headerv21.jpg
FOR IMMEDIATE RELEASE
Contact:Renee Campbell
Phone:
+1 402.963.1057
Date:April 22, 2020


Valmont Reports First Quarter 2020 Results and
Provides Key Assumptions for Remainder of 2020

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 first quarter ended March 28, 2020.

First Quarter 2020 Highlights (all metrics compared to First Quarter 2019 unless otherwise noted)
Net Sales of $674.2 million, a decline of 2.6%; strong North American sales were more than offset by anticipated lower sales in the Utility Support Structures segment due to a $30.0 million solar tracker project in 2019 that did not repeat this year, and approximately $10 million of unfavorable currency translation impact
Operating income grew 22.5% to $66.9 million, or 9.9% of sales compared to $54.6 million or 7.9% of sales; all segments contributed to the improvement
Diluted Earnings per Share of $1.99 grew 21.3% compared to $1.64
Completed previously-announced acquisition of remaining 49% stake of AgSense® in the Irrigation segment
Utility Support Structures global backlog increased 12.0% from last quarter to a record $689.0 million, including a large transmission order for the European market
Generated operating cash flow of $62.4 million, significantly higher than last year and strongest first quarter since 2016
Repurchased 190,500 shares of company stock for $20.5 million at an average price of $107.52 per share, prior to halting share repurchases in March
Announced a 20% quarterly dividend increase, from $0.375 to $0.45 ($1.50 to $1.80 annualized), the first increase since 2014
Withdrawing 2020 financial outlook due to ongoing uncertainties around business impacts from the COVID-19 pandemic
Providing key assumptions and indications for the second quarter and second half of 2020




The following information was filed by Valmont Industries Inc (VMI) on Thursday, April 23, 2020 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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