Valmont Industries (NYSE: VMI) reported Q2 EPS of $1.61, $0.09 worse than the analyst estimate of $1.70. Revenue for the quarter came in at $682.1 million versus the consensus estimate of $734.78 million.

Outlook:

"We do not expect the challenges we face in the external environment to abate in the near future," said Mogens C. Bay, Valmont's Chairman and Chief Executive Officer.

"Reduced global investment in oil and gas development, the weaker Australian economy, and foreign currency translation will lead to unfavorable second-half comparisons in the Engineered Infrastructure Products Segment.

"In the Utility Support Structures Segment, market conditions are not expected to change in the short-term. However, good progress has been made on our cost reduction and restructuring initiatives that will meaningfully reduce our overall cost structure going into next year.

"In the Coatings Segment, we currently do not expect a meaningful change in end market demand. We will continue to press operational improvements and should benefit from the restructuring efforts to date.

"In the Irrigation Segment, we expect a significant unfavorable comparison in the third quarter absent the benefit of last year's storm damage and reduced sales in Brazil.

"Given this outlook, we will continue to intensify our focus on operational improvements and cost reductions. We are on schedule by year-end to complete many of the restructuring initiatives we announced in April. I am confident our restructuring efforts should lead to improved performance over time."

"Despite the short-term challenges in our businesses, the long-term drivers of our businesses have not changed, underpinning our optimism and positive outlook for Valmont," added Mr. Bay.

For earnings history and earnings-related data on Valmont Industries (VMI) click here.