Ag Growth Announces Q3 Numbers, Acquisition

Ag Growth International Inc. last week announced its financial results for the three- and nine-month periods ended September 30. The company also announced an agreement to acquire Yargus Manufacturing.

The company saw dramatic increases in profit before adjustment. For the quarter ending Sept. 30, 2015, Ag Growth reported a $8,638,000 loss. For the same quarter this year, profit was $13,034,000. For the first nine months, profit before adjustment swung from a $3,874,000 loss to $24,016,000.

The company said large crops and a wet harvest in Canada and the U.S. led to more wear on equipment, which supported in-season replacement sales.

AGI recently completed a number of acquisitions, including VIS in 2015 and Entringer, NuVision, and Mitchell in 2016. Fourth quarter results are expected to reflect a significant contribution from recent acquisitions and strong demand in Canada for farm products, including Westeel storage equipment.

AGI also announced an agreement to acquire 100 percent of the outstanding shares of Yargus Manufacturing, which builds material handling equipment.

Westfield (AGI)  – Member since 2005 – aggrowth.com