Valmont Industries' 1Q Profit Jumps 21 Percent
Stock quotes in this article:
VMI
OMAHA, Neb. (AP) Strong North American sales of steel and concrete structures for electric utilities helped the diversified manufacturer Valmont Industries Inc. post a 21 percent increase in first-quarter earnings.
The results reported after the market closed Thursday beat Wall Street expectations, and Valmont shares climbed $8.92, or 16.1 percent, to $64.22 in afternoon trading Friday. For the three months ended March 28, net income rose to $35.9 million, or $1.37 per share, from $29.7 million, or $1.13 per share, a year earlier. Sales climbed nearly 8 percent to $455.2 million from $422.3 million a year ago. Analysts surveyed by Thomson Reuters, on average, expected profit of $1.08 per share on revenue of $454.12 million. Those estimates typically exclude one-time items. Substantially higher sales of utility support structures and a modest increase in engineered support structures more than offset lower sales of the company's other products, Mogens C. Bay, Valmont's chairman and chief executive, said in a statement.- Loading Comments...
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