Valmont Industries falls after lower FY forecast, job cuts

Valmont Industries

26/10/2023 17:11

** Manufacturer for infrastructure and agricultural markets
Valmont Industries'  VMI.N  shares fall 12.3% to $203
    ** Shares hit over 2-1/2-year low 
    ** VMI lowered adj EPS forecast to $14.80-$15.10 from
previous outlook of $14.80-$15.35 on Wednesday  urn:newsml:reuters.com:*:nBw2v72YGa
    ** Co expects FY net sales to fall 3% to 4% vs growth of 0%
to 2% expected earlier
    ** On Oct 23, co said it will reduce workforce by about 3%
    ** Expects to incur cash charges in Q4 2023 in range of $33
mln to $36 mln due to reduction in workforce
    ** Co also recorded $141 mln impairment charges for its
agriculture segment, citing slow adoption of agronomy technology
solutions and decline in North American agricultural market
    ** Shares down 38% YTD

 (Reporting by Vedant Vinayak Vichare in Bengaluru)
 ((vedant.vinayakvichare@thomsonreuters.com))