headerv211.jpg
FOR IMMEDIATE RELEASE
Contact:Renee Campbell
Phone:
+1 402.963.1057
Date:October 21, 2020

Valmont Reports Third Quarter 2020 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 26, 2020.

Third Quarter 2020 Highlights (all metrics compared to Third Quarter 2019 unless otherwise noted)
Net Sales of $734.0 million increased 6.3% led primarily by significantly higher Utility Support Structures segment sales and improved international market demand

Operating Income of $61.5 million, or 8.4% of sales ($67.1 million or 9.1% of sales adjusted1) compared to $61.1 million or 8.8% of sales last year

Diluted Earnings per Share improved to $1.84 ($1.99 adjusted1) compared to $1.75

Generated strong operating cash flow of $122.3 million, driven by higher operating income and strategic working capital management; cash and cash equivalents were $443.1 million at end of third quarter

Lifted the temporary suspension of the Company’s share repurchase program on September 10, 2020; repurchased 60,600 shares of company stock in the third quarter for $7.5 million, at an average price of $124.08 per share

Announced a $240.0 million multi-year order for irrigation products and services to provide modern irrigation and technology solutions for a ~500,000-acre agricultural development project in Egypt

Providing key assumptions and indications for the fourth quarter 2020

1 Please see Reg G reconciliation of GAAP sales, operating income, net earnings and EPS to Adjusted figures at end of document




Key Financial Metrics

Third Quarter 2020GAAP
Adjusted1
09/26/2020 3Q 2020 09/28/2019
3Q 2019

vs. 3Q 2019
09/26/2020 3Q 202009/28/2019
3Q 2019
vs. 3Q 2019
Net Sales
$733,970 $690,340 6.3%$733,970 $690,340 6.3%
Operating Income
61,479 61,064 0.7%67,111 61,064 9.9%
Operating Income as a % of Net Sales
8.4 %8.8 %9.1 %8.8 %
Net Earnings
39,342 38,045 3.4%42,670 38,045 12.2%
Diluted Earnings Per Share
$1.84 $1.75 5.1%$1.99 $1.75 13.7%
Average Shares Outstanding
21,416 21,684 
YTD 2020
GAAP
Adjusted1
09/26/2020 3Q 202009/28/2019
3Q 2019
vs. 3Q 201909/26/2020 3Q 202009/28/2019
3Q 2019
vs. 3Q 2019
Net Sales
$2,096,978 $2,083,350 0.7%$2,096,978 $2,083,350 0.7%
Operating Income
171,814 177,140 (3.0)%199,663 177,140 12.7%
Operating Income as a % of Net Sales
8.2 %8.5 %9.5 %8.5 %
Net Earnings
104,878 113,868 (7.9)%128,446 113,868 12.8%
Diluted Earnings Per Share
$4.89 $5.22 (6.3)%$5.99 $5.22 14.8%
Average Shares Outstanding
21,453 21,826 

"We achieved higher revenue year-over-year from operational excellence and increased volumes, and delivered earnings growth through our focus on pricing and market leadership, despite an extraordinary macro environment,” said Stephen G. Kaniewski, President and Chief Executive Officer. “Sales and profitability were better than anticipated, as we remained highly focused on execution and pricing across the portfolio. Sales growth was driven by strong demand in the Utility Support Structures segment, including significantly higher sales of renewable energy products. I am pleased with the solid operating performance in the Engineered Support Structures and Coatings segments, and the Irrigation segment delivered solid performance despite end-market instability, benefiting from continued strength in international markets and recent acquisitions. We recognized another quarter of very strong operating cash flows, driven by our strategic priorities for working capital management.”

Kaniewski continued, “Year-to-date, we have delivered solid sales, operating profit, and earnings, as well as significant cash flow, driven by the engagement and focus of our employees and successful execution of our strategies, in spite of a difficult macro environment. We have seen unprecedented challenges this year in our business, and I am incredibly proud of the way our team continues to perform. The safety and well-being of our employees remains our top priority. I want to thank the entire Valmont team for their hard work and resiliency to produce products and provide services that support critical infrastructure sectors and food security around the world.”

