US Market News
2月前
Valmont Industries, Inc. to Host Investor Day on June 16, 2026April 22, 2026 5:00 PM
Business Wire
Valmont® Industries, Inc. (NYSE: VMI), a global leader that provides products and solutions to support vital infrastructure and advance agricultural productivity, will host an Investor Day on Tuesday, June 16, 2026, beginning at 8:30 a.m. Eastern Time in New York City.
President and Chief Executive Officer Avner Applbaum, Executive Vice President and Chief Financial Officer John Schwietz, and other members of the senior leadership team will present a comprehensive update on the company’s long-term strategy, value drivers and growth outlook. The program will highlight how Valmont is building on a strengthened foundation to deliver sustainable, profitable growth across its Infrastructure and Agriculture segments. Leadership will provide their perspective on the accelerating utility infrastructure investment cycle, including demand tied to grid modernization and increasing power needs, and how these opportunities are expected to be a primary driver of Valmont’s long-term earnings growth, along with an update on the agriculture market and the actions underway to drive higher-margin growth in that segment.
To attend in person, please register in advance at the following link: Valmont Industries 2026 Investor Day Registration. Due to limited capacity, early registration is recommended. The event will include a presentation followed by a question-and-answer session.
A live webcast will be available at the start of the event. Please register for the virtual presentation at the following link: Valmont Industries 2026 Investor Day Virtual Presentation. A replay will be accessible following the conclusion of the program.
About Valmont Industries, Inc.
For more than 80 years, Valmont has been a global leader that provides products and solutions to support vital infrastructure and advance agricultural productivity. We are committed to customer-focused innovation that delivers lasting value. Learn more about how we’re Conserving Resources. Improving Life.® at valmont.com.
Concerning Forward-Looking Statements
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on assumptions made by management, considering its experience in the industries where Valmont operates, perceptions of historical trends, current conditions, expected future developments, and other relevant factors. It is important to note that these statements are not guarantees of future performance or results. They involve risks, uncertainties (some of which are beyond Valmont’s control), and assumptions. While management believes these forward-looking statements are based on reasonable assumptions, numerous factors could cause actual results to differ materially from those anticipated. These factors include, among other things, risks described in Valmont’s reports to the Securities and Exchange Commission (“SEC”), the Company’s actual cash flows and net income, future economic and market circumstances, industry conditions, company performance and financial results, operational efficiencies, availability and price of raw materials, availability and market acceptance of new products, product pricing, domestic and international competitive environments, geopolitical risks, and actions and policy changes by domestic and foreign governments, including tariffs. The Company cautions that any forward-looking statements in this release are made as of its publication date and does not undertake to update these statements, except as required by law.
The Company may provide certain non-GAAP financial measures (adjusted diluted earnings per share and adjusted effective tax rate) on a forward-looking basis from time to time. These measures are typically calculated by excluding the impact of items such as foreign exchange, acquisitions, divestitures, realignment or restructuring expenses, goodwill or intangible asset impairment, changes in tax laws or rates, change in redemption value of redeemable noncontrolling interests, and other non-recurring items. To the extent the Company provide forward-looking non-GAAP financial measures, reconciliations to the most directly comparable GAAP financial measures are not provided, as the Company cannot do so without unreasonable effort due to the inherent uncertainty and difficulty in predicting the timing and financial impact of such items. For the same reasons, the Company cannot assess the likely significance of unavailable information, which could be material to future results.
Website and Social Media Disclosure
The Company uses its website and social media channels, as identified on its website, to distribute company information. Posts on these channels may contain material information. Therefore, investors should monitor these channels alongside the Company’s press releases, SEC filings, and public conference calls and webcasts. The contents of the Company’s website and social media channels are not considered part of this press release.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260422605960/en/
Casey Meyer
Casey.Meyer@valmont.com
Original: Valmont Industries, Inc. to Host Investor Day on June 16, 2026
US Market News
2月前
Valmont Appoints John Schwietz as Chief Financial Officer and Reiterates Full-Year 2026 Financial GuidanceApril 9, 2026 7:30 AM
Business Wire
Valmont® Industries, Inc. (NYSE: VMI), a global leader that provides products and solutions to support vital infrastructure and advance agricultural productivity, today announced the appointment of John L. Schwietz as the Company’s Chief Financial Officer.
