Exhibit 99.1

 

 

 

 

News Release

For Immediate Release

Contact:

Renee Campbell

July 23, 2019

 

402-963-1057

 

 

Valmont Reports Second Quarter 2019 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 second quarter ended June 29, 2019.

 

Second Quarter 2019 Highlights (metrics compared to second quarter 2018 unless otherwise noted)

 

·                  Revenues grew 2.7% to $700.9 million; excluding a 2.0% unfavorable currency impact and revenue from the divested grinding media business of $4.7 million, sales would have increased 5.5%1

 

·                  Operating income remained flat at $63.7 million or 9.1% of sales, compared to $63.7 million or 9.3% of sales ($70.7 million adjusted1 or 10.4% of sales)

 

·                  Diluted Earnings per Share of $1.90 compared to $1.46 ($1.98 adjusted1) last year; 2019 results included pre-tax expenses of approximately $6.0 million ($4.3 million after-tax and $0.20 per share) related to certain non-recurring items impacting the Utility Support Structures and Coatings segments

 

·                  Operating cash flows grew to $105 million, a significant increase compared to 2018, and the highest second quarter level since 2013

 

·                  Repurchased 236,300 shares of company stock for $28.9 million, at an average price of $122.41 per share

 

·                  Completed the acquisition of Connect-It Wireless in the Engineered Support Structures segment, advancing strategies of geographic expansion and market growth

 

·                  Revising EPS guidance range to $8.10 to $8.70 from $8.30 to $8.90, due to the non-recurring expenses that occurred during the second quarter

 


The following information was filed by Valmont Industries Inc (VMI) on Wednesday, July 24, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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