4/15/2011 10:46:00 AM
NEWS BRIEFS
Valmont Reports Top-Line Growth Amid Rising Steel Costs
Valmont Industries reported sales of industrial fasteners and tubular products jumped 58% to $168.9 million during the first quarter of 2011, largely due to acquisitions. Segment income fell 16% to $2.2 million.
Excluding acquisition revenue gains, “the segment would have posted an operating loss, resulting from the inability to recover higher steel costs in an environment of reduced market demand, and highly competitive pricing,” Valmont stated.
The segment also struggled with “severe weather disruptions in Australia and increased import competition caused by a strong Australian dollar.”
Opening quarter coatings segment revenue more than doubled to $73.5 million, helped by acquisitions and “increases volumes in North America.” Coatings operating income rose 2.3 times to $10.3 million.
Omaha-based Valmont manufactures engineered products for infrastructure and mechanized irrigation equipment for agriculture. ©2011 GlobalFastenerNews.com
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Related Links:
• Valmont
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