Valmont Industries' 1Q Profit Jumps 21 Percent

Customers bought less irrigation equipment because of uncertainty in the global economy and significantly lower commodity prices, while weakness in the industrial economy lowered demand for coatings services, he said.

Bay said the company was "cautious about our outlook for the balance of 2009," but expects higher annual revenues in the North American utility market.

The company's engineered support structures will not be affected by the government's economic stimulus plan, he said, and the longer-term driver of growth will be the renewal of the U.S. Federal Highway bill expected this fall.

Valmont expects revenue declines in its coatings business and continued weakness in its irrigation segment, despite farmers' relatively sound financial position.

"On balance, at this time we expect total revenues and net earnings for 2009 to be only modestly lower than 2008 levels," he said.