Avner Applbaum, Valmont Chief Executive Officer said, “I am pleased to appoint John as Valmont’s CFO. He is a proven leader with deep experience across our business segments and a strong track record in both finance and commercial roles, with experience driving disciplined capital allocation and operational performance. He brings a valuable perspective to the leadership team and to our stakeholders.”
Mr. Schwietz brings significant experience across Valmont’s core business segments, most recently serving as President of International Agriculture. Prior to that role, he was Vice President of Finance for the Utility business. Since joining the Company in 2009, he has held roles of increasing responsibility spanning finance, business development, and operations across both Utility and Agriculture globally. Prior to joining Valmont, Mr. Schwietz worked in international banking. He holds an MBA and a bachelor’s degree from Creighton University.
“I am honored and excited to take on this role and build on the strong foundation in place,” Mr. Schwietz said. “I look forward to applying my experience across Valmont’s businesses to drive financial discipline and long-term performance, and continuing my partnership with Valmont’s leaders to create value for our customers, our employees and our shareholders.”
Mr. Schwietz succeeds Thomas Liguori who is stepping down as Chief Financial Officer. “Tom has been a valuable member of our Valmont leadership team, and I thank him for his contributions during his tenure,” Applbaum said. “He brought a strong ability to turn financial data into actionable business outcomes, helping build a more disciplined, effective finance organization.”
The Company reiterates its most recently issued financial guidance for the full fiscal year 2026, as provided in its earnings release on Feb. 17, 2026.
About Valmont Industries, Inc.
For 80 years, Valmont has been a global leader that provides products and solutions to support vital infrastructure and advance agricultural productivity. We are committed to customer-focused innovation that delivers lasting value. Learn more about how we’re Conserving Resources. Improving Life.® at valmont.com.
Concerning Forward-Looking Statements
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on assumptions made by management, considering its experience in the industries where Valmont operates, perceptions of historical trends, current conditions, expected future developments, and other relevant factors. It is important to note that these statements are not guarantees of future performance or results. They involve risks, uncertainties (some of which are beyond Valmont’s control), and assumptions. While management believes these forward-looking statements are based on reasonable assumptions, numerous factors could cause actual results to differ materially from those anticipated. These factors include, among other things, risks described in Valmont’s reports to the Securities and Exchange Commission (“SEC”), the Company’s actual cash flows and net income, future economic and market circumstances, industry conditions, company performance and financial results, operational efficiencies, availability and price of raw materials, availability and market acceptance of new products, product pricing, domestic and international competitive environments, geopolitical risks, and actions and policy changes by domestic and foreign governments, including tariffs. The Company cautions that any forward-looking statements in this release are made as of its publication date and does not undertake to update these statements, except as required by law.
The Company’s guidance includes certain non-GAAP financial measures (adjusted diluted earnings per share and adjusted effective tax rate) presented on a forward-looking basis. These measures are typically calculated by excluding the impact of items such as foreign exchange, acquisitions, divestitures, realignment or restructuring expenses, goodwill or intangible asset impairment, changes in tax laws or rates, change in redemption value of redeemable noncontrolling interests, and other non-recurring items. Reconciliations to the most directly comparable GAAP financial measures are not provided, as the Company cannot do so without unreasonable effort due to the inherent uncertainty and difficulty in predicting the timing and financial impact of such items. For the same reasons, the Company cannot assess the likely significance of unavailable information, which could be material to future results.
Website and Social Media Disclosure
The Company uses its website and social media channels, as identified on its website, to distribute company information. Posts on these channels may contain material information. Therefore, investors should monitor these channels alongside the Company’s press releases, SEC filings, and public conference calls and webcasts. The contents of the Company’s website and social media channels are not considered part of this press release.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260409223689/en/
Renee Campbell
renee.campbell@valmont.com
Original: Valmont Appoints John Schwietz as Chief Financial Officer and Reiterates Full-Year 2026 Financial Guidance
MiamiGent
14年前
Food and water investments weather drought
BY MarketWatch — 12:01 AM ET 07/20/2012
CHICAGO (MarketWatch) -- Record heat, dry skies, and acres of drought-stricken corn is stressing farmers and cereal makers, but commodities and natural resource investors are cool and composed.
