RTTNews | Oct 20, 2021 06:40PM EDT

18:40 Wednesday, October 20, 2021 (RTTNews.com) - Nebraska-based industrial company Valmont Industries Inc. (VMI) Wednesday said its profit for the third quarter increased driven by higher sales. Both earnings and revenue trumped Street view. Valmont reported a net income of $52.65 million or $2.30 per share, up from $39.34 million or $1.84 earnings per share in the same quarter last year. Excluding special items, the earnings were $55.28 million or $2.57 per share this year, up from $42.67 million or $1.99 earnings per share last year. On average, 5 analysts polled by Thomson Reuters forecast the earnings to be $2.47 for the quarter. Revenues increased 18% to $868.78 million from $733.97 million last year. Analysts had a consensus revenue estimate of $862.28 million. The revenue growth was boosted by a 72.6% year-over-year increase in the irrigation segment to $240.30 million, due to higher volumes in international markets, favorable pricing, and better technology. However, the growth was partially offset by the labor crisis and supply chain disruptions. Valmont also revised the outlook for the next quarter. The growth in net sales, previously forecast to be between 16% to 19% has been updated to 17% to 18%. The earnings forecast, which was $9.90 to $10.60 ($10.40 to $11.10 after adjustments), was also upgraded to $10.10 to $10.60 ($10.60 to $11.10 after adjustments). The Street analysts provided a forecast of $883.16 million in revenue with $2.68 earnings per share.

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