OMAHA, Neb., April 18, 2018 /PRNewswire/ -- 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 first quarter 2018 results.
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GAAP
|
|
Adjusted1
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|
3/31/2018
|
4/1/2017
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|
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3/31/2018
|
4/1/2017
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|
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Q1
2018
|
Q1
2017
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vs. Q1
2017
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|
Q1
2018
|
Q1
2017
|
vs. Q1
2017
|
Revenue
|
$698,684
|
$637,473
|
up 9.6%
|
|
$698,684
|
$637,473
|
up 9.6%
|
Operating
Income
|
$63,960
|
$64,656
|
down 1.1%
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|
$68,360
|
$64,656
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up 5.7%
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Operating
Income as a % of Net Sales
|
9.2%
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10.1%
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9.8%
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10.1%
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Net
Earnings
|
$39,281
|
$38,979
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up 0.8%
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$42,606
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$38,979
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up 9.2%
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Diluted Earnings Per
Share
|
$1.72
|
$1.72
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unch.
|
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$1.87
|
$1.72
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up 8.7%
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Average Shares
Outstanding
|
22,796
|
22,660
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22,796
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22,660
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First Quarter Highlights:
- Revenues increased 9.6% to $698.7
million, reflecting higher pricing to recover inflation,
volume increases in all segments except Utility, and favorable
foreign currency translation effects
- Deployed capital for share repurchases, two acquisitions in the
Irrigation segment, and investments in existing factories in the
U.S., Poland, and the United Arab Emirates
- The sale of Donhad Pty. Ltd, the mining consumables business in
Australia, was approved by
Australian regulatory authorities, with expected closing by
April 30
- Incurred pre-tax restructuring expense of $4.4 million during the quarter, predominately
cash, equivalent to $0.15 per share,
after-tax
- Increasing 2018 annual guidance for GAAP diluted EPS to a range
of approximately $7.70-$7.80, and adjusted diluted EPS to a range of
approximately $8.00-$8.10, to reflect the above-mentioned
acquisitions, share repurchase effects, and approximately
$10.0 million of restructuring
charges
"Increased revenue across all reportable segments led to a good
start to the year for Valmont, including double-digit growth in the
Coatings and Irrigation segments," said Stephen G. Kaniewski, President and Chief
Executive Officer. "One of our key strategies is pursuing
international growth, which resulted in revenue gains across
several regions."
Added Mr. Kaniewski, "In the Irrigation, Utility and Coatings
segments, we were successful in recovering most raw material cost
increases. Longer backlogs with fixed-price contracts in the
Engineered Support Structures segment, hampered our ability to
fully recover raw material cost increases during the quarter. The
slight decrease in overall operating income for the Company is
mostly attributable to restructuring expenses, and the lack of
profitability in the grinding media business."
First Quarter Segment Review
Infrastructure
Engineered Support Structures Segment (32% of
Sales)
Poles, towers and components for the global lighting, traffic and
wireless communication markets, engineered access systems,
integrated structure solutions for smart cities, and highway safety
products
Sales of $225.0 million were 9.8%
higher than last year, led by increased highway safety product
sales in Australia, improved
structures sales across North
America and Europe, and
favorable currency translation effects.
Lighting sales improved in North
America, driven by increased volumes in both transportation
and commercial markets. Ongoing infrastructure investments by the
Australian and Indian governments to promote safer roads resulted
in increased highway safety product sales in those regions. In
Europe, lighting sales also grew,
aided by economic recovery across the region that began
mid-2017.
Sales of North American wireless communication products and
components were higher compared to last year, due to widespread
demand from carriers and tower companies. In the Asia Pacific region, sales were lower as a
result of reduced demand in the China market. Access Systems sales were also
lower, due to project sales that did not repeat.
Operating income was $6.9 million
or 3.1% of sales ($10.6 million, or
4.7% adjusted1) compared to $9.5
million, or 4.6% of sales in 2017. Price increases
implemented during the quarter did not fully recover cost
increases, and this is expected to carry over into to the second
quarter. It is anticipated, however, that these pricing actions
will lead to improved profitability in the second half of the
year.
Utility Support Structures Segment (30% of Sales)
Steel and concrete structures for global utility transmission,
distribution and generation applications, wind and offshore
structures, and inspection services
Sales of $209.9 million increased
4.8% over last year, supported by utility investments in the North
American grid to improve reliability and connectivity, and
increased demand for renewable projects. Pricing to reflect higher
steel costs led to the sales growth. International utility
sales benefited from shipments of highly-engineered
PyraMAXTM structures.
