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Valmont Industries (VMI)

VMI

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We are maintaining our Outperform recommendation on Valmont Industries, Inc. (VMI) following its strong second-quarter 2012 results. Revenues and earnings topped Zacks Consensus Estimates. Profit jumped 31% year over year on healthy revenue growth, boosted by a solid performance in the company's Utility Support Structures division.

Valmont is witnessing significant strength in the irrigation market and improving demand for its utility transmission structure. The company expects to post double-digit earnings growth in 2012 despite the European slowdown. The outlook for irrigation equipment is strong while demand for Utility Support Structures is expected to rise.

Healthy order activity and a growing backlog support expectations for a strong 2012. Our long-term Outperform recommendation indicates that it would exceed the broader market. Our price target of $153 is based on 18.3x our fiscal 2012 earnings estimate.

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