Sam Boughedda

Investing.com — Valmont Industries Inc (NYSE:) shares rallied 7.19% after it reported its first-quarter earnings and raised full-year guidance on Wednesday evening.

The first-quarter revenue was $980.82million, an increase of 26.6% over the quarter prior to 2021. Analyst forecasts were also exceeded. This quarter, the earnings per share beat analyst estimates by beating $2.45.

Equipment manufacturer announced that it had a $1.8 million backlog and had increased its quarterly dividend by 10% from 50 to 55 cents. 

Stephen G. Kaniewski is President and Chief Executive officer. 

Kaniewski said, “I’m very happy with our unwavering focus on price management and operational excellence as well as the realization of growing strong demand across the portfolio.” 

With net sales expected to grow between 11%-17% in 2022, the company has raised its guidance for that year. In turn, the adjusted earnings per shares are expected to rise to $13-$13.50.