News Release
For Immediate Release
   
Contact:  Jeff Laudin
February 20, 2014
Phone:  402-963-1158
 
Fax:  402-963-1198
 
   

Valmont Announces Fourth Quarter and
Fiscal Year 2013 Results
Highlights:
 
·
Fourth quarter diluted earnings per share were $2.04 or $2.66 before the previously announced non-cash $0.62 negative impacts of an asset impairment and deconsolidation of Delta EMD. This compares to $2.43 diluted earnings per share reported in the fourth quarter of 2012. (See table on last page).
 
·
Utility Support Structures Segment sales reached record fourth quarter levels.
 
·
Irrigation Segment fourth quarter sales remained strong, declining only 6% behind last year’s exceptional record fourth quarter levels.
 
·
Sales and operational improvements in Engineered Infrastructure Products resulted in segment operating income as a percent of sales in the fourth quarter increasing to 10.0% from 5.3% in 2012.
 
Omaha, NE - Valmont Industries, Inc. (NYSE: VMI), a leading global provider of engineered products and services for infrastructure and mechanized irrigation equipment for agriculture, reported fourth quarter sales of $827.9 million compared with $815.0 million for the same period of 2012. Fourth quarter 2013 operating income was $100.7 million versus $111.7 million in 2012 and included $12.2 million of a non-cash fixed asset impairment charge at Delta EMD. Fourth quarter diluted earnings per share were $2.04 compared with $2.43 in 2012. Included in fourth quarter earnings per share is an additional non-cash after-tax loss in the amount of $12.0 million or $0.45 cents per share resulting from the deconsolidation of Delta EMD and Valmont’s proportionate share of the after-tax Delta EMD fixed asset impairment in the amount of $4.6 million, or $0.17 per diluted share.
 
For fiscal 2013, sales were $3.3 billion versus $3.0 billion in 2012. Operating income for fiscal 2013 was $473.1 million versus $382.3 million in 2012. Valmont’s fiscal year net earnings were $278.5 million, or $10.35 per diluted share ($10.97 before consideration of the Delta EMD impairment and deconsolidation), compared with 2012 fiscal year earnings of $234.1 million, or $8.75 per diluted share.
 

 
 

The following information was filed by Valmont Industries Inc (VMI) on Friday, February 21, 2014 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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