industrial fasteners and tubular products climbed 21% to $527.8 million during the third quarter of 2010, while net earnings dropped 36% to $25.9 million.
For the first nine months of 2010, net sales declined 0.8% to $1.37 billion, hampered by a global reduction in government spending on infrastructure and weaker global demand for wireless communication structures. Nine-month net earnings were cut in half to $59.5 million.
Coatings segment sales grew 19% to $35.4 million, reflecting improved demand for custom coatings and galvanizing, while segment operating income increased 14% to $8.7 million, or 24.5% of segment sales.
Omaha-based Valmont manufactures engineered products for infrastructure and mechanized irrigation equipment for agriculture. ©2010 GlobalFastenerNews.com
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