Valmont Industries Q3 earnings top estimates, revenue slightly misses

OMAHA, Neb. - Valmont (NYSE:VMI ) Industries, Inc. (NYSE:VMI) reported third quarter earnings that beat analyst expectations, while revenue came in slightly below estimates. The infrastructure and agriculture company also reaffirmed its full-year 2024 outlook.

Valmont posted adjusted earnings per share of $4.12, surpassing the analyst consensus of $4.00. Revenue for the quarter was $1.02 billion, just shy of the $1.02 billion analysts were expecting.

The company's Infrastructure segment saw sales increase slightly year-over-year, driven by strong growth in utility and telecommunications markets. However, this was offset by lower sales in solar and lighting/transportation products.

Meanwhile, Agriculture segment sales declined 11.1% compared to last year, impacted by continued softness in North American and Brazilian markets amid lower grain prices.

"Our team delivered another solid quarter, expanding operating margins and generating strong operating cash flows despite lower sales," said President and CEO Avner M. Applbaum.

Valmont reaffirmed its full-year 2024 outlook, projecting earnings per share of $16.50 to $17.30. The company expects net sales to decline 1.5% to 3.5% compared to 2023.

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Source: Investing.com