Valmont Industries Inc. said profit and revenue increased in the first quarter as infrastructure and agriculture sales rose.
The company, which manufactures products and services for infrastructure and agriculture markets, said net income rose to $74.5 million, or $3.47 a share, for the first quarter ended April 1, from $62.3 million, or $2.90 a share, a year earlier. Adjusted earnings were $3.61 a share, surpassing analysts’ estimates of $3.33 a share.
Sales rose to $1.06 billion from $980.8 million. Analysts polled by FactSet expected $1.04 billion.
Sales in its infrastructure segment grew over 11% from a year earlier due to favorable pricing globally and higher volumes, among other factors, Valmont said. Agriculture sales increased 8.3% from the prior-year period on higher average selling prices of irrigation equipment globally, the company said.
“We are seeing strong, multi-year demand for our products and solutions that support our customers’ critical infrastructure buildouts and energy transition initiatives,” said Chief Executive Stephen Kaniewski.
Source: Market Watch