NEW YORK (TheStreet) -- Shares of Valmont Industries Inc. (VMI) are down by 1.77% to $134.97 in mid-morning trading on Friday, after the company cut its full year 2014 guidance, and said it's now expecting earnings between $8.70 and $8.90 per share, compared to its previous forecast in the range of $9.35 to $9.65 per share.
The producer of fabricated metal products said it's expecting fully diluted earnings per share, including the effects of its share repurchases to date, to be between approximately $9 and $9.20 per share.
Analysts polled by Thomson Reuters are expecting the company to post EPS of $9.45 for the 2014 fiscal year.STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.
Valmont said it lowered its fiscal outlook as over $40 million projects in its utility structures segment, which were scheduled for delivery to customers in the second half of 2014, were delayed until fiscal 2015.
"Pricing in certain sectors of the market continues to be challenging. In the Irrigation Segment, based on the recent farm commodity price trends and harvest expectations in North America, the Company expects segment operating earnings in the second half of 2014 to be approximately 10% below the same period of 2013," the company said.
"The Australian industrial economy continues to experience softness, which affect our Coatings and Engineered Infrastructure Products segments," Valmont added.
Separately, TheStreet Ratings team rates VALMONT INDUSTRIES INC as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation: