OMAHA, Neb., July 20, 2016 /PRNewswire/ -- 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 second quarter
results.
- Revenues of $640.2 million were
down 6% year-over-year, primarily reflecting lower irrigation
equipment and international utility sales, and $10 million of foreign exchange translation
effects.
- Operating income rose to $71.8
million, or 33%, (5% excluding 2015 restructuring)
benefitting from the restructuring and further cost reductions this
year and was 11.2% of net sales compared to 7.9% in 2015, (10.0%
excluding restructuring).
- Diluted EPS were $1.85 compared
to $1.19 in 2015 ($1.61 when restructuring expenses are
excluded).
- During the third quarter, the Company will further restructure
its Australia operations,
consolidating certain Energy and Mining, and Coatings facilities,
plus reduce other SG&A costs. Restructuring charges are
estimated to be $4.7 million, mostly
cash. The benefit of the restructuring is expected to approximate
$5.0 million and should be recovered
through lower operating costs in 2017.
- The Company repurchased 92,000 shares for $11.7 million during the quarter; $153 million remains on the current
authorization.
- The Company is reaffirming 2016 annual guidance of diluted EPS
between $6.31 and $6.49.
"Net earnings improved meaningfully on lower revenues reflecting
the positive impact of last year's restructuring and further cost
reduction initiatives implemented this year more than offsetting
the weakness in the irrigation business," said Mogens C. Bay, Valmont's Chairman and Chief
Executive Officer.
"Ongoing reviews of our cost structure identified opportunities
to reduce costs in Australia. This
will result in a mostly cash restructuring charge, estimated to be
$4.7 million over the remainder of
the year. Restructuring activities will affect the Energy and
Mining and Coatings Segments. The primary activities will be the
consolidation and closure of a few facilities, and headcount
reductions."
|
|
|
|
|
|
|
|
|
Second
Quarter
|
|
Year-to-date
|
Summarized
Financial Info.
|
13 Weeks
Ended
|
|
26 Weeks
Ended
|
|
25-Jun-16
|
|
27-Jun-15
|
|
25-Jun-16
|
|
27-Jun-15
|
Net sales
|
$ 640,249
|
|
$ 682,123
|
|
$
1,236,854
|
|
$
1,352,521
|
Operating
income
|
71,806
|
|
54,000
|
|
134,171
|
|
111,683
|
Operating
income as a % of net sales
|
11.2%
|
|
7.9%
|
|
10.8%
|
|
8.3%
|
Net earnings -
GAAP
|
42,026
|
|
27,873
|
|
74,995
|
|
58,612
|
Net earnings -
Adjusted *
|
42,076
|
|
37,868
|
|
76,030
|
|
68,503
|
|
|
|
|
|
|
|
|
Diluted EPS - GAAP
net earnings
|
$
1.85
|
|
$
1.19
|
|
$
3.29
|
|
$
2.47
|
Average Shares
Outstanding - Diluted
|
22,749
|
|
23,450
|
|
22,782
|
|
23,716
|
|
|
|
|
|
|
|
|
Diluted EPS -
Adjusted net earnings *
|
$
1.85
|
|
$
1.61
|
|
$
3.34
|
|
$
2.89
|
|
|
|
|
|
|
|
|
Average Shares
Outstanding - Diluted
|
22,749
|
|
23,450
|
|
22,782
|
|
23,716
|
|
|
|
|
|
|
|
|
* Please see Reg. G
reconciliation table on last page.
|
|
|
Second Quarter Segment Review
Infrastructure-related
Engineered Support Structures(32% of Sales)
Poles, towers and components for the global lighting, traffic
and wireless communication markets, and highway safety
products.
Sales of $203.9 million were
slightly higher than last year mainly due to increased
telecommunication structure sales in the Asia-Pacific region.
In North America, sales of
lighting and traffic products were comparable to last year while
wireless communication products sales were lower.
In Europe, lighting and traffic
structure sales declined modestly reflecting continued spending
restraint for infrastructure projects.
Operating income was $21.0 million
or 10.3% of sales compared to $16.2
million, ($19.3 million
adjusted for restructuring), in the prior-year period, driven by
the positive impacts of last year's restructuring, and lower raw
material costs that more than offset a less favorable sales
mix.
Utility Support Structures (24% of Sales)
Steel and concrete structures for the global electric utility
industry.
Sales of $151.2 million decreased
7% year-over-year, largely a result of contractual price reductions
tied to lower steel costs (de-escalation clauses), but volume
increased. The overall market environment remains attractive, with
demand continuing to be driven by reliability standards and
increased renewable energy projects. Market pricing remains
competitive.
Operating income was $17.5 million
or 11.6% of sales compared to $10.4
million ($12.9 million
adjusted for restructuring) in the prior-year period, reflecting
the positive impact of ongoing operational improvements and
restructuring.
Coatings Segment (12% of Sales)
Global galvanizing, painting and anodizing services.
Sales of $75.3 million were
essentially flat with last year. The positive impact of the
acquisition of American Galvanizing last year mostly offset lower
sales in the Asia-Pacific
region.
Operating income was $14.0
million, or 18.6% of sales, compared to $7.9 million ($12.6
million adjusted for restructuring), in the prior-year
period.
Energy and Mining Segment (13% of Sales)
Offshore structures, engineered access systems and grinding
media.
Sales of $80.7 million were 6.5%
lower than last year due to reduced sales of access systems and
grinding media products partially offset by increased sales of wind
tower products. Continued weakness in the oil and gas markets led
to lower offshore structure and access systems sales into those
markets.
Operating income was $3.3 million
or 4.1% of sales compared to $2.7
million ($4.2 million adjusted
for restructuring), in the prior-year period. Last year's
restructuring helped mitigate the impact of weaker access systems
markets on operating performance.
Agriculture-related
Irrigation Segment (24% of Sales)
Agricultural irrigation equipment, parts, services and tubular
products.
Sales of $152.3 million were down
12% due to lower North America
irrigation equipment and tubing sales. Irrigation equipment sales
in North America were muted by
restrained capital investment by growers facing forecasts of
further pressure on net farm income. Given a declining sales
environment, industry pricing was competitive although relatively
disciplined, its impact mitigated by lower average input costs.
International irrigation equipment sales were comparable to last
year despite unfavorable currency translation effects. The
international irrigation business benefited from Valmont's
geographic diversification, supporting the business.
Tubing sales fell despite recent firmness in steel prices. In
the past, steel inflation has led to higher tubing sales. This
year, declines reflected customer wariness over short-term steel
price volatility.
Operating income fell 13% to $27.8
million impacted by the lower volumes. Operating income as a
percent of sales of 18.2% was similar to last year despite lower
revenue, due to cost management and lower input costs.
Outlook:
"We do not expect a significant short-term improvement in our
end markets, and we see continued downward pressure in the
irrigation market," Mr. Bay said. "With steel being a major input
cost, our guidance of earnings per-share between $6.31 and $6.49 in 2016 takes into account some
margin pressure in the second half, particularly in the Engineered
Support Structures Segment, and assumes stable steel prices for the
remainder of the year."
"Our goal of improving earnings in a challenging environment is
showing results. Looking forward, we are investing in new products,
opening new markets and pursuing acquisitions to drive future
profitable growth in our infrastructure and agricultural
markets."
"Long-term, our outlook is quite positive due to the strong
inherent drivers in infrastructure and agriculture markets."
An audio discussion of Valmont's second quarter results
will be available live by Telephone by dialing 1-877-493-2981 and
entering Conference ID#:15297367 or via Webcast at 8:00 a.m. CDT July 21,
2016 at
https://engage.vevent.com/rt/valmontindustries_ao~15297367. A
replay is available through the above link or by telephone
(877-493-2981 or 404-537-3406, Conference ID#:15297367) beginning
July 21, 2016 at 10:00 a.m. CDT through 12:00 p.m. CDT on July 28,
2016. The Company's slide presentation for the
call will be simultaneously available on the investor
relations tab at www.valmont.com under Investor Relations.
Valmont is a global leader, designing and manufacturing highly
engineered products 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
mechanized irrigation equipment for large scale agriculture
improves farm productivity while conserving fresh water resources.
In addition, Valmont provides coatings services that protect
against corrosion and improve the service lives of steel and other
metal products.
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, 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.
VALMONT
INDUSTRIES, INC. AND SUBSIDIARIES
|
CONDENSED
CONSOLIDATED STATEMENTS OF EARNINGS
|
(Dollars in
thousands, except per share amounts)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
Second
Quarter
|
|
Year-to-Date
|
|
13 Weeks
Ended
|
|
26 Weeks
Ended
|
|
25-Jun-16
|
|
27-Jun-15
|
|
25-Jun-16
|
|
27-Jun-15
|
Net sales
|
$
640,249
|
|
$
682,123
|
|
$
1,236,854
|
|
$
1,352,521
|
Cost of
sales
|
465,132
|
|
512,575
|
|
900,768
|
|
1,017,519
|
Gross profit
|
175,117
|
|
169,548
|
|
336,086
|
|
335,002
|
Selling, general and
administrative expenses
|
103,311
|
|
115,548
|
|
201,915
|
|
223,319
|
Operating income
|
71,806
|
|
54,000
|
|
134,171
|
|
111,683
|
Other income
(expense)
|
|
|
|
|
|
|
|
Interest expense
|
(11,122)
|
|
(11,232)
|
|
(22,176)
|
|
(22,360)
|
Interest income
|
707
|
|
616
|
|
1,518
|
|
1,490
|
Other
|
1,252
|
|
(28)
|
|
(426)
|
|
988
|
|
(9,163)
|
|
(10,644)
|
|
(21,084)
|
|
(19,882)
|
Earnings before income taxes and equity in
|
62,643
|
|
43,356
|
|
113,087
|
|
91,801
|
earnings of nonconsolidated subsidiaries
|
|
|
|
|
|
|
|
Income tax
expense
|
19,201
|
|
13,917
|
|
35,474
|
|
30,855
|
Net earnings
|
43,442
|
|
29,439
|
|
77,613
|
|
60,946
|
Less: Earnings
attributable to non-controlling interests
|
(1,416)
|
|
(1,566)
|
|
(2,618)
|
|
(2,334)
|
Net earnings attributable to Valmont Industries, Inc.
|
$
42,026
|
|
$
27,873
|
|
$
74,995
|
|
$
58,612
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average shares
outstanding (000's) - Basic
|
22,602
|
|
23,336
|
|
22,651
|
|
23,602
|
Earnings per share -
Basic
|
$
1.86
|
|
$
1.19
|
|
$
3.31
|
|
$
2.48
|
|
|
|
|
|
|
|
|
