Valmont Industries (VMI) Tops Q2 EPS by 12c; Reaffirms Outlook
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Valmont Reports Second Quarter 2016 Earnings
July 20, 2016 5:30 PM EDTOMAHA, Neb., July 20, 2016 /PRNewswire/ --Â Valmont Industries, Inc. (NYSE: VMI), a leading global provider of engineered products and services for infrastructure development and mechanized irrigation equipment and services for agriculture, today reported second quarter results.
Revenues of $640.2 million were down 6% year-over-year, primarily reflecting lower irrigation equipment and international utility sales, and $10 million of foreign exchange translation effects. Operating income rose to $71.8 million, or 33%, (5% excluding 2015 restructuring) benefitting from the restructuring and further cost reductions this year and was 11.2% of net sales compared to 7.9% in 2015, (10.0% excluding restructuring). Diluted EPS were... More