Valmont Reports Second Quarter 2020 Results; Operating Performance Improves Despite COVID-19 Disruptions
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UPDATE: Valmont Industries (VMI) Tops Q2 EPS by 56c, Revenues Beat; Offers 3Q Revenue Guidance Above Consensus
July 22, 2020 5:07 PM EDT(Updated - July 22, 2020 5:08 PM EDT)
Valmont Industries (NYSE: VMI) reported Q2 EPS of $2.00, $0.56 better than the analyst estimate of $1.44. Revenue for the quarter came in at $688.8 million versus the consensus estimate of $653.87 million.
Second Quarter 2020 Highlights (all metrics compared to Second Quarter 2019 unless otherwise noted)
Net Sales of $688.8 million declined 1.7%; excluding $13.7 million of unfavorable currency impacts, sales were similar to last year, as strong growth in Utility Support Structures was offset by lower sales in the Coatings segment due to COVID-19 impacts, as expectedOperating Income of $43.4 million, or 6.3% of sales... More