Average shares
outstanding (000's) - Diluted
|
22,749
|
|
23,450
|
|
22,782
|
|
23,716
|
Earnings per share -
Diluted
|
$
1.85
|
|
$
1.19
|
|
$
3.29
|
|
$
2.47
|
|
|
|
|
|
|
|
|
Cash dividends per
share
|
$
0.375
|
|
$
0.375
|
|
$
0.750
|
|
$
0.750
|
VALMONT
INDUSTRIES, INC. AND SUBSIDIARIES
|
SUMMARY OPERATING
RESULTS
|
(Dollars in
thousands)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
Second
Quarter
|
|
Year-to-Date
|
|
13 Weeks
Ended
|
|
26 Weeks
Ended
|
|
25-Jun-16
|
|
27-Jun-15
|
|
25-Jun-16
|
|
27-Jun-15
|
|
|
|
|
|
|
|
|
Net sales
|
|
|
|
|
|
|
|
Engineered Support
Structures
|
$
203,916
|
|
$
200,756
|
|
$
380,887
|
|
$
378,660
|
Utility Support
Structures
|
151,245
|
|
162,929
|
|
295,765
|
|
339,270
|
Energy and Mining
|
80,692
|
|
86,302
|
|
153,141
|
|
174,363
|
Coatings
|
75,298
|
|
76,093
|
|
143,879
|
|
150,453
|
Infrastructure products
|
511,151
|
|
526,080
|
|
973,672
|
|
1,042,746
|
|
|
|
|
|
|
|
|
Irrigation
|
152,252
|
|
173,303
|
|
310,766
|
|
347,880
|
Other
|
-
|
|
2,342
|
|
-
|
|
4,511
|
Less: Intersegment
sales
|
(23,154)
|
|
(19,602)
|
|
(47,584)
|
|
(42,616)
|
Total
|
$
640,249
|
|
$
682,123
|
|
$
1,236,854
|
|
$
1,352,521
|
|
|
|
|
|
|
|
|
Operating
Income
|
|
|
|
|
|
|
|
Engineered Support
Structures
|
$
20,968
|
|
$
16,219
|
|
$
35,176
|
|
$
25,669
|
Utility Support
Structures
|
17,528
|
|
10,399
|
|
32,296
|
|
25,756
|
Energy and Mining
|
3,341
|
|
2,698
|
|
5,243
|
|
7,064
|
Coatings
|
14,023
|
|
7,862
|
|
25,436
|
|
18,861
|
Infrastructure products
|
55,860
|
|
37,178
|
|
98,151
|
|
77,350
|
|
|
|
|
|
|
|
|
Irrigation
|
27,763
|
|
31,865
|
|
56,608
|
|
62,039
|
Other
|
-
|
|
(1,271)
|
|
-
|
|
(2,379)
|
Corporate
|
(11,817)
|
|
(13,772)
|
|
(20,588)
|
|
(25,327)
|
Total
|
$
71,806
|
|
$
54,000
|
|
$
134,171
|
|
$
111,683
|
|
|
Valmont has
aggregated its business segments into five global reportable
segments as follows.
|
|
|
|
|
|
|
|
|
|
Engineered
Support Structures: This segment consists of the
manufacture of engineered metal structures and components for
lighting and traffic, wireless communication, and roadway
safety.
|
|
|
|
|
|
|
|
|
Utility
Support Structures:This segment consists of the manufacture
of engineered steel and concrete structures for the utility
industry.
|
|
|
|
|
|
|
|
|
Energy and
Mining: This segment includes the manufacture of access
systems applications, forged steel grinding media, and offshore oil
and gas and wind energy structures.
|
|
|
|
|
|
|
|
|
Coatings:This segment consists of
galvanizing, painting and anodizing services.
|
|
|
|
|
|
|
|
|
|
|
|
Irrigation:This segment consists of
the manufacture of agricultural irrigation equipment and related
parts and services for the
agricultural industry and tubular products for industrial
customers.