Third Quarter 2020 Segment Review

1 Please see Reg G reconciliation of GAAP sales, operating income, net earnings and EPS to Adjusted figures at end of document
2 Excludes primarily the expected pre-tax impact of the voluntary one-time Early Retirement Program





Infrastructure

Utility Support Structures Segment (37.4% of Sales)
Steel, concrete and composite structures for utility markets, including transmission, distribution, substations, and renewable energy generation equipment
Sales of $274.4 million grew 33.9% year-over-year, led by higher sales in the international businesses, including significantly higher solar tracker project sales. In North American markets, sales growth was led by continued robust market demand, strategic capacity additions in existing North American operations and favorable pricing, partially offset by deflation due to lower steel costs.

Operating income was $25.9 million or 9.4% of sales ($29.2 million adjusted1 or 10.6% of sales) compared to $20.4 million, or 9.9% of sales in 2019. Profitability growth was led by higher volumes, improved operations performance, and favorable pricing.

Engineered Support Structures Segment (34.8% of Sales)
Poles, towers and components for the lighting, traffic and wireless communication markets, engineered access systems, integrated structure solutions for smart cities, and highway safety products
Sales of $255.7 million decreased 4.6% year-over-year. Higher sales of wireless communication products were more than offset by lower volumes of lighting and traffic products and lower Access Systems sales.

Lighting and traffic sales of $181.6 million decreased 5.1% year-over-year. In North America, lower volumes in transportation and commercial lighting markets led to lower sales. In international markets, sales were lower due to economic disruptions from COVID-19 impacts, which impacted end-market demand.

Wireless communication structures and components increased 4.8% to $50.7 million compared to last year. Higher volumes in Europe, favorable pricing, and wireless carriers’ continued capital spending in North American markets led to higher sales.

Access Systems sales of $23.4 million decreased 17.6% year-over-year due to lower volumes from strategically exiting product lines.

Operating income was $25.4 million or 9.9% of sales ($26.3 million adjusted1 or 10.3% of sales), compared to $21.8 million or 8.1% of sales in 2019. Profitability improvement was driven by favorable pricing, improved operations performance and the non-recurrence of one-time losses in the Access Systems business in third quarter 2019.

Coatings Segment (12.0% of Sales)
Galvanizing, painting and anodizing services to preserve and protect metal products
Sales of $87.9 million decreased 5.5% year-over-year. Higher internal volumes and favorable pricing were more than offset by lower external volumes in North American markets due to economic impacts from COVID-19 on end customers.

1 Please see Reg G reconciliation of GAAP sales, operating income, net earnings and EPS to Adjusted figures at end of document
2 Excludes primarily the expected pre-tax impact of the voluntary one-time Early Retirement Program





Operating income was $12.4 million or 14.1% of sales ($13.7 million adjusted1 or 15.6% of sales), compared to $13.9 million or 14.9% of sales in 2019. Operating margin improvement on an adjusted basis was due to improved operational efficiencies and favorable pricing, partially offset by lower volumes.

Agriculture
Irrigation Segment (19.0% of Sales)
Irrigation equipment for agricultural markets, including center pivots, parts, services and tubular products, water management solutions, and technology for precision agriculture
Global sales of $139.2 million decreased 3.4% year-over-year, primarily due to $6.3 million of unfavorable currency impacts mostly from the depreciation of the Brazilian Real, otherwise sales were similar to last year.

North American sales of $75.8 million decreased 8.5% compared to 2019. Higher irrigation system volumes were more than offset by lower volumes of other products including industrial tubing sales.

International sales of $63.4 million increased 3.3% year-over-year and increased 13.7% in local currencies. Sales growth was led by higher sales in South American markets including continued strong demand in Brazil, higher sales in Europe and Australia, and sales from recent acquisitions.

Segment operating income was $14.7 million, or 10.6% of sales, compared to $18.2 million, or 12.6% of sales in 2019. Lower profitability was due to lower sales volumes, partially offset by pricing. Higher SG&A expense included $1.2 million of incremental R&D expense for technology growth investments.

During the quarter, the Company announced it had entered into a $240.0 million, multi-year supply agreement to bring modern irrigation and technology solutions to Egypt. Once completed, the project will be the largest "Connected Farm of Engaged Acres" in the world, demonstrating the growing global demand for more efficient and reliable food production, and increasing national investments in agriculture to feed growing populations and address food security issues. Project deliveries will begin in fourth quarter 2020.

