Westfield (AGI) Releases Financials
Ag Growth International Inc. has released financial results for the three- and 12-month periods ended December 31.
Trade sales increased over 2014 primarily due to the acquisition of Westeel in May. Excluding Westeel, trade sales decreased 6% compared to record sales in 2014. Demand for Westeel product fell below expectations primarily because of high inventory levels entering the 2015 growing season and poor weather conditions early in the year.
In the United States, sales of farm equipment decreased in 2015 due to a slightly smaller crop, an extended replacement cycle for grain augers that resulted from a number of consecutive dry harvests, and cautious buying behavior related to a rapid drop in year-over-year farmer net income. Sales in Canada were negatively affected by drought.
AGI’s international sales, excluding the impact of acquisition, increased 26% in 2015. The increase reflects continued momentum in Latin America and strong sales in the Black Sea region, including Ukraine.
AGI does not have high hopes for the first quarter of 2016 but remain optimistic with overall results for 2016.
Westfield (AGI)
Member since 2005