|
|
|
|
|
VALMONT
INDUSTRIES, INC. AND SUBSIDIARIES
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(Dollars in
thousands)
|
(unaudited)
|
|
|
|
|
|
|
|
25-Jun-16
|
|
|
|
27-Jun-15
|
ASSETS
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
$
344,346
|
|
|
|
$
317,523
|
Accounts receivable,
net
|
469,674
|
|
|
|
491,706
|
Inventories
|
372,106
|
|
|
|
379,897
|
Prepaid expenses
|
60,725
|
|
|
|
56,653
|
Refundable and deferred
income taxes
|
20,441
|
|
|
|
44,072
|
Total current assets
|
1,267,292
|
|
|
|
1,289,851
|
Property, plant and
equipment, net
|
526,347
|
|
|
|
570,977
|
Goodwill and other
assets
|
602,234
|
|
|
|
706,564
|
|
$
2,395,873
|
|
|
|
$
2,567,392
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Current installments of
long-term debt
|
$
889
|
|
|
|
$
1,096
|
Notes payable to
banks
|
3,735
|
|
|
|
7,914
|
Accounts payable
|
183,126
|
|
|
|
186,421
|
Accrued expenses
|
161,784
|
|
|
|
165,138
|
Dividend payable
|
8,505
|
|
|
|
8,733
|
Total current liabilities
|
358,039
|
|
|
|
369,302
|
Long-term debt,
excluding current installments
|
756,543
|
|
|
|
765,272
|
Other long-term
liabilities
|
287,120
|
|
|
|
292,225
|
Shareholders'
equity
|
994,171
|
|
|
|
1,140,593
|
|
$
2,395,873
|
|
|
|
$
2,567,392
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
(Dollars in
thousands) and unaudited
|
|
|
YTD
|
|
|
|
YTD
|
|
Cash flows from
operating activities
|
25-Jun-16
|
|
|
|
27-Jun-15
|
|
Net
Earnings
|
$
77,613
|
|
|
|
$
60,946
|
|
Depreciation and amortization
|
40,804
|
|
|
|
47,761
|
|
Contribution to defined benefit pension plan
|
(712)
|
|
|
|
(15,735)
|
|
Change
in working capital
|
(33,615)
|
|
|
|
7,804
|
|
Other
|
9,484
|
|
|
|
17,569
|
|
Net cash
flows from operating activities
|
93,574
|
|
|
|
118,345
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities
|
|
|
|
|
|
|
Purchase
of property, plant, and equipment
|
(26,019)
|
|
|
|
(24,758)
|
|
Increase
in restricted cash - pension plan
|
(13,652)
|
|
|
|
-
|
|
Other
|
219
|
|
|
|
6,997
|
|
Net cash
flows from investing activities
|
(39,452)
|
|
|
|
(17,761)
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities
|
|
|
|
|
|
|
Net
borrowings on short and long-term agreements
|
1,934
|
|
|
|
(6,547)
|
|
Purchase
of treasury shares
|
(28,621)
|
|
|
|
(121,020)
|
|
Purchase
of noncontrolling interest
|
(11,009)
|
|
|
|
-
|
|
Dividends paid
|
(17,098)
|
|
|
|
(17,956)
|
|
Other
|
2,599
|
|
|
|
(1,311)
|
|
Net cash
flows from financing activities
|
(52,195)
|
|
|
|
(146,834)
|
|
Effect of exchange
rates on cash and cash equivalents
|
(6,655)
|
|
|
|
(7,806)
|
|
Net change in cash
and cash equivalents
|
(4,728)
|
|
|
|
(54,056)
|
|
Cash and cash
equivalents - beginning of year
|
349,074
|
|
|
|
371,579
|
|
Cash and cash
equivalents - end of period
|
$
344,346
|
|
|
|
$
317,523
|
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) restructuring costs, and (2) the non-cash after-tax loss or
gain associated with adjusting the fair value of Delta EMD Pty. Ltd
(Delta EMD) shares owned to its quoted market price at June 25,
2016 and June 27, 2015, (b) operating income of
restructuring costs, and (c) segment operating income of
restructuring costs. 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.
