Valmont Announces Record Fourth Quarter and

Fiscal Year 2008 Results

Highlights:

 

Record fourth quarter and 2008 sales, operating income and net earnings.

 

Fourth quarter operating income rose 32% and net earnings increased 23% on a 28% increase in sales.

 

Fourth quarter utility sales increased 63% and operating income rose 69%.

 

Fourth quarter irrigation sales increased 18%.

 

Fiscal year operating income rose 47% and net earnings increased 40% on a 27% increase in sales.

Omaha, NE - Valmont Industries, Inc. (NYSE: VMI), a leading global manufacturer of engineered support structures for infrastructure, mechanized irrigation equipment for agriculture, and a provider of coating services, reported sales for the fourth quarter of $493.1 million compared with $384.9 million for the same period of 2007. Fourth quarter 2008 net earnings were $28.5 million, or $1.09 per diluted share, versus fourth quarter 2007 net earnings of $23.1 million, or 88 cents per diluted share.

For fiscal 2008, sales were $1.9 billion versus $1.5 billion in 2007, an increase of 27%. Valmont’s fiscal year net earnings increased 40% to $132.4 million, or $5.04 per diluted share, compared with 2007 fiscal year earnings of $94.7 million, or $3.63 per diluted share.

Fourth Quarter Review:

“Solid revenue increases in Valmont’s three largest segments led to record fourth quarter sales, operating income and net earnings,” said Mogens C. Bay, Valmont’s Chairman and Chief Executive Officer. “The largest percentage sales gains were in the Utility Support Structures Segment, where market conditions remain very strong. Sales increased in the Engineered Support Structures Segment due to the impact of acquisitions made during the year, higher prices to recover inflation in steel costs and organic growth. In the Irrigation Segment, revenue growth was driven primarily by higher pricing to recover inflation in input costs and increased sales in international markets. Coatings Segment sales declined slightly compared with last year’s fourth quarter.

-more-

 


The following information was filed by Valmont Industries Inc (VMI) on Wednesday, February 18, 2009 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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