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FOR IMMEDIATE RELEASE
Contact:Renee Campbell
Phone:
+1 402.963.1057
Date:July 22, 2020


Valmont Reports Second Quarter 2020 Results;
Operating Performance Improves Despite COVID-19 Disruptions

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 27, 2020.

Second Quarter 2020 Highlights (all metrics compared to Second Quarter 2019 unless otherwise noted)
Net Sales of $688.8 million declined 1.7%; excluding $13.7 million of unfavorable currency impacts, sales were similar to last year, as strong growth in Utility Support Structures was offset by lower sales in the Coatings segment due to COVID-19 impacts, as expected

Operating Income of $43.4 million, or 6.3% of sales ($65.7 million or 9.5% adjusted1) compared to $61.5 million or 8.8% of sales last year; profitability improved in all segments except Coatings

Diluted Earnings per Share of $1.06 ($2.00 adjusted1) compared to $1.82; GAAP EPS includes a $16.6 million pre-tax non-cash impairment charge against goodwill and trade names attributed to the Access Systems product line
Generated strong operating cash flow of $88.3 million, driven by operating income and working capital management; cash and cash equivalents were $353.3 million at end of second quarter
Completed two acquisitions in the Irrigation segment; purchased a majority stake in Solbras – Energia Solar do Brasil, and acquired 100% of the assets of PrecisionKingTM
Received a large lattice structures order of approximately $17.0 million for the North American utility market
Resumed operations at all Valmont manufacturing facilities
Providing key assumptions and indications for the third quarter 2020
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, July 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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