Weather has caused a "supply shock" that observers say only reinforces a longer-term investing theme in the scarcity of food and water.
A hungry and thirsty world is growing, and "you can't triple a population in a lifetime without consequences," said Jeremy Grantham, a closely followed value investor and co-founder of asset management firm GMO LLC., in a speech at the Morningstar Investor Conference in June.
The situation is equal parts opportunity and clock-ticking pressure to devise new ways to use and produce finite resources and their alternatives, and to grow food on dwindling arable land. Agriculture demand will continue to spur innovative irrigation techniques and to address the need for fresh drinking water in developing countries. And therein lies another potential investment -- water solutions.
For now, the focus is on supply. June was the fourth-hottest month in the U.S. since 1880, according to the National Oceanic and Atmospheric Association (NOAA) and July has been toasty too. The heat and drought prompted officials to cut harvest expectations. USDA's July 11 report featured a 12% drop in the outlook for domestic corn output, crossing out predictions for a record harvest. The U.S. soybean crop, which pollinates later than corn, is on track to be the smallest in four years. Global wheat production estimates are down 1% from a June prediction.
Stalks and stocks
Grain futures prices and shares of broad-based commodities funds are at multi-month highs in response. A proxy for the agriculture sector, exchange-traded PowerShares DB Agriculture Fund ETF is up 14% in just the past month, prompting some chart-watchers to warn that this double-digit spurt looks stretched.
Agriculture-related stocks have been a mixed bag. Price incentives and expectations for crop yield catch-up boosted spring planting, and fertilizer shares may find support as field conditions are sorted out in coming weeks. Shares of fertilizer-makers Potash Corp. of Saskatchewan Inc. (POT) and Mosaic Co. (MOS) , for example, have been rising along with grain futures prices. Monsanto Co. (MON) , meanwhile, could benefit from sales of its drought-tolerant seeds.
But the drought's impact on the farm economy could hit equipment makers such as Deere & Co. (DE) . Food processors such as Archer Daniels Midland Co. (ADM) face higher raw input prices that could trim profit margins.
Weather fluctuates and markets jump. Certainly, the global reach of crop production can't be dismissed. Drought in one region simply means higher prices and increased planting incentive for growers elsewhere. But the U.S. is the biggest producer of corn and soybeans and the largest shipper of grain. About 60% of the contiguous United States was officially in drought, or roughly 3.1 million square miles, according to NOAA's July 10 release. The heat wave was breaking slightly for much of the country and spotty thunderstorms did move in across parts of the Midwest late this week.
"The weather hit at a time of falling grain reserves, resulting in a tight stocks-to-use ratio -- an impact that can stick around across seasons," said Abraham Bailin, who follows commodity exchange-traded funds at investment researcher Morningstar Inc.
So, how do investors turn a grain shortfall into a potential portfolio windfall?
Bailin pays attention to PowerShares DB Commodity Index Tracking Fund ETF for its diversification across commodities. He cites the fund's ability to take the guesswork out of managing the price fluctuations across the futures-markets calendar, including contango, an inverse relationship where current spot prices are higher than forward prices.
Bailin recommended United States Commodity Index Fund (USCI) for its relative stability and diversification. He also points to a suite of indexes from SummerHaven Index Management, including SummerHaven Dynamic Commodity Index Total Return .
Investors with higher risk-tolerance can dig into focused ETFs, including Teucrium Corn Fund (CORN) and Teucrium Soybean Fund (SOYB). Read more: Corn fund is ETF of the week.
Not a drop to drink
For some investors, feeding the world is really about water.
"You can't even start a discussion about water conservation without talking about agriculture first," said Kent Croft of Croft Leominster, Inc., portfolio manager of the Croft Value Fund. "There's a lot of room to become more efficient in water if the right push is there."
Available fresh water is less than half of 1% of the Earth's total water. And some 70% of fresh water goes to agricultural production, according to United Nations water division statistics. You can think about it in these terms: It takes seven pounds of feed to produce one pound of beef and 155 gallons of water to produce one pound of wheat.
Croft's water-related investments include Valmont Industries Inc. (VMI). Irrigation equipment was 39% of the company's 2011 operating income. (Other income comes from another population-growth theme: upgrades and maintenance to U.S. and international electricity grids.)
