Valmont profits fall 33 percent on weak utility sales
Oct 18, 2010 | 12:33 PM
| Corinna Petry
Valmont Industries Inc. posted lower profits in its fiscal third quarter compared with a year earlier, citing a "substantial decline" in sales by a business unit that produces utility support structures, weaker wireless communication structure sales and lower government infrastructure spending.
The company's net income for the three months ended Sept. 25 fell 33 percent to $27.7 million from nearly $41.4 million in the year-ago period despite a 21.6-percent increase in revenue to $527.8 million from $434 million.
Omaha-based Valmont operates nine hot-dip galvanizing facilities in California, Illinois, Indiana, Iowa, Kansas, Nebraska, Oklahoma, Oregon and Utah, and anodizing and powder coating plants in California, Minnesota and Utah. The coating business posted operating earnings of $8.7 million in the quarter, up 14.5 percent from $7.6 million a year earlier, on revenue that rose 19.2 percent to $35.4 million from $29.7 million.....
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