Valmont Industries (VMI +0.81%) stock bounded higher in this week's trading. The industrials company's share price jumped 20.9% higher across the stretch. Meanwhile, the S&P 500 index's level climbed 0.5% over the same period, and the Nasdaq Composite index's level rose 1.5%.
On April 21, Valmont published results for the first quarter of its current fiscal year -- which ended March 28. The company reported sales and earnings that beat the average Wall Street analyst estimates, and the company also increased elements of its forward guidance.
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Valmont stock surged on strong fiscal Q1 print
Valmont reported earnings per share of $5.51 in fiscal Q1, crushing the average analyst estimate's target for per-share earnings of $4.67 in the period. Meanwhile, revenue for the period increased roughly 6.3% year over year to come in at $1.03 billion -- beating the average Wall Street analyst target by roughly $34.2 million. The company benefited from sales volume growth and margin expansion for its North America Utility segment in the period, and it also issued encouraging forward guidance.
NYSE: VMI
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What's next for Valmont?
With its recent fiscal Q1 report, Valmont reiterated guidance for sales to come in between $4.2 billion and $4.4 billion. On the other hand, the company raised its forecast for infrastructure sales to $3.3 billion to $3.45 billion -- up from its previous target for sales between $3.25 billion and $3.4 billion. On the other hand, it lowered its target for agriculture sales to between $0.9 billion and $0.95 billion -- down from its previous forecast for sales between $0.95 billion and $1 billion.
While the company's segment sales guidance adjustments were effectively a wash, the company raised its guidance for diluted earnings per share from between $20.50 and $23.50 to between $21.50 and $23.50. With the company raising the floor of its earnings forecast, investors bought into the stock over the past week.
