Valmont Industries, Inc., which designs and manufactures engineered products that support agriculture and infrastructure, reported record net sales in the quarter ending June 26.
Net sales increased by 29.9 percent compared to the same quarter in 2020. Significantly higher sales in its irrigation segment and utility support structures fueled the growth.
In the irrigation segment, which represents 31.5 percent of business, the company reported a 57.6 percent increase in sales compared to 2020. International sales grew 144 percent year-over-year.
The company also reported that global backlog has increased 17.5 percent since the end of fiscal 2020—a record rise.
The earnings report also highlighted two acquisitions in the irrigation segment during the second quarter: Prospera Technologies, Ltd. and PivoTrac.
The company revised its full-year net sales growth guidance upward to 16 to 19 percent. The previous outlook anticipated a 9 to 14 percent increase.
In the irrigation segment, the full-year expectation is that sales will increase 45 to 50 percent.
Source: Business Wire
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