Valmont (VMI) Earnings & Revenues Miss Estimates In Q4
Zacks Investment Research | Feb 19, 2020 09:58PM ET
Valmont Industries, Inc. (NYSE:VMI) registered profits of $35.7 million or $1.66 per share in fourth-quarter 2019, up from $17.7 million or 80 cents per share in the year-ago quarter. Earnings per share, however, lagged the Zacks Consensus Estimate of $1.86.
Revenues in the quarter were $683.6 million, down 2% year over year. The figure missed the Zacks Consensus Estimate of $705.8 million. Lower sales in international markets were mostly offset by gains in North American markets.
Segment Highlights
Infrastructure-Related
Sales in the Engineered Support Structures segment totaled $255.2 million, down 1.7% year over year, as higher wireless communication sales and revenues from the recent buyout were offset by lower revenues from Access Systems and unfavorable currency impact.
Sales in the Utility Support Structures segment fell 0.6% year over year to $231.9 million, as favorable pricing was offset by modestly lower production levels due to a plant closure in North America in early 2019.
Sales in the Coatings segment rose around 3.8% year over year to $89.7 million. It was supported by recent acquisitions and sustained pricing discipline, offset by lower volumes to external customers.
Agriculture-Related
Sales in the Irrigation unit amounted to $133 million, down 6.7% year over year. Sales in North America were $84.5 million, in line with the year-ago quarter figure. Per the company, higher sales of systems, aftermarket parts and advanced technology solutions were offset by lower industrial tubing sales.
International irrigation sales fell 16.1% year over year to $48.5 million. Significantly lower project sales in the EMEA region offset increased sales in Brazil.
Valmont Industries, Inc. Price, Consensus and EPS Surprise
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