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Valmont shares soar after earnings beat

Miles of unused pipe, prepared for the proposed Keystone XL pipeline, sit in a lot on October 14, 2014 outside Gascoyne, North Dakota.
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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.