For its third quarter ended Sept. 30, 2023. Valmont reported net sales of $1.1 billion, down 4.3% year-over-year.
Operating income (loss) was ($24.2) million ($120.8 million or 11.5% of net sales adjusted) compared to $110 million or 10% of net sales in 2022 ($114.1 million or 10.6% of net sales adjusted).
President and Chief Executive Officer Avner M. Applbaum commented, “As expected, North America agriculture sales decreased year-over-year due to continued muted farmer sentiment and third quarter 2022 benefited from the ongoing delivery of elevated backlog. I’m very pleased with our reduction in inventory which helped deliver strong operating cash flows."
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