On April 15, Nebraska, US-based producer of engineered steel structures Valmont Industries Inc. issued its financial results for the first quarter of 2010, saying that a harsh winter and unusual amounts of snow delayed shipments, combined with lower overall volumes and some associated deleverage of fixed costs.
In the first quarter of 2010, the company's net profit was $16.5 million, compared to a net profit of $35.9 million in the same period of 2009, decreasing 54 percent. Sales revenues of $367.4 million in the first quarter of 2010 saw a 19 percent decrease from $455.2 million in the same quarter of 2009.
Commenting on the 2010 outlook, Valmont's chairman and CEO Mogens C. Bay said, "Our outlook for the year has not changed. We continue to expect earnings for the year to decline around 25 percent from our record earnings in 2009, before the impact of Delta and any transaction expenses related to the proposed Delta transaction."
As SteelOrbis previously reported, Valmont Industries Inc. in March consented to buy UK engineered steel products manufacturer and galvanizing services provider Delta Plc.