AGI Reports Strong First Quarter

Ag Growth International Inc. this week announced its financial results for the three-month period ended March 31. The grain-handling and storage equipment maker posted revenue of $94.4 million CA$ for the quarter, compared with $86.2 million during the same quarter last year.

The company said sales increased over 2014 due to robust demand for on-farm equipment, higher international sales and the impact of a weaker Canadian dollar.

On-farm portable grain handling sales were strong, particularly in the U.S., as record crop production volumes resulted in strong in-season demand in 2014 and relatively low levels of post-harvest dealer inventory. International sales increased in several regions, most significantly in Russia/Ukraine/Kazakhstan and Latin America.

High production volumes, a favorable rate of foreign exchange and the continued benefit of lean manufacturing contributed to a strong gross margin.

Association member since 2005; aggrowth.com S