Valmont Industries said Thursday that third-quarter profit rose 22 percent before the impact of a noncash income tax item.
The Omaha-based maker of utility poles and center-pivot irrigation systems said operating income was $109.9 million, up from $90.3 million a year earlier. Sales rose 7 percent to $778 million.
Valmont's net income was reduced by $8.3 million, or 31 cents a share, because of a decrease in U.K. tax rates that required a reduction in deferred tax assets and an increase in tax expense, the company said.
On a net basis, income was $56.5 million, or $2.10 a share, down slightly from $56.7 million, or $2.12 a share, a year earlier.
“Achieving 14.1 percent operating income as a percent of sales in a third quarter is a record,” said Mogens Bay, Valmont's chief executive. “This is the result of good performances in all of our segments.”
Valmont also manufactures wireless communications structures, highway safety products, anti-corrosive coatings and other products.