Shares of Valmont Industries soared 10 percent Wednesday after the company reported earnings that exceeded analysts' expectations.
The stock ended the day slightly below that level, but still more than 8 percent higher at $156.
The infrastructure products manufacturer reported adjusted earnings of $1.61 per share, versus the $1.45 per share estimate, according to a Thomson Reuters consensus forecast. Revenue of $674.6 million also topped the $633.8 million estimate.
In a press release, Valmont's chairman and CEO, Mogens C. Bay, said revenue in 2017 will increase around 5 percent, without acquisitions. Bay also said he expects earnings per share for the upcoming year to increase around 10 percent, compared to 2016's levels. Adjusted earnings per share for 2016 was $6.42 per share.
Valmont shares two-day performance
Shares of Valmont have risen 36 percent during the last 12 months.