On October 15, Nebraska, US-based producer of engineered steel structures Valmont Industries Inc. issued its financial results for the third quarter of 2010, saying that different levels of activity in different segments of the company fairly offset each other.
In the third quarter of 2010, the company's net profit was $25.9 million, compared to a net profit of $40.5 million in the same period of 2009, decreasing 36 percent. Net sales of $527.8 million in the third quarter of 2010 saw a 21.6 percent increase from $434 million in the same quarter of 2009.
"The positive sales and earnings impact of the Delta plc acquisition and higher operating income in the irrigation and coatings segments partly offset a substantial decline in global utility sales and profits and reduced profitability in the engineered support structures segment," said Mogens C. Bay, Valmont's chairman and chief executive officer.
"We continue to expect earnings for the year to decline around 35 percent from our earnings in 2009, before the impact of Delta revenue and income and any transaction and financing expenses related to the Delta acquisition. After three quarters of unfavorable comparisons following a record 2009, we anticipate positive earnings comparisons in the fourth quarter, and our preliminary outlook for 2011 is for further improvement," said Mr. Bay.
As SteelOrbis previously reported, Valmont Industries Inc. in March consented to buy UK-based engineered steel products manufacturer and galvanizing services provider Delta Plc, carrying out the acquisition afterwards.