Valmont Industries Q1 Profit Rises

(RTTNews) - Valmont Industries Inc. (VMI) reported that its first-quarter net earnings attributable to the company rose to $42.93 million or $1.99 per share from $36.10 million or $1.64 per share last year.

Net sales were $674.2 million, a decline of 2.6% from the prior year. Strong North American sales were more than offset by anticipated lower sales in the Utility Support Structures segment due to a $30.0 million solar tracker project in 2019 that did not repeat this year, and approximately $10 million of unfavorable currency translation impact.

The company expects net sales to be between $645 million and $665 million for the second-quarter.

Valmont has withdrawn its full year 2020 guidance, due to ongoing uncertainties around business impacts from the COVID-19 pandemic.