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FOR IMMEDIATE RELEASE
Contact:Renee Campbell
Phone:
+1 402.963.1057
Date:July 21, 2021

Valmont Reports Second Quarter 2021 Results and
Increases 2021 Full-Year Guidance

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 26, 2021.
Second Quarter 2021 Highlights (all metrics compared to Second Quarter 2020 unless otherwise noted)
Record Net Sales of $894.6 million, an increase of 29.9% with growth in all segments, led by significantly higher sales in Irrigation and Utility Support Structures

Operating Income improved to $82.6 million, or 9.2% of sales ($90.9 million or 10.2% adjusted1) compared to $43.4 million or 6.3% of sales last year ($65.7 million or 9.5% adjusted1), despite continued inflationary pressures

Diluted Earnings per Share (EPS) improved to $2.89 ($3.06 adjusted1) compared to $1.06 ($2.00 adjusted1)

Record global backlog of more than $1.34 billion, an increase of 17.5% since the end of fiscal 2020, reflecting strong market demand
Received purchase orders and project awards totaling $72.0 million to supply Valmont Solar Solutions to the utility and agricultural markets

Generated operating cash flow of $37.0 million; cash and cash equivalents at end of second quarter were $199.3 million
Repurchased 42,150 shares of company stock for $10.5 million, at an average price of $248.47 per share
Recognized a favorable tax rate of 19.0% on a GAAP basis, primarily due to a non-recurring incremental tax benefit of $2.8 million attributed to a change in the United Kingdom tax rate; adjusted tax rate was 22.5%1

Completed two acquisitions in the Irrigation segment; purchased 100% of the shares of Prospera Technologies, Ltd. and acquired 100% of the assets of PivoTrac


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 22, 2021 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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