Valmont Industries Q1 Profit Down; Narrows 2019 EPS View

(RTTNews) - Valmont Industries Inc. (VMI) reported that its net earnings for the first quarter ended March 30, 2019 declined to $36.48 million or $1.66 per share from $39.28 million or $1.72 per share last year. Analysts polled by Thomson Reuters expected the company to report earnings of $1.74 per share. Analysts' estimates typically exclude special items.

Revenues declined to $692.1 million from $698.7 million last year. Excluding an unfavorable currency impact of $17.2 million, and $18.4 million of revenue from the divested grinding media business, sales grew 4.2%. Analysts expected revenue of $682.77 million for the quarter.

The company narrowed its 2019 earnings per share guidance to a range of $8.30 to $8.90, from the previous outlook of $8.10 to $8.90. Analysts expect annual earnings of $8.47 per share.