Valmont Industries Inc (VMI)

Shares of Valmont Industries (VMI) dropped by 13.95% from $231.31 to $199.05 in the trading on Thursday, October 26, 2023. The reason why VMI stock down is due to the company's mixed third-quarter 2023 earnings report.

• Q3 earnings: Valmont Industries reported a loss of *$49 million** or $2.34 per share, compared to a profit of $72.1 million or $3.34 per share in the same period the previous year. However, after adjusting for one-time items, the company posted adjusted earnings per share of $4.12, surpassing the Zacks Consensus Estimate of $3.78. Despite the earnings beat, Valmont's revenues of $1,050.3 million in the quarter fell short of expectations and declined 4.3% year over year. The Infrastructure segment's revenues remained steady, while the Agriculture segment experienced a decline in sales volumes, particularly in North America.
• Guidance revised: The company has also revised its 2023 guidance, with forecasts for net sales growth adjusted to be between -3% and -4%, and adjusted EPS expected to range from $14.80 to $15.10.