VMI 2Q 2010 EPS

DS notes: USS projects being pushed out. Forecast that earnings will now be down 35% YOY v. 25% at last call excluding Delta acquisition. Implies $3.71. (where they were in 2007) that leaves them with $1.86 to do the rest of the year. (2009 was record year EPS for them) This is not surprising when Utility is down 50% YOY and was almost ½ of revs last year.. Not a good day to report too. - bk to bill about flat in utility in the Q. Good company and managing things relatively well. Need to continue to keep an eye on pricing and what was 6% increase in SGA costs (non-acqusition related). Increased competition it seems in foreign geographies. This is still a 2011 story, but seems now more risk than upside to macro environment currently where they play.