Continuation of Enhanced COVID-19 Safety Protocols
To protect the safety, health and well-being of employees, customers, suppliers and communities, Valmont continues to follow CDC, WHO and local guidelines in all its facilities. The Company monitors health advisories on a continuous basis, particularly in areas reporting recent increases in infection, and continues to take deliberate steps to protect all stakeholders and minimize the operational and financial impacts on the business during the pandemic. During the third quarter, Valmont did not experience any significant disruptions in its operations or supply chain.

Balance Sheet, Liquidity and Capital Allocation
The Company continues to generate strong cash flows through a focus on working capital management, including strategic customer payment initiatives and inventory improvements. During third quarter, Standard & Poor's reaffirmed the Company’s BBB+/Stable credit rating. Cash and cash equivalents were $443.1 million at end of third quarter, including receipt of a significant customer down payment. During the quarter, Valmont resumed its previously-suspended share
1 Please see Reg G reconciliation of GAAP sales, operating income, net earnings and EPS to Adjusted figures at end of document
2 Excludes primarily the expected pre-tax impact of the voluntary one-time Early Retirement Program





repurchase program, purchasing $7.5 million of company stock, and $176.0 million remains on the current authorization with no expiration. 2020 capital expenditures are expected to be in the range of $85.0 to $95.0 million to support strategic growth initiatives. Valmont remains committed to maintaining its investment grade credit rating.

Voluntary One-Time Early Retirement Benefit Program
Valmont remains committed to the well-being of its employees in alignment with its core values, and driving growth while building a strong foundation for the future. In the third quarter 2020, Valmont initiated a one-time, voluntary Early Retirement Program that gives recognition to tenured U.S. administrative employees who have contributed to the Company’s success. As a result, in fourth quarter 2020 the Company expects to record estimated pre-tax charges of approximately $10.0 million ($7.5 million after-tax), with an estimated EPS impact of ($0.34), with an expected payback of 24 months. These charges will be excluded from fourth quarter adjusted earnings results.

Fourth-Quarter 2020 Financial Outlook and Key Assumptions
While the pandemic's impacts on global economic factors and pace of economic recovery remain uncertain, the Company is currently providing a greater level of transparency, including key assumptions and indications for fourth quarter 2020, to help the financial community understand short-term impacts and expectations.

Financial Outlook

Metrics
Estimates
Net Sales
$715.0 to $735.0M
GAAP Operating Profit Margin6.5% to 7.5%
Adjusted Operating Profit Margin2
8.0% to 9.0%
Segment Sales: Irrigation
~12%-15% Increase (vs. prior year)


Key Assumptions

Irrigation sales estimate driven by expected timing of international project deliveries
Tax rate of ~ 25.0%
Positive operating cash flows
Stable raw material costs and no significant supply chain interruptions
No closures of large manufacturing facilities or workforce disruptions


Kaniewski added, "We continue to prioritize employee safety and well-being while focusing on growth and performance, providing our customers with the essential products and solutions they need. The strong global backlog of approximately $600.0 million in our Utility Support Structures segment is providing a good line of sight well into 2021. In the Engineered Support Structures segment, we expect demand to remain strong in wireless communications markets as 5G build-outs continue to ramp. Our Coatings business is trending in line with industrial production levels and will improve over time as the general economy improves. The large, multi-year international irrigation project and favorable international market trends are providing increased momentum leading into 2021 and we are optimistic that recent increases in commodity prices may improve grower
1 Please see Reg G reconciliation of GAAP sales, operating income, net earnings and EPS to Adjusted figures at end of document
2 Excludes primarily the expected pre-tax impact of the voluntary one-time Early Retirement Program





sentiment in North American irrigation markets. Additionally, our balance sheet and cash flows remain very strong and we expect to deliver free cash flow of more than 1.2x net earnings for 2020. Our strategies remain focused on long-term growth with a strong emphasis on Return on Invested Capital, ESG principles, operational excellence and strengthening our organization for the future."