Water infrastructure is another area of interest, both for new construction in developing regions and repairs for crumbling pipes in the developed world. Croft points to Xylem Inc. (XYL) , which tests water, repairs systems and sells valves, pumps and dispensers -- all key to getting water to farmland, factories, and homes.
Other stocks to consider, although not part of Croft's holdings: pump-maker Flowserve Corp. (FLS) and irrigation and machinery company Lindsay Corp. (LNN).
ETF investors can wade into a pool of water offerings: Guggenheim S&P Global Water Index ; First Trust ISE Water Index ; PowerShares Water Resource Portfolio and PowerShares Global Water Portfolio (PIO).
Lands of opportunity
Farming is becoming more factory-like with huge corporations managing land, but the reality is that agriculture needs fresh labor, according to commodities investor Jim Rogers. He's reinforced that view in recent television and magazine interviews.
Rogers is bullish on one of the purest of agricultural plays -- land. But if that's a bit ambitious, there are other investment routes, including shares of land management companies. Adecoagro S.A. (AGRO) , for instance, is a Luxembourg-based company that owns significant farmland holdings in South America.
Noted GMO's Grantham: "The developed world will have to behave sensibly, but of course they will behave casually, with lots of waste, and that will push the price (of resources) up faster than it need rise because we (developed world) can afford it, at the expense of the developing world."
His bottom line: "Think favorably about resource funds."
Rachel Koning Beals is a Chicago-based freelance writer and editor.
MiamiGent
14年前
INSIGHT-US farmers hit paydirt with irrigation in arid spring
BY Reuters— 7:00 AM ET 06/22/2012
* Irrigation equipment sales hit record highs
* Farmers scramble to get wells dug amid drought fears
* Economics of crop irrigation pay off for some growers
By P.J. Huffstutter
MILL CREEK, Indiana, June 22 (Reuters) - Bouncing down a county back road, squinting as a blazing sun intensifies one of the hottest, driest Midwest springs ever, farmer Dale Tuholski steers his pick-up truck between fortune and failure.
To his left, new irrigation machinery sprays a fine mist across his corn field in northern Indiana, where emerald green plants sway in the breeze. To his right is a neighbor's land: the soil dry and dusty, the corn leaves curled.
Amid the warmest first five months of the year since 1894 in the U.S. heartland, a rapidly expanding minority of farmers like the Tuholskis and Kyle Clute - who manages 25,000 acres (1 0,000 hectares) 100 miles (16 0 km) sou thwest of Tuholski's farm - are taking out an expensive hedge against increasingly volatile weather: buying new irrigation equipment for their corn or soybean fields.
"We don't want Mother Nature to control our destiny anymore," said Clute, who farms corn and soybean fields in Warren County, Indiana.
The potent mix of ever-warmer weather and expectations of near-record farm income of $92 billion for 2012 is fueling all-time-high sales of such equipment, with revenues up a third or more at leading firms. Center-pivot irrigators are particularly popular with farmers in water-strapped areas because the machinery can extend the reach of limited natural resources.
While many farmers are merely upgrading aging equipment, manufacturers say that a sizeable share is now being sold to growers who have never before irrigated. In Indiana, the number of registered new wells is growing at the fastest rate in two decades; drilling firms are struggling to keep up with demand.
As the trend grows, the implications will spread.
In a year like this one, for instance, even small shifts in the amount of acreage that is mechanically irrigated could help mitigate yield losses. For analysts and grain traders, such shifts could complicate efforts to forecast production outcomes based on weather conditions.
It may also intensify the growing friction over water use as expanding populations, bumper crop harvests, ethanol production and even the boom in hydraulic fracturing consume ever-larger volumes of the country's finite water supply.
While the amount of water needed for traditional dryland crop fields is likely to remain small, environmentalists caution that a new, and potentially large, consumer group tapping into the nation's groundwater supply could have untold consequences.
CORN BELT EYES WATER
About 94 percent of the nation's four major commodity crops - corn, soybeans, wheat and cotton - is grown on farmland that relies on rain for moisture, according to the most recent federal data from 2008. About 61 percent of that land is in the western half of the country, in states including Nebraska, California, Idaho and Kansas.
