Valmont Reports 1st Qtr

Valmont Industries, Inc., posted quarterly results that beat market estimates, boosted by higher sales at its irrigation segment, and raised its full-year earnings outlook, sending its shares up 5% in after-market trade, Reuters reported.

The Valley, NE-based company also makes infrastructure products such as metal and concrete poles.

“We expect utility demand to increase and margins to improve modestly as the year progresses,” Chief Executive Mogens Bay said in a statement.

For the first quarter, net income rose to $52.3 million from $25.6 million a year ago. Revenue rose 26% to $717.4 million, spurred by a 30% jump at its irrigation segment that contributes over a quarter of the total sales. Analysts had forecast revenue of $669.6 million.

Valmont, Association member since 1965; valmont.com.