Industries Inc. recorded a 34.6-percent year-on-year increase
in third-quarter net income on sales that rose 8.6 percent from
the same period last year, the company said in its earnings
Net sales for the coating
businesswhich performs galvanizing, painting and
anodizing servicesreached $71.4 million, a 3.5-percent
improvement from the third quarter of 2011, while the
segments operating income grew 30.3 percent year on year
to $18.5 million.
The coatings segments
boost in operating income was attributed to favorable trends in
input costs and improved productivity.
The increase in sales in
Valmonts coatings business came largely in North America.
The strongest demand in the region was in the utility and
agricultural markets, according to the Omaha, Neb.-based
company, which provides coil coating services and produces
metal-intensive products for infrastructure and agriculture.
The Asia-Pacific region experienced a softening in demand,
particularly in Australia.
For the nine months ended Sept.
29, net income rose 48.8 percent to $169 million on sales that
increased 16 percent to $2.21 billion.
Operating income for the coating
segment jumped 37.8 percent to $54.6 million in the first nine
months on sales that grew 4.4 percent.
"While each segment had record
third-quarter sales, the major contributor was the substantial
increase in utility support structures sales," chairman and
chief executive officer Mogens C. Bay said in a statement.
Based on current business
conditions and trends, Valmont expects a strong finish to the
year and the potential for a record year in 2013, he said.
"For coatings, short-term demand will be most influenced by
the speed of a recovery in the U.S. economy, and demand trends
in mining and industry in the Asia-Pacific region," Bay