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Bull of the Day

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Valmont Industries (VMI)

VMI

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We are retaining our Outperform recommendation on Valmont Industries, Inc. (VMI). Third quarter earnings topped the Zacks Consensus Estimate while sales missed. Profit jumped nearly 35% year over year, boosted by a solid performance in the company's Utility Support Structures division.

Moving ahead, the company expects healthy demand for irrigation equipment from farmers in the fourth quarter. Valmont is witnessing significant strength across the utility and irrigation markets.

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 full-year 2012.

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