By Sam Boughedda
Investing.com -- Valmont Industries Inc (NYSE:VMI) shares rallied 7.19% after it reported its first-quarter earnings and raised full-year guidance on Wednesday evening.
First-quarter revenue came in at $980.82 million, increasing 26.6% compared to the first quarter of 2021 and beating analyst forecasts. Earning per share was $3.07, beating estimates of $2.45 for the quarter.
The equipment manufacturer reported a record backlog of $1.8 million and announced a 10% quarterly dividend increase from 50 cents to 55 cents.
"We delivered strong financial results in our first quarter, exceeding our expectations and achieving another quarter of record sales," said Stephen G. Kaniewski, President and Chief Executive Officer.
"I am very pleased with our relentless focus on price management, operational excellence and the realization of increasing strong demand across the portfolio," added Kaniewski.
The company raised its 2022 guidance, with net sales for the year predicted to increase between 11% and 17%. As a result, adjusted earnings per share are also forecasted to reach $13 to $13.50.