Shares of Valmont Industries soared 10 percent Wednesday following the firm reported earnings that exceeded analysts’ expectations.
The infrastructure merchandise company reported modified earnings of $1.61 for each share, vs . the $1.45 for each share estimate, according to a Thomson Reuters consensus forecast. Revenue of $674.6 million also topped the $633.eight million estimate.
In a press release, Valmont’s chairman and CEO, Mogens C. Bay, said revenue in 2017 will maximize all over 5 percent, without acquisitions. Bay also said he expects earnings for each share for the forthcoming calendar year to maximize all over 10 percent, in comparison to 2016’s degrees. Adjusted earnings for each share for 2016 was $6.forty two for each share.
Valmont shares two-day general performance