Exhibit 99.1

 

 

News Release

 

For Immediate Release

 

 

 

 

 

Contact:

 

Jeff Laudin

 

July 19, 2017

Phone:

 

402-963-1158

 

 

Fax:

 

402-963-1198

 

 

 

Valmont Reports Second Quarter 2017 Results

 

Omaha, NE - Valmont Industries, Inc. (NYSE: VMI), a leading global provider of engineered products and services for infrastructure development and mechanized irrigation equipment and services for agriculture, today reported second quarter 2017 results.

 

 

 

Second Quarter

 

Year to date

 

 

 

13 Weeks Ended

 

26 Weeks Ended

 

Summarized Financial Information

 

7/1/2017

 

6/25/2016

 

7/1/2017

 

6/25/2016

 

Net sales

 

$

712,737

 

$

640,249

 

$

1,350,210

 

$

1,236,854

 

Operating income

 

78,290

 

71,806

 

142,792

 

134,171

 

Operating income as a % of net sales

 

11.0

%

11.2

%

10.6

%

10.8

%

Net earnings

 

45,664

 

42,026

 

84,643

 

74,995

 

Diluted EPS

 

$

2.01

 

$

1.85

 

$

3.73

 

$

3.29

 

 

 

 

 

 

 

 

 

 

 

Average Shares Outstanding - Diluted

 

22,740

 

22,749

 

22,700

 

22,782

 

 

Second Quarter Highlights:

 

·                  Revenues increased 11% to $712.7 million, with gains in every segment except Energy & Mining

 

·                  Operating income increased largely due to the higher sales. On a segment basis, the Irrigation and Utility Support Structures Segments had the largest improvement over last year

 

·                  Diluted earnings per share increased 9% to $2.01

 

·                  Reaffirming annual guidance for earnings to be slightly above $7.00 per diluted share

 

“Substantial increases in Utility Support Structures and Irrigation Segment sales drove second quarter performance,” said Mogens C. Bay, Valmont’s Chairman and Chief Executive Officer. “Engineered Support Structures and Coatings Segment sales also improved, while Energy and Mining sales declined due to weaker end market demand. Overall, a less favorable sales mix and some lagging recoveries of increased raw material costs resulted in slightly lower operating income as a percent of sales.”

 

Valmont Industries, Inc. · One Valmont Plaza · Omaha, Nebraska 68154 U.S.A. ·

 

-more-

 


The following information was filed by Valmont Industries Inc (VMI) on Thursday, July 20, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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