Valmont Net Sales Down 4% in Q3

For its third quarter ended Sept. 30, 2023. Valmont reported net sales of $1.1 billion, down 4.3% year-over-year. 

Operating income (loss) was ($24.2) million ($120.8 million or 11.5% of net sales adjusted) compared to $110 million or 10% of net sales in 2022 ($114.1 million or 10.6% of net sales adjusted).

President and Chief Executive Officer Avner M. Applbaum commented, “As expected, North America agriculture sales decreased year-over-year due to continued muted farmer sentiment and third quarter 2022 benefited from the ongoing delivery of elevated backlog. I’m very pleased with our reduction in inventory which helped deliver strong operating cash flows.”

Agriculture Segment

In the Agriculture segment, sales were $298.5 million, decreased 8.8% year-over-year as higher international sales were more than offset by lower sales in North America. Sales of agriculture technology products and services globally were similar to last year.

In North America, the sales decrease was primarily driven by lower irrigation equipment sales volumes. Farmer sentiment remained somewhat muted during the quarter and the third quarter of 2022 benefited from the ongoing delivery of elevated backlog. Average irrigation equipment selling prices were comparable with last year.

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Source: Farm-Equipment.com