A live audio discussion with Stephen G. Kaniewski, President and Chief Executive Officer, and Avner M. Applbaum, Executive Vice President and Chief Financial Officer, will be accessible by telephone on Thursday, October 22, 2020 at 8:00 a.m. CDT by dialing 1-877-407-6184 or 1-201-389-0877 (no Conference ID needed), or via webcast by pointing browsers to this link: Valmont Industries 3Q 2020 Earnings Conference Call. A slide presentation will simultaneously be available for download on the Investors page at valmont.com. A replay of the event can be accessed two hours after the call at the above link or by telephone at 1-877-660-6853 or 1-201-612-7415. Please use conference identification number 13698673. The replay will be available through 10:59 p.m. CDT on October 29, 2020.

About Valmont Industries, Inc.
Valmont is a global leader, designing and manufacturing engineered products and services that support global infrastructure development and agricultural productivity. Its products for infrastructure serve highway, transportation, wireless communication, electric transmission, and industrial construction and energy markets. Its irrigation equipment and services for large-scale agriculture improve farm productivity while conserving fresh water resources. In addition, Valmont provides coatings services that protect against corrosion and improve the service life of steel and other metal products. For more information, visit valmont.com.

Concerning Forward-Looking Statements
This release contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on assumptions that management has made in light of experience in the industries in which Valmont operates, as well as management’s perceptions of historical trends, current conditions, expected future developments and other factors believed to be appropriate under the circumstances. As you read and consider this release, you should understand that these statements are not guarantees of performance or results. They involve risks, uncertainties (some of which are beyond Valmont’s control) and assumptions. Although management believes that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect Valmont’s actual financial results and cause them to differ materially from those anticipated in the forward-looking statements. These factors include among other things, the continuing and developing effects of COVID-19 including the effects of the outbreak on the general economy and the specific economic effects on the Company’s business and that of its customers and suppliers, risk factors described from time to time in Valmont’s reports to the Securities and Exchange Commission, as well as future economic and market circumstances, industry conditions, company performance and financial results, operating efficiencies, availability and price of raw material, availability and market acceptance of new products, product pricing, domestic and international competitive environments, and actions and policy changes of domestic and foreign governments. The Company cautions that any forward-looking statement included in this press release is made as of the date of this press release and the Company does not undertake to update any forward-looking statement.


1 Please see Reg G reconciliation of GAAP sales, operating income, net earnings and EPS to Adjusted figures at end of document
2 Excludes primarily the expected pre-tax impact of the voluntary one-time Early Retirement Program





###
1 Please see Reg G reconciliation of GAAP sales, operating income, net earnings and EPS to Adjusted figures at end of document
2 Excludes primarily the expected pre-tax impact of the voluntary one-time Early Retirement Program





VALMONT INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(Dollars in thousands, except per share amounts)
(unaudited)
Third QuarterYear-to-Date
13 Weeks Ended39 Weeks Ended
26-Sep-2028-Sep-1926-Sep-2028-Sep-19
Net sales$733,970 $690,340 $2,096,978 $2,083,350 
Cost of sales543,223 517,053 1,536,045 1,567,260 
Gross profit
190,747 173,287 560,933 516,090 
Selling, general and administrative expenses
129,268 112,223 372,481 338,950 
Impairment of goodwill and intangible assets— — 16,638 — 
Operating income61,479 61,064 171,814 177,140 
Other income (expense)
Interest expense(10,454)(9,976)(30,566)(29,971)
Interest income430 969 1,931 2,815 
Gain on investments (unrealized)900 402 1,102 4,754 
Other233 768 1,349 1,938 
Other income (expense), net(8,891)(7,837)(26,184)(20,464)
Earnings before income taxes52,588 53,227 145,630 156,676 
Income tax expense12,084 13,063 39,172 38,766 
Equity in (loss) of nonconsolidated subsidiaries (276)— (755)— 
Net earnings40,228 40,164 105,703 117,910 
Less: (Earnings) attributable to non-controlling interests(886)(2,119)(825)(4,042)
Net earnings attributable to Valmont Industries, Inc.$39,342 $38,045 $104,878 $113,868 
Average shares outstanding (000's) - Basic21,309 21,556 21,358 21,725 
Earnings per share - Basic$1.85 $1.76 $4.91 $5.24 
Average shares outstanding (000's) - Diluted21,416 21,684 21,453 21,826 
Earnings per share - Diluted$1.84 $1.75 $4.89 $5.22 
Cash dividends per share$0.450 $0.375 $1.350 $1.125 