To the east, the land's fertility and natural weather patterns have typically been enough to produce a crop using only rain. In other cases, running a mechanized irrigation system simply didn't make economic sense.
For many farmers like Clute, increasingly efficient technology not only helps their operations, it also offers a tax deduction on farm income after several years of near-record grain prices and healthy profits.
The boom in agricultural land values and rents also has them looking to such machinery as a way to boost revenues - through bigger yields - from the soil they already own.
Farmers in the wheat-growing Plains states understand this dynamic well: The value of irrigated land has surged far faster than non-irrigated land since last summer, when a drought gripped much of the region.
In the first quarter of this year, the value of irrigated Plains farmland jumped 31.8 percent, outpacing rain-dependent farms, which rose by 24.7 percent from a year earlier, according to the Federal Reserve Bank of Kansas City. It was by far the widest disparity in growth rates since at least 1980.
NEW CUSTOMERS FUEL BOOMING BUSINESS
The mounting global anxiety over strained water resources is well known, as is the impact of increasingly erratic and extreme weather conditions.
Earlier this month, Israeli scientist Daniel Hillel - who pioneered a new way to apply water in small, steady amounts directly to plant roots in arid regions - was named the winner of the 2012 World Food Prize and honored at the U.S. State Department.
But the response to these trends by U.S. commodity farmers - responsible for producing about a third of the world's corn and soybeans - is only now becoming apparent. While biotechnology companies race to develop more drought-resistant strains, farmers are investing capital.
Valmont Industries Inc (VMI), a leading U.S. manufacturer of center-pivot and linear irrigation equipment, reported a 30 percent jump in global sales of irrigation equipment and parts to $196.3 million in the first quarter. Rival Lindsay Corp (LNN) said U.S. irrigation revenues surged 39 percent in the six months to Feb. 29.
At T-L Irrigation Co in Hastings, Nebraska, a privately held farm irrigation equipment maker, sales last year were the highest in its 57-year history.
The company is recruiting new dealers to meet rising demand in the central and eastern portions of the Corn Belt, a region that made up only about 5 percent of its sales a decade ago, said David Thom, T-L Irrigation's vice president of sales. Now, dryland farms in the area are about 15 percent.
"They're family farmers who might have 1,000 acres," Thom said. "They'll start with one or two and that's good, because they like to walk before they run. Then, they'll buy more."
The Tuholskis fit this mold. The family bought their first irrigation equipment in 1980, during the last agricultural boom. Slowly, the family expanded: The seven center-pivot irrigation machines they bought this past year bring their total to 40.
"We can farm less acreage and have more income potential," said Tuholski, whose family farms corn, soybeans, seed corn and other specialty crops. "And we don't have to worry quite so much about the weather."
WISHING MORE WELLS
As farmer demand grows, so does the waiting list for well-drillers in drought-prone areas.
In Indiana, the fifth-largest corn-producing state, the number of new irrigation wells was up 6.2 percent from the end of 2009 through May 2012, according to data compiled by the Indiana Department of Natural Resources' water division. That increase, the sharpest jump since the early 1990s, was driven in part by farmers rushing to plant more corn acres as U.S. prices hit record highs, state agency officials say.
In Taylor, Missouri, the staff of Landmark Irrigation Corp has been booked solid since last fall with orders for new irrigation wells to be dug on farms in Illinois, Missouri and Iowa. Many of Landmark's clients are buying equipment for farms that have never been irrigated, co-owner Deb Sutter said.
Most of the calls have been from producers who farm at least 1,000 acres, she said. But as the rains have waned, smaller operators have started to call too. For most of Illinois, much of Missouri and large stretches of central and east-central Iowa, the rainfall of the past three months is 25 to 50 percent below normal.
"We're the busie
EarlyOne
19年前
Valmont Reports Third Quarter Results
Wednesday October 17, 5:30 pm ET
Third Quarter Highlights:
* Net sales rose 20%.
* Operating income rose 30% and was 10.1% of net sales.
* Net earnings increased 72%.
* Effective tax rate was 22.1% due to the expiration of certain tax contingencies, other tax benefits and the mix of international sales.
