Valmont Industries, Inc. revised earnings guidance for the year 2014. The company lowered its 2014 earnings outlook given on October 23, 2014. This change in outlook is primarily the result of reduced fourth quarter demand for irrigation equipment.

Also negatively impacting results in the fourth quarter were both production and shipping delays of utility structures that were in the backlog at the time the company issued its prior guidance, and the impact of a stronger USD on translation of earnings. Prior guidance for 2014 indicated earnings of between $8.55 and $8.65 per diluted share, which excluded $0.18 per share of year-to-date fair value decreases for Delta EMD and $0.91 per share of after-tax expenses associated with the debt refinancing completed in the third quarter, but reflected the effect of the stock repurchase program on earnings per share. Prior guidance on earnings per share including these adjustments was $7.46 to $7.56.

Full-year diluted earnings per share are now expected to be in the range of $8.10 to $8.20, excluding $0.15 of fair value decreases for Delta EMD and $0.93 of after-tax expenses associated with the debt refinancing, subject to completion of the year-end financial closing and audit. Accordingly, expected earnings per share including the above adjustments are $7.02 to $7.12.