Sales of grain handling equipment, bins and other farm-related products at Ag Growth Industries rose about four percent in 2010.
Officials from the Winnipeg company said sales for the 12-months ending Dec. 31, 2010, were $247.5 million, up from $237 million in 2009.
But operating costs also rose, resulting in net earnings of $36 million in 2010, down from $45 million a year earlier.
Chief executive officer Gary Anderson said the relatively strong Canadian dollar hurt margins but he added that the company had consolidated its position in the markets and has a solid foundation for expansion.
Read Also
European wheat production makes big recovery
EU crop prospects are vastly improved, which could mean fewer canola and durum imports from Canada.
The sales figures did not include revenue from companies Ag Growth acquired in 2010, he added.
Sales were buoyed by strong demand in the United States and developing markets overseas.
International sales rose 66 percent compared to 2009, due largely to increased volumes in Khazkhstan and a contract to supply grain handling and conditioning equipment to a port facility on the Black Sea.
Canadian sales figures were down eight percent in 2010, due largely to poor growing conditions in Western Canada, caused by excess moisture.
Ag Growth has 11 manufacturing plants in Canada, the U.S. , the United Kingdom and Finland.