|
|
|
|
|
|
Second Quarter
Ended June 25,
2016
|
|
Diluted
earnings per
share
|
|
Year-to-Date
June 25, 2016
|
|
Diluted
earnings per
share
|
Net earnings
attributable to Valmont Industries, Inc. - as reported
|
$
42,026
|
|
$
1.85
|
|
$
74,995
|
|
$
3.29
|
|
|
|
|
|
|
|
|
|
|
|
Fair market value
adjustment, Delta EMD - after-tax
|
50
|
|
-
|
|
1,035
|
|
0.05
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings
attributable to Valmont Industries, Inc. - Adjusted
|
$
42,076
|
|
$
1.85
|
|
$
76,030
|
|
$
3.34
|
Average shares
outstanding (000's) - Diluted
|
|
|
22,749
|
|
|
|
22,782
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Second Quarter
Ended June 27,
2015
|
|
Diluted
earnings per
share
|
|
Year-to-Date
June 27, 2015
|
|
Diluted
earnings per
share
|
Net earnings
attributable to Valmont Industries, Inc. - as reported
|
$
27,873
|
|
$
1.19
|
|
$
58,612
|
|
$
2.47
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring
expenses - after tax
|
9,828
|
|
0.42
|
|
10,324
|
|
0.44
|
|
|
|
|
|
|
|
|
|
|
|
Fair market value
adjustment, Delta EMD - after-tax
|
167
|
|
0.01
|
|
(433)
|
|
(0.02)
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings
attributable to Valmont Industries, Inc. - Adjusted
|
$
37,868
|
|
$
1.61
|
|
$
68,503
|
|
2.89
|
Average shares
outstanding (000's) - Diluted
|
|
|
23,450
|
|
|
|
23,716
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income
Reconciliation
|
Second Quarter
Ended June 25,
2016
|
|
Operating
Income as a %
of Sales
|
|
Second Quarter
Ended June 27,
2015
|
|
Operating
Income as a %
of Sales
|
Operating income - as
reported
|
$
71,806
|
|
11.2%
|
|
$
54,000
|
|
7.9%
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring
expenses - before tax
|
-
|
|
|
|
14,273
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Operating
Income
|
$
71,806
|
|
11.2%
|
|
$
68,273
|
|
10.0%
|
Net Sales
|
$
640,249
|
|
|
|
$
682,123
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Second
Quarter Ended June 25, 2016
|
Segment Operating
Income Reconciliation
|
Engineered
Support
Structures
|
Energy and
Mining
|
|
Utility
Support
Structures
|
|
Coatings
|
|
Irrigation
|
|
Other/
Corporate
|
|
|
|
|
|
|
|
|
|
|
|
Operating income - as
reported
|
$
20,968
|
$
3,341
|
|
$
17,528
|
|
$
14,023
|
|
$
27,763
|
|
$
(11,817)
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales
|
$ 203,916
|
$
80,692
|
|
$
151,245
|
|
$
75,298
|
|
$
152,252
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income as a
% of Sales
|
10.3%
|
4.1%
|
|
11.6%
|
|
18.6%
|
|
18.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Second
Quarter Ended June 27, 2015
|
Segment Operating
Income Reconciliation
|
Engineered
Support
Structures
|
Energy and
Mining
|
|
Utility
Support
Structures
|
|
Coatings
|
|
Irrigation
|
|
Other/
Corporate
|
|
|
|
|
|
|
|
|
|
|
|
Operating income - as
reported
|
$
16,219
|
$
2,698
|
|
$
10,399
|
|
$
7,862
|
|
$
31,865
|
|
$
(15,043)
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring
expenses - before tax
|
3,029
|
1,541
|
|
2,455
|
|
4,769
|
|
349
|
|
2,130
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Operating
Income
|
$
19,248
|
$
4,239
|
|
$
12,854
|
|
$
12,631
|
|
$
32,214
|
|
$
(12,913)
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales
|
$
200,756
|
86,302
|
|
162,929
|
|
76,093
|
|
173,303
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income as a
% of Sales
|
8.1%
|
3.1%
|
|
6.4%
|
|
10.3%
|
|
18.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Operating
Income as a % of Sales
|
9.6%
|
4.9%
|
|
7.9%
|
|
16.6%
|
|
18.6%
|
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/valmont-reports-second-quarter-2016-earnings-300301746.html
SOURCE Valmont Industries, Inc.