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|News Release||For Immediate Release|
|Contact:||Renee Campbell||October 23, 2019|
Valmont Reports Third 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 third quarter ended September 28, 2019.
Third Quarter 2019 Highlights (metrics compared to third quarter 2018 unless otherwise noted)
|•||Revenues grew 1.7% to $690.3 million, despite a challenging agricultural market environment; sales were higher in three of four segments|
|•||Operating income improved to $63.9 million or 9.3% of sales, compared to $38.4 million or 5.7% of sales ($63.2 million adjusted1 or 9.3% of sales)|
|•||Diluted Earnings per Share increased to $1.85 compared to $0.20 ($1.82 adjusted1); 2019 results include a ($0.24) after-tax impact from a non-recurring loss associated with two large Access Systems sales projects in the Engineered Support Structures segment|
|•||Operating cash flows grew to $125.0 million, a substantial increase compared to 2018, and the highest third quarter level since 2012|
|•||Repurchased 126,700 shares of company stock for $16.8 million, at an average price of $132.76 per share|
|•||Revising 2019 diluted EPS guidance range to $7.05 - $7.45 from $8.10 - $8.70, due to the impact of non-recurring expenses recognized in the third quarter, insufficient capacity to meet North American infrastructure market demand, lower anticipated volumes in the Coatings segment, and continued lower Irrigation segment sales|
1 Please see Reg G reconciliation of GAAP sales, operating income, net earnings and EPS to Adjusted figures at end of document
The following information was filed by Valmont Industries Inc (VMI) on Thursday, October 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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