OMAHA, Neb., Oct. 17 /PRNewswire-FirstCall/ -- Valmont Industries, Inc. (NYSE: VMI - News), a leading global manufacturer of engineered support structures for infrastructure, mechanized irrigation equipment for agriculture, and a provider of coating services and tubular products, reported third quarter sales of $372.0 million compared with $310.9 million for the same period of 2006. Net earnings for the third quarter were $25.9 million, or 99 cents per diluted share, versus third quarter 2006 net earnings of $15.1 million, or 58 cents per diluted share. Included in the results for the third quarter of 2006 were a $0.7 million after-tax gain from the sale of property and a $2.1 million after-tax charge at a non-consolidated subsidiary. The most significant reason for a lower effective tax rate was approximately $1.4 million in income tax benefits related to activities in prior tax years that were recognized during the quarter.
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For the first nine months of 2007, sales were $1,115.0 million versus $953.3 million in 2006. Valmont's nine month net earnings were $71.6 million, or $2.74 per diluted share, compared with 2006 nine month net earnings of $45.4 million, or $1.76 per diluted share.
Third Quarter Review:
"Very strong market conditions in our four biggest segments drove a 20% increase in sales," said Mogens C. Bay, Valmont's Chairman and Chief Executive Officer.
"Strength in the global agricultural economy driven by higher crop prices led to increased demand in our Irrigation Segment.
"As the utility industry continues to invest in the transmission grid, Utility Support Structure Segment sales increased.
"In the Engineered Support Structures Segment, growing global infrastructure development drove sales gains.
"Gains in Coatings and Tubing Segment sales reflect strong domestic demand and increased volumes.
"The effective tax rate of 22.1% resulted from the expiration of certain tax contingencies and a favorable mix of international earnings.
"Favorable markets and our continued focus on improving performance led to operating income as a percent of sales of 10.1% versus 9.3% in the third quarter of 2006."
Third Quarter Summary -- Infrastructure Markets: (71% of 3rd Quarter Net Sales)
Engineered Support Structures Segment (42% of 3rd Quarter Net Sales)
Structures and specialty structures for lighting and traffic, wireless communication and overhead signs, worldwide. Includes utility support structures outside of North America.
Sales were $164.8 million, an increase of 24% over last year's $133.3 million third quarter level. The increase in sales was due to strong demand for utility and wireless communication structures in China and increased infrastructure spending in Europe. In North America, lighting product sales to lighting fixture manufacturers increased as well as specialty structure sales. Sales to the transportation market were slightly lower in North America, reflecting slower highway funding for municipalities and departments of transportation.
Segment operating income increased 15% to $16.7 million and was 10.1% of segment sales. The improvement in operating profit was largely due to the strong performance in Europe and China.
Utility Support Structures Segment (20% of 3rd Quarter Net Sales)
Steel and concrete structures for electric power delivery in North America.
Sales increased 19% to $79.1 million compared with $66.3 million in 2006. The improvement in sales reflects increased investment by utility companies in transmission and distribution structures for electrical power delivery.
Greater investments in the transmission and distribution grid should lead to a more reliable network, and are supported by provisions in the 2005 energy bill that created incentives for utilities to upgrade the transmission and distribution grid.
Operating income increased 50% to $10.0 million and was 12.7% of segment sales. The increase was mostly due to operating leverage on higher volumes and a more favorable pricing environment.
Coatings Segment (9% of 3rd Quarter Net Sales)
Hot-dip galvanizing and other coatings services to protect against corrosion of steel and aluminum in North American markets.
Sales of $34.3 million were 15% above last year's $29.9 million. Improved conditions in the industrial economy and strong internal demand drove the sales increase. Steel fabricators and structure manufacturers continue to recognize that hot-dip galvanizing is a cost effective method to extend service life and protect steel structures exposed to the elements from corrosion.
Segment operating income rose to $6.1 million, an increase of 3% and was 17.8% of segment sales due to manufacturing leverage on increased unit volume. Included in the results for the third quarter of 2006 was a $1.1 million gain on the sale of property.
Third Quarter Summary -- Agricultural Markets: (28% of 3rd Quarter Net Sales)
Irrigation Segment (22% of 3rd Quarter Net Sales)
Center pivot and linear move mechanized irrigation equipment and related service parts for agriculture in global markets.
