RTTNews | Apr 21, 2021 11:37PM EDT

23:37 Wednesday, April 21, 2021 (RTTNews.com) - Valmont Industries Inc. (VMI) reported that its net earnings attributable to the company for the first-quarter rose to $55.01 million or $2.57 per share from $42.92 million or $1.99 per share in the prior year.

Net sales for the quarter were $774.9 million up 14.9% from the prior year led primarily by significantly higher sales in Irrigation and Utility Support Structures.

Analysts polled by Thomson Reuters expected the company to report earnings of $2.12 per share and revenues of $756.27 million. Analysts' estimates typically exclude special items.

The company expects net sales for the second-quarter to be $805.0 million- $830.0 million, an increase of 17.0% - 20.0% from the prior year. Analysts expect revenue of $800.26 million for the second quarter.

The company still expects earnings per share to be $9.00 - $9.70 for fiscal year 2021. Net Sales are estimated to increase 9.0% - 14.0% compared to the prior year. Analysts expect annual earnings of $9.36 per share.

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