Valmont Industries Q3 Profit Down

(RTTNews) - Valmont Industries Inc. (VMI) Thursday reported third-quarter net income of $23.6 million or $0.92 per share, down from $56.5 million or $2.10 per share last year.

Adjusted earnings for the quarter were $49.1 million or $1.92 per share.

Third-quarter sales dropped to $765.7 million from $778.0 million last year.

Analysts polled by Thomson Reuters expected the company to earn $2.18 per share on revenues of $795.3 million for the quarter. Analysts' estimates typically exclude one-time items.

Valmont now expects full-year earnings of $8.55 to $8.65 per share, down from prior outlook of $8.70 to $8.90 per share. Analysts' currently estimate earnings of $9.12 per share for the year.