Sales improved 25% to $84.8 million compared with $67.8 million in 2006. North American sales were supported by historically strong crop prices and grower expectations for an improved agricultural economy. Additionally, increased usage of irrigation equipment during the hot growing season resulted in greater sales of replacement parts.
International sales increased in most markets for mechanized irrigation equipment. Reduced global grain stocks have led to a tightening of supplies, resulting in higher crop prices. Higher global grain prices and an increased emphasis on the efficient use of water for irrigation are the primary drivers for growth in agricultural markets worldwide.
Segment operating income increased 59% to $8.9 million and was 10.4% of segment sales. The improved operating income resulted from the increased volume and related operating leverage.
Tubing Segment (6% of 3rd Quarter Net Sales)
Custom steel tubing for mechanical and structural applications.
Sales were 5% higher at $24.1 million. Demand continued strong from agricultural equipment manufacturers, driven by the increased need for grain handling and storage in anticipation of a large harvest season.
Segment operating income increased 13% to $4.3 million as a result of higher volumes and a favorable sales mix, and was 17.9% of segment sales.
Fourth Quarter Outlook:
Commenting on the outlook for the fourth quarter, Mr. Bay said, "We are expecting favorable comparisons in sales, operating income and earnings per share for the fourth quarter. Our businesses continue to perform well, market conditions are favorable and the long term drivers are supportive."
An audio discussion of Valmont's third quarter results by Mogens C. Bay, Chairman and Chief Executive Officer and Terry J. McClain, Senior Vice President and Chief Financial Officer, will be available live by telephone by dialing 1-877-493-2981 and entering Conference ID#: 2635157 or via the Internet at 8:00 a.m. October 18, 2007 CDT, by pointing browsers to: http://www.valmont.com/asp/investor_relations/ir6.asp. After the event you may listen by accessing the above link or by telephone. Dial 1-800-642-1687 or 706-645-9291, and enter the Conference ID#:2635157 beginning October 18, 2007 at 10:00 a.m. CDT through 12:00 p.m. CDT on October 25, 2007.
Valmont is the global leader in designing and manufacturing poles, towers and structures for lighting and traffic, wireless communication and utility markets, and a provider of protective coating services. Valmont also leads the world in mechanized irrigation equipment for agriculture, enhancing food production while conserving and protecting natural water resources. In addition, Valmont produces a wide variety of tubing for commercial and industrial applications.
This release contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on assumptions that management has made in light of experience in the industries in which Valmont operates, as well as management's perceptions of historical trends, current conditions, expected future developments and other factors believed to be appropriate under the circumstances. As you read and consider this release, you should understand that these statements are not guarantees of performance or results. They involve risks, uncertainties (some of which are beyond Valmont's control) and assumptions. Although management believes that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect Valmont's actual financial results and cause them to differ materially from those anticipated in the forward-looking statements. These factors include among other things, risk factors described from time to time in Valmont's reports to the Securities and Exchange Commission, as well as future economic and market circumstances, industry conditions, company performance and financial results, operating efficiencies, availability and price of raw material, availability and market acceptance of new products, product pricing, domestic and international competitive environments, and actions and policy changes of domestic and foreign governments. The Company cautions that any forward-looking statement included in this press release is made as of the date of this press release and the Company does not undertake to update any forward-looking statement.
