Wedbush Expects Increase in EPS for Valmont Industries' (VMI) FY16; Reiterates Neutral
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Valmont Reports Fourth Quarter Loss Due To Restructuring Initiative and Other One-time Charges and Reinstates Annual Guidance
February 17, 2016 5:44 PM ESTOMAHA, Neb., Feb. 17, 2016 /PRNewswire/ --Â Valmont Industries, Inc. (NYSE: VMI), a leading global provider of engineered products and services for infrastructure and mechanized irrigation equipment and services for agriculture, today reported fourth quarter and full year results.
4Q revenues of $633.8 million were down 17% year-over-year, 1/3 of the decline was foreign exchange impact 4Q operating loss was $17.0 million, including $3.7 million negative foreign exchange impact; excluding restructuring, impairment and other one-time charges ("charges"), operating income was $49.8 million, or 7.9% of net sales, compared with 8.7% in 2014 For the year,... More