Valmont Industries 2nd-quarter beats Street
* Q2 EPS $2.24 vs est $2.16
* Q2 rev $767.3 mln vs est $766.9 mln
* Utility support segment sales rise 55 pct
July 24 (Reuters) - Valmont Industries Inc's quarterly results beat market estimates for the sixth straight quarter, boosted by higher sales at its utility support segment.
Net income at the company, which makes infrastructure products such as metal and concrete poles, rose to $60 million, or $2.24 per share, for the second quarter from $45.8 million, or $1.72 a share, a year earlier.
Revenue rose 15 percent to $767.3 million.
Analysts on average expected earnings of $2.16 per share on revenue of $766.9 million, according to Thomson Reuters I/B/E/S.
Sales at its utility support segment rose 55 percent -- or 28 percent of its total revenue.
Valmont, which competes with Lindsay Corp and Deere & Co, reaffirmed its full-year earnings outlook of over $8.00 per share.
Analysts are expecting full-year earnings of $8.20 per share.
Shares of the Omaha, Nebraska-based company closed at $129.6 on the New York Stock Exchange on Tuesday.
- North Korea says Kim's powerful uncle dismissed for 'criminal acts'
- Thai PM calls snap election, protesters press on |
- Protesters fell Lenin statue, tell Ukraine's president 'you're next'
- Singapore hit by rare outbreak of rioting, 27 arrested |
- Venezuela's Maduro to raise pressure on business after local vote