Valmont Industries, maker of products and services for irrigation equipment and agriculture, as well as infrastructure development, reported financial results for the second quarter ended June 29.
Revenues grew 2.7 percent. Operating income remained flat at 9.1 percent of sales.
North American sales were 9.7 percent below 2018 sales. Poor weather conditions and low net farm income levels weighed on farmer sentiment and demand. International irrigation sales were 6.7 percent higher than last year, driven by stronger demand in Brazil and the Europe/Middle East/Africa region, partially offset by unfavorable currency impacts.
Stephen G. Kaniewski, Valmont’s president and CEO, said: “Sales growth was led by robust transportation and wireless communication demand, particularly in North America markets, revenue from acquisitions, and favorable pricing across the portfolio. We experienced favorable demand in three of our four segments.”
Valmont’s irrigation segment accounts for 22.1 percent of total sales.