Valmont Industries (NYSE: VMI) reported Q2 EPS of $1.85, $0.12 better than the analyst estimate of $1.73. Revenue for the quarter came in at $640.2 million versus the consensus estimate of $648.54 million.

"Net earnings improved meaningfully on lower revenues reflecting the positive impact of last year's restructuring and further cost reduction initiatives implemented this year more than offsetting the weakness in the irrigation business," said Mogens C. Bay, Valmont's Chairman and Chief Executive Officer.

"Ongoing reviews of our cost structure identified opportunities to reduce costs in Australia. This will result in a mostly cash restructuring charge, estimated to be $4.7 million over the remainder of the year. Restructuring activities will affect the Energy and Mining and Coatings Segments. The primary activities will be the consolidation and closure of a few facilities, and headcount reductions."

GUIDANCE:

Valmont Industries reaffirms FY EPS of $6.31-$6.49.

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