VALMONT INDUSTRIES, INC. AND SUBSIDIARIES
SUMMARY OPERATING RESULTS
(Dollars in thousands)
(unaudited)
Third QuarterYear-to-Date
13 Weeks Ended39 Weeks Ended
26-Sep-2028-Sep-1926-Sep-2028-Sep-19
Net sales
Utility Support Structures
$274,393 $204,958 $731,178 $658,709 
Engineered Support Structures255,656 268,058 739,783 757,094 
Coatings
87,886 92,957 255,976 278,142 
Infrastructure products617,935 565,973 1,726,937 1,693,945 
Irrigation139,209 144,180 446,568 452,181 
Less: Intersegment sales(23,174)(19,813)(76,527)(62,776)
Total$733,970 $690,340 $2,096,978 $2,083,350 
Operating Income
Utility Support Structures
$25,881 $20,362 $75,255 $61,443 
Engineered Support Structures25,434 21,825 46,183 55,152 
Coatings
12,416 13,865 33,618 39,037 
Infrastructure products63,731 56,052 155,056 155,632 
Irrigation14,687 18,204 60,701 59,868 
Corporate(16,939)(13,192)(43,943)(38,360)
Total$61,479 $61,064 $171,814 $177,140 



Valmont has aggregated its business segments into four global reportable segments as follows.

Utility Support Structures: This segment consists of the manufacture of engineered steel and concrete structures for utility transmission, distribution, substations, and renewable energy generation equipment.

Engineered Support Structures: This segment consists of the manufacture and distribution of engineered metal and composite poles, towers, and components for lighting, traffic, and wireless communication markets, engineered access systems, integrated structure solutions for smart cities, and highway safety products.

Coatings: This segment consists of global galvanizing, painting and anodizing services to preserve and protect metal products.

Irrigation: This segment consists of the global manufacture of agricultural irrigation equipment, parts, services, tubular products, water management solutions, and technology for precision agriculture.





VALMONT INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
(unaudited)
26-Sep-2028-Dec-19
ASSETS
Current assets:
Cash and cash equivalents
$443,055 $353,542 
Accounts receivable, net502,004 480,000 
Inventories448,088 418,370 
Contract asset - costs and profits in excess of billings113,254 141,322 
Prepaid expenses and other assets51,745 32,043 
Refundable income taxes— 6,947 
Total current assets1,558,146 1,432,224 
Property, plant and equipment, net573,353 558,129 
Goodwill and other assets792,411 816,863 
$2,923,910 $2,807,216 
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Current installments of long-term debt$1,922 $760 
Notes payable to banks14,227 21,774 
Accounts payable295,852 197,957 
Accrued expenses219,200 167,264 
Contract liability - billings in excess of costs and earnings119,529 117,945 
Income taxes payable724 — 
Dividend payable9,614 8,079 
Total current liabilities661,068 513,779 
Long-term debt, excluding current installments779,788 764,944 
Other long-term liabilities293,390 338,748 
Shareholders' equity1,189,664 1,189,745 
$2,923,910 $2,807,216 



VALMONT INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in thousands)
(unaudited)
YTDYTD
26-Sep-2028-Sep-19
Cash flows from operating activities
Net Earnings$105,703 $117,910 
Depreciation and amortization61,523 60,424 
Impairment of long-lived assets19,449 — 
Contribution to defined benefit pension plan(17,398)(17,426)
Change in working capital109,468 67,793 
Other(5,699)10,529 
Net cash flows from operating activities273,046 239,230 
Cash flows from investing activities
Purchase of property, plant, and equipment
(70,960)(71,981)
Acquisitions(15,862)(81,841)
Other15,437 14,626 
Net cash flows from investing activities(71,385)(139,196)
Cash flows from financing activities
Proceeds from long-term borrowings
88,872 31,000 
Proceeds (payments) from short-term borrowings(6,462)9,284 
Principal payments on long-term borrowings(76,417)(10,578)
Purchase of treasury shares(28,006)(55,172)
Purchase of noncontrolling interest(55,916)(27,845)
Dividends paid(27,316)(24,554)
Other(4,739)(4,794)
Net cash flows from financing activities(109,984)(82,659)
Effect of exchange rates on cash and cash equivalents(2,164)(3,385)
Net change in cash and cash equivalents89,513 13,990 
Cash and cash equivalents - beginning of year353,542 313,210 
Cash and cash equivalents - end of period$443,055 $327,200 








