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1ST HALF: VALMONT'S SALES DOWN 6%, NET EARNINGS DOWN 28%
Source: Valmont news release

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Valmont Industries, Inc. (NYSE: VMI), a leading global provider of engineered products and services for infrastructure and mechanized irrigation equipment for agriculture, reported second quarter sales of $842.6 million compared with $878.7 million for the same period of 2013. Second quarter 2014 operating income was $104.8 million versus $144.3 million in 2013.

Second quarter net income was $64.0 million versus $89.6 million in 2013, or $2.38 in diluted earnings per share compared to $3.33 in 2013. Last year's second quarter included a $4.6 million, (or 16 cents per diluted share) pre-tax gain from the disposal of a galvanizing facility in Perth, Australia.

For the first six months of 2014, sales were $1,594.3 million versus $1,698.3 million in 2013. Valmont's first half net earnings were $120.0 million, or $4.46 per diluted share, compared with 2013 first half net earnings of $167.1 million, or $6.22 per diluted share.

Irrigation Segment (26% of 2nd Quarter Sales)

Center pivot and linear move mechanized irrigation equipment and parts for agriculture in global markets.

Irrigation Segment sales fell 19% to $219.9 million, reflecting a substantial sales decline in North American markets. While last year's market remained influenced by the 2012 drought and high commodity prices, this year's outlook for a decline in North American net farm income weighed on irrigation equipment demand.

Sales increased in most international regions. Despite generally lower global crop prices, a number of international markets remain strong. On a regional basis, sales improved in Brazil, the Pacific region and the Middle East.

Operating income declined 35% to $41.4 million, but remained strong at 18.9% of segment sales. The decline was due to the lower sales levels and deleverage of both fixed factory costs and SG&A.


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