VALMONT INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except per share amounts)
(unaudited)
Third Quarter Year-to-Date
13 Weeks Ended 39 Weeks Ended
29-Sep-07 30-Sep-06 29-Sep-07 30-Sep-06
Net sales $372,033 $310,904 $1,114,972 $953,320
Cost of sales 274,461 230,234 819,719 711,895
Gross profit 97,572 80,670 295,253 241,425
Selling, general and
administrative expenses 59,858 51,651 179,573 158,920
Operating
income 37,714 29,019 115,680 82,505
Other income (expense)
Interest expense (4,470) (4,328) (13,159) (12,815)
Interest income 666 549 1,796 1,497
Miscellaneous (319) 113 (342) 1,297
(4,123) (3,666) (11,705) (10,021)
Earnings before income
taxes, minority
interest, and equity
in earnings (losses)
of nonconsolidated
subsidiaries 33,591 25,353 103,975 72,484
Income tax expense 7,436 7,495 31,410 23,660
Earnings before
minority interest,
equity in earnings
(losses) of
nonconsolidated
subsidiaries 26,155 17,858 72,565 48,824
Minority interest (700) (393) (1,355) (902)
Earnings (losses) in
nonconsolidated
subsidiaries 438 (2,403) 372 (2,490)
Net earnings $25,893 $15,062 $71,582 $45,432
Average shares
outstanding (000's) -
Basic 25,570 25,255 25,500 25,027
Earnings per share - Basic $1.01 $0.60 $2.81 $1.82
Average shares
outstanding (000's) -
Diluted 26,207 25,851 26,096 25,743
Earnings per share -
Diluted $0.99 $0.58 $2.74 $1.76
Cash dividends per share $0.105 $0.095 $0.305 $0.275
VALMONT INDUSTRIES, INC. AND SUBSIDIARIES
SUMMARY OPERATING RESULTS
(Dollars in thousands)
(unaudited)
Third Quarter Year-to-Date
13 Weeks Ended 39 Weeks Ended
29-Sep-07 30-Sep-06 29-Sep-07 30-Sep-06
Net sales
Engineered Support
Structures $164,768 $133,268 $450,598 $386,430
Utility Support
Structures 79,062 66,340 249,192 208,806
Coatings 34,321 29,936 103,351 82,534
Infrastructure
products 278,151 229,544 803,141 677,770
Irrigation 84,822 67,803 285,301 242,527
Tubing 24,106 22,997 76,652 70,134
Agriculture
products 108,928 90,800 361,953 312,661
Other 5,253 4,328 16,660 13,397
Less: Intersegment
sales (20,299) (13,768) (66,782) (50,508)
Total $372,033 $310,904 $1,114,972 $953,320
Operating Income
Engineered Support
Structures $16,679 $14,469 $42,102 $32,547
Utility Support
Structures 10,045 6,710 31,640 22,804
Coatings 6,117 5,917 17,217 13,180
Infrastructure
products 32,841 27,096 90,959 68,531
Irrigation 8,859 5,583 37,761 27,867
Tubing 4,308 3,812 13,982 11,114
Agriculture
products 13,167 9,395 51,743 38,981
Other 399 (373) 954 (1,438)
Corporate (8,693) (7,099) (27,976) (23,569)
Total $37,714 $29,019 $115,680 $82,505
Valmont has aggregated its business segments into five reportable
segments as follows.
Engineered Support Structures: This segment consists of the
manufacture of engineered metal structures and components for
the lighting, traffic and wireless communication industries
worldwide and certain international utility businesses.
Utility Support Structures: This segment consists of the
manufacture of engineered steel and concrete structures
primarily for the North American utility industry.
Coatings: This segment consists of galvanizing and other
coating services in North America.
Irrigation: This segment consists of the manufacture of
agricultural irrigation equipment and related parts and
services worldwide.
Tubing: This segment consists of the manufacture of steel
tubular products in North America.
In addition to these five reportable segments, Valmont also has other
businesses that individually are not more than 10% of consolidated
net sales. These businesses, which include machine tool accessories
and industrial fasteners, are reported in the "Other" category.
VALMONT INDUSTRIES, INC.
AND SUBSIDIARIES
CONDENSED CONSOLIDATED
BALANCE SHEETS
(Dollars in thousands)
(unaudited)
29-Sep-07 30-Sep-06
ASSETS
Current assets:
Cash and cash equivalents $69,337 $55,249
Accounts receivable, net 264,518 219,744
Inventories 212,982 176,160
Prepaid expenses 8,571 11,438
Refundable and deferred income
taxes 20,825 18,723
Total current assets 576,233 481,314
Property, plant and equipment, net 226,363 189,806
Goodwill and other assets 200,094 200,065
$1,002,690 $871,185
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Current installments of
long-term debt $22,616 $18,254
Notes payable to banks 14,890 8,708
Accounts payable 113,357 99,502
Accrued expenses 98,352 80,411
Dividend payable 2,717 2,430
Total current liabilities 251,932 209,305
Long-term debt, excluding current
installments 200,521 205,880
Other long-term liabilities 67,339 72,290
Shareholders' equity 482,898 383,710
$1,002,690 $871,185
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