VALMONT INDUSTRIES, INC. AND SUBSIDIARIES
SUMMARY OF EFFECT OF SIGNIFICANT NON-RECURRING ITEMS ON REPORTED RESULTS
REGULATION G RECONCILIATION
(Dollars in thousands, except per share amounts)
(unaudited)

The non-GAAP tables below disclose the impact on (a) diluted earnings per share of (1) impairment of goodwill, and tradenames, (2) restructuring costs and non-recurring asset impairments (b) operating income from these expenses, and (c) segment operating income for these items. Amounts may be impacted by rounding. We believe it is useful when considering company performance for the non-GAAP adjusted net earnings and operating income to be taken into consideration by management and investors with the related reported GAAP measures.
Thirteen weeks ended September 26, 2020DilutedThirty-nine weeks ended September 26, 2020Diluted
earnings perearnings per
shareshare
Net earnings attributable to Valmont Industries, Inc. - as reported$39,342 $1.84 $104,878 $4.89 
Impairment of goodwill and intangible assets, pre-tax
— — 16,638 0.78 
Restructuring and asset impairment costs - pre-tax
5,632 0.26 11,211 0.52 
Total Adjustments5,632 0.26 27,849 1.30 
Tax effect of adjustments *(776)(0.04)(2,753)(0.13)
UK tax rate change(1,528)(0.07)(1,528)(0.07)
Net earnings attributable to Valmont Industries, Inc. - Adjusted$42,670 $1.99 $128,446 $5.99 
Average shares outstanding (000’s) - Diluted21,416 21,453 
* The tax effect of adjustments is calculated based on the income tax rate in each applicable jurisdiction.


Thirteen weeks ended September 26, 2020Thirty-nine weeks ended September 26, 2020
Operating Income Reconciliation
Operating income - as reported
$61,479 $171,814 
Impairment of goodwill and tradename
— 16,638 
Restructuring and related asset impairment costs
5,632 11,211 
Adjusted Operating Income
$67,111 $199,663 
Net Sales - as reported
733,970 2,096,978 
Operating Income as a % of Sales
8.4 %8.2 %
Adjusted Operating Income as a % of Sales
9.1 %9.5 %












VALMONT INDUSTRIES, INC. AND SUBSIDIARIES
SUMMARY OF EFFECT OF SIGNIFICANT NON-RECURRING ITEMS ON REPORTED RESULTS
REGULATION G RECONCILIATION (CONTINUED)

For the third quarter ended September 26, 2020
EngineeredUtility
SupportSupport
Segment Operating Income Reconciliation
StructuresStructuresCoatingsIrrigationCorporate
Operating income - as reported$25,434 $25,881 $12,416 $14,687 $(16,939)
Restructuring and related asset impairment costs902 3,301 1,284 — 145 
Adjusted Operating Income$26,336 $29,182 $13,700 $14,687 $(16,794)
Net sales$255,656 $274,393 $87,886 $139,209 — 
Operating Income as a % of Sales9.9 %9.4 %14.1 %10.6 %NM
Adjusted Operating Income as a % of Sales10.3 %10.6 %15.6 %10.6 %NM



Financial Outlook Adjusted Operating Profit Margin Reconciliation for Fourth Quarter 2020
in thousands Low EndHigh End
Net Sales$715,000to$735,000
Operating Profit47,000to55,750
GAAP Operating Profit Margin6.5 %to7.5 %
Expected pre-tax impact on operating profit of voluntary one-time Early Retirement Program Expense10,00010,000
Adjusted Operating Profit 57,000to65,750
Adjusted Operating Margin8.0 %to9.0 %



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