What Happened?
Shares of infrastructure and agriculture equipment manufacturer Valmont Industries (NYSE:VMI) jumped 12% in the morning session after the company reported strong third-quarter results that exceeded analysts' adjusted EBITDA and EPS estimates. Revenue was in line as growth in the infrastructure segment was offset by weaknesses in the agricultural business. Overall, this quarter had some key positives.
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What The Market Is Telling Us
Valmont’s shares are not very volatile and have only had 4 moves greater than 5% over the last year. Moves this big are rare for Valmont and indicate this news significantly impacted the market’s perception of the business.
Valmont is up 38.2% since the beginning of the year, and at $323.75 per share, has set a new 52-week high. Investors who bought $1,000 worth of Valmont’s shares 5 years ago would now be looking at an investment worth $2,337.
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