NEW YORK Valmont Industries Inc.s earnings jumped sharply in the second quarter on across-the-board sales increases.
The Omaha, Neb.-based manufacturer posted net income of $89.56 million for the three months ended June 29, up 49.3 percent from $59.98 million in the same period last year on sales that climbed 14.5 percent to $878.66 million.
Operating earnings by the companys coatings segment increased 20.7 percent to $23.55 million in the second quarter from $19.52 million a year earlier on sales that rose 10.6 percent to $93.8 million, accounting for nearly 11 percent of the companys overall sales.
Valmont attributed the sales improvement to a $9-million contribution to North American sales by Pure Metal Galvanizing Inc., which it acquired in late 2012. The company predicted the coatings segment would continue to benefit from the Pure Metal acquisition and "continued solid demand in North America."
Valmonts utility support structures segment, which manufactures steel and concrete components for the electric utility industry, generated operating earnings of $42.12 million, up 58.5 percent from the second quarter of last year on sales that rose 7.5 percent to $228.24 million.
The engineered infrastructure products segment, which produces lighting and traffic products, recorded a 59.5-percent increase in operating earnings to $22.6 million on a 6.3-percent increase in sales to $250.64 million, which the company attributed to its February acquisition of Locker Group Holdings Pty. Ltd. (amm.com, Feb. 11).