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Ag Growth sees jump in Q1 sales
Ag Growth’s president and CEO Gary Anderson (HANDOUT)
Ag Growth International Inc. reported sales of $72.3 million for the first quarter, a 9.5 per cent increase from the previous year.
The agricultural equipment manufacturer also increased profits by 2.67 per cent to $5.3 million.
Gary Anderson, Ag Growth’s president and CEO, said the first quarter progressed roughly in line with expectations. "Demand for our portable handling equipment is very strong as corn planting in the U.S. is forecast to be the highest since 1937 and farmers in western Canada are expected to seed approximately eight million more acres of land than in 2011, largely due to the recovery of acres that were lost to flooding in 2011," Anderson said.
Management expects demand for portable grain handling equipment in 2012 will benefit from positive on-farm economics, the potential for a large number of corn acres in the U.S. and an expected return to normalized conditions in western Canada.
Ag Growth shares were down $2.16 to $38.43 in late morning trading.
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