Grain handling equipment maker Ag Growth International Inc. posted net earnings of $15.13 million on sales of $68.01 million in the third quarter ending Sept. 30.
Its earning were up 55 percent from the same time last year and sales were up 14 percent.
Earnings before interest, taxes, depreciation and amortization were $21.06 million, up from $13.82 million in the quarter last year.
“The significant increase in sales and EBITDA was largely due to outstanding results at the portable grain handling and aeration divisions, as strong demand, sales price increases and production efficiencies resulted in record sales and strong gross margin percentages,” said Rob Stenson, chief executive officer of the Winnipeg company, in a news release.
Ag Growth expects the late harvest in North America to spur demand for its aeration equipment in the fourth quarter.
The company will issue a cash dividend of 17 cents per common share each month for November, December, January and February.
