Exhibit 99.1

 

 

 

News Release

For Immediate Release

 

 

 

Contact:

Renee Campbell

February 20, 2019

 

402-963-1057

 

 

Valmont Reports Fourth Quarter and Full Year 2018 Results

 

Omaha, NE - Valmont Industries, Inc. (NYSE: VMI), a leading global provider of engineered products and services for infrastructure development and irrigation equipment and services for agriculture, today reported financial results for the fourth quarter and full year ended December 29, 2018.

 

Fourth Quarter 2018 Highlights (all metrics compared to fourth quarter 2017 unless otherwise noted)

 

·                  Revenues of $697.4 million declined 2.5%, as higher sales in the Engineered Support Structures and Coatings segments were offset by lower project sales in the Utility segment and International Irrigation markets, and $13.0 million of unfavorable currency translation impact

 

·                  GAAP operating income was $36.3 million or 5.2% of sales; adjusted1 operating income of $66.1 million, or 9.5% of sales was 3.5% higher

 

·                  2018 GAAP diluted EPS was $0.80 in 2018 compared to ($0.16) in 2017; adjusted1 diluted EPS was $1.87 in 2018 compared to $1.67, an increase of 12.0%

 

·                  Strong operating cash flow of $85.0 million, improved considerably over prior quarters

 

·                  Repurchased 229,000 shares of company stock for $27.9 million, at an average price of $121.87 per share

 

·                  As part of our Operations Transformation, the Company is ceasing manufacturing at a Utility structures facility in Hazleton, PA, curtailing operations at an Engineered Support Structures facility in the EMEA region, and exiting the industrial product line in its Access Systems business

 


The following information was filed by Valmont Industries Inc (VMI) on Thursday, February 21, 2019 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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