Exhibit 99.1

 

 

News Release

For Immediate Release

 

Contact:

Jeff Laudin

February 21, 2017

Phone:

402-963-1158

 

Fax:

402-963-1198

 

 

Valmont Reports Fourth Quarter and

Fiscal Year 2016 Results

 

Omaha, NE - Valmont Industries, Inc. (NYSE: VMI), a leading global provider of engineered products and services for infrastructure development and mechanized irrigation equipment and services for agriculture, today reported fourth quarter and full year 2016 results.

 

 

 

Fourth Quarter

 

Year-to-date

 

 

 

14/13 Weeks Ended

 

53/52 Weeks Ended

 

Summarized Financial Information

 

31-Dec-16

 

26-Dec-15

 

31-Dec-16

 

26-Dec-15

 

Net sales

 

$

674,575

 

$

633,828

 

$

2,521,676

 

$

2,618,924

 

Operating income

 

56,093

 

(17,000

)

243,504

 

131,695

 

Operating income as a % of net sales GAAP

 

8.3

%

-2.7

%

9.7

%

5.0

%

Operating income Adjusted(1)

 

63,434

 

49,789

 

255,929

 

237,527

 

Operating income as a % of net sales Adjusted(1)

 

9.4

%

7.9

%

10.1

%

9.1

%

Net earnings - GAAP

 

70,064

 

(30,561

)

173,232

 

40,117

 

Net earnings - Adjusted(1)

 

36,343

 

31,104

 

145,767

 

131,798

 

 

 

 

 

 

 

 

 

 

 

Diluted EPS - GAAP net earnings

 

$

3.10

 

$

(1.34

)

$

7.63

 

$

1.71

 

Average Shares Outstanding - Diluted

 

22,611

 

22,892

 

22,709

 

23,405

 

 

 

 

 

 

 

 

 

 

 

Diluted EPS - Adjusted net earnings(1)

 

$

1.61

 

$

1.35

 

$

6.42

 

$

5.63

 

 

 

 

 

 

 

 

 

 

 

Average Shares Outstanding - Diluted

 

22,611

 

23,018

 

22,709

 

23,405

 

 

Fourth Quarter Highlights:

 

·                  Revenues increased 6% due to improved volumes in the Engineered Support Structures, Utility Support Structures and Energy and Mining Segments

 

·                  GAAP operating income increased $73.1 million and adjusted operating income(1) increased 27%, or $13.6 million; all segments realized improved profitability except Coatings

 

·                  GAAP diluted earnings per share (EPS) were $3.10 compared to a loss of $1.34 in 2015 and adjusted diluted EPS(1) were $1.61 and $1.35 in 2016 and 2015, respectively

 

·                  Q4 included two non-cash, non-recurring transactions with positive effect; the removal of a contingent liability and an increase in deferred tax assets related to a legal entity reorganization

 


The following information was filed by Valmont Industries Inc (VMI) on Wednesday, February 22, 2017 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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