Valmont Industries has reported financial results for the fourth quarter and full year ended Dec. 28.
For the fourth quarter of 2019, net sales declined by 2 percent. Lower sales in international markets, particularly in access systems and international irrigation, were mostly offset by improvement across North American markets, led by utility support structures.
For the full year of 2019, the company reported flat net sales.
President and CEO Stephen G. Kaniewski said irrigation sales in North America were “in line with expectations,” but overall growth in the segment was affected by lower project business in international irrigation markets.
“Even with the impact of muted net farm income and trade uncertainty, our North American irrigation business performed well, supported by higher sales of advanced technology solutions,” Kaniewski said.
The irrigation segment represents 19.5 percent of Valmont’s business. Global sales decreased by about 6.7 percent compared to last year. North American sales were flat compared to 2018.
International irrigation sales decreased by 16.1 percent compared to last year. Irrigation technology sales for the full year, as a subset of total segment sales, increased by 25 percent, led by growers’ increasing demand for integrated solutions that help reduce input costs and improve profitability.
Kaniewski also said the company’s “performance in the fourth quarter was in line with our expectations,” minus the poor results from access systems in Australia.
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