Ag Growth Reports 1Q Results

Ag Growth International Inc. reported a 13% rise in quarterly profit on strong demand. The company said it expects a strong corn planting season in the U.S. to drive demand for its portable grain handling equipment.

“Demand for our portable handling equipment is very strong as corn planting in the U.S. is forecast to be the highest since 1937 and farmers in western Canada are expected to seed approximately eight million more acres of land than in 2011,” said Chief Executive Gary Anderson.

Ag Growth said North American sales may not match last year’s levels. Net income for the first quarter rose to C$5.3 million ($5.3 million) from C$4.7 million a year ago.

North American sales of commercial handling equipment also rose, the company said. Trade sales for the Winnipeg-based company, which had its market debut in May 2004, increased 10% to C$72.3 million.

Ag Growth, Association member since 2005; aggrowth.com.