Valmont Industries, Inc. (VMI), a leading global provider of engineered products and services for infrastructure and mechanized irrigation equipment for agriculture, reported second quarter net income of $27.9 million compared to $64.0 million, prior year, or $1.19 per share compared to $2.38. Excluding the effects of restructuring, second quarter earnings per share were $1.61.
On average, ten analysts polled by Thomson Reuters expected the company to report profit per share of $1.70 for the quarter. Analysts' estimates typically exclude special items.
Sales were $682.1 million compared to $842.6 million for the same period of 2014. Analysts expected revenue of $734.78 million for the quarter.
"Each of our segments continued to face challenging end-markets. We do not expect the challenges we face in the external environment to abate in the near future," said Mogens Bay, Valmont's Chairman and Chief Executive Officer.
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