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By Sam Boughedda
Investing.com — Valmont Industries Inc (NYSE:) shares rallied 7.19% after it reported its first-quarter earnings and raised full-year steerage on Wednesday night.
First-quarter income got here in at $980.82 million, rising 26.6% in comparison with the primary quarter of 2021 and beating analyst forecasts. Incomes per share was $3.07, beating estimates of $2.45 for the quarter.
The tools producer reported a report backlog of $1.8 million and introduced a ten% quarterly dividend improve from 50 cents to 55 cents.
“We delivered sturdy monetary ends in our first quarter, exceeding our expectations and reaching one other quarter of report gross sales,” stated Stephen G. Kaniewski, President and Chief Government Officer.
“I’m more than happy with our relentless deal with worth administration, operational excellence and the conclusion of accelerating sturdy demand throughout the portfolio,” added Kaniewski.
The corporate raised its 2022 steerage, with web gross sales for the 12 months predicted to extend between 11% and 17%. In consequence, adjusted earnings per share are additionally forecasted to achieve $13 to $13.50.
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