Operating income decreased slightly to $23.4 million or 11.1% of sales ($24.1 million or 11.5% adjusted1),
compared to $24.2 million or 12.1% in
2017, due to a less favorable product mix, partially offset by
improved operational leverage.
Coatings Segment (12% of Sales)
Global galvanizing, painting and anodizing services to preserve and
protect metal products
Sales of $84.9 million were 15.5%
higher than last year, reflecting improved external market demand
from economic growth across all regions. Sales to other Valmont
segments were also higher.
Operating income was $11.9
million, or 14.0% of sales, compared to $9.4 million, or 12.8% of sales in 2017. Higher
volumes, price recovery and improved operating leverage contributed
to favorable results.
Agriculture
Irrigation Segment (27% of Sales)
Agricultural irrigation equipment, parts, services and tubular
products, water management solutions, and technology for precision
agriculture
Global revenue of $188.0 million
was 12.4% above last year, led by robust international sales and
significant project business. North American sales approximated
first quarter 2017. Continued low net farm income levels and a late
start to the planting season muted demand; however, the continued
adoption of precision irrigation technology solutions supported
sales.
Operating income was higher at $33.9
million, or 18.0% of sales, compared to $30.3 million, or 18.1% of sales in 2017. Segment
profitability increased in line with sales growth.
During the quarter, the Company acquired a majority stake in
Torrent Engineering and Equipment based in Warsaw, Indiana. Torrent is a global designer
and integrator of water systems and pump stations for agricultural
and industrial applications, with annual sales
of approximately $9.0 million.
The Company also acquired the remaining outstanding shares of its
irrigation subsidiary in Uberaba, Brazil, increasing its overall stake from 90%
to 100%.
Other (3% of Sales)
Manufacture of forged steel grinding media for the mining
industry
Sales in grinding media were $18.4
million compared to $19.6
million in 2017, a decline of 6.1%. First quarter operating
loss was $0.6 million compared to
operating profit of $2.1 million in
2017. The sale of the grinding media business is expected to close
by April 30.
2018 Restructuring Plan
As announced in February, the Company initiated a restructuring
plan at the beginning of the year. During the quarter,
restructuring actions taken included the consolidation and closure
of certain facilities, and realignment of back-office and
management functions. As the Company analyzes its optimal footprint
and cost structure, further actions may be considered.
2018 Outlook:
"Signs of stronger economic growth in many regions should
contribute to favorable sales comparisons this year across most of
our businesses," Mr. Kaniewski said. "While continued weakness in
the U.S. farm economy, and the uncertainty surrounding tariffs
could impact customer demand, our diversified, global sales and
manufacturing presence should help mitigate these impacts. Our
teams are executing on the longer-term strategies communicated at
our Investor Day, and we continue to pursue disciplined
acquisitions in our core businesses. We have increased our EPS
guidance to reflect our capital allocation activities during the
quarter, and are on target to meet our annual and long-term
financial goals."
An audio discussion of Valmont's first quarter 2018
results will be available live by telephone by dialing
1-877-407-6184 or 1-201-389-0877 (no Conference ID needed), or via
webcast, at 8:00 a.m. CDT on
April 19, 2018, by pointing browsers
to this link: Valmont Industries Q1 2018 Earnings Conference
Call. A replay is available by accessing the above link, or by
telephone at 1-877-660-6853 or 1-201-612-7415, and enter Conference
ID 13678313, beginning April 19, 2018
at 11:00 a.m. CDT through
10:59 p.m. CDT on April 26, 2018. The Company's slide presentation
for the call will be simultaneously available on the Investor
Relations page at www.valmont.com, along with the Investor Day
presentation.
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
irrigation equipment and services 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.
1)
|
Please see Reg G
reconciliation of GAAP operating income, net earnings and EPS to
Adjusted figures at end of document.
|
VALMONT
INDUSTRIES, INC. AND SUBSIDIARIES
|
CONDENSED
CONSOLIDATED STATEMENTS OF EARNINGS
|
(Dollars in
thousands, except per share amounts)
|
(unaudited)
|
|
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|
|
First
Quarter
|
|
|
|
|
|
13 Weeks
Ended
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31-Mar-18
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|
1-Apr-17
|
|
|
Net sales
|
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|
$
698,684
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|
$
637,473
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|
Cost of
sales
|
|
|
529,444
|
|
472,868
|
|
|
Gross profit
|
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|
169,240
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|
164,605
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|
|
Selling, general and
administrative expenses
|
|
|
105,280
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|
99,949
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Operating income
|
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|
63,960
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64,656
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Other income
(expense)
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Interest expense
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(11,074)
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(11,304)
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Interest income
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|
1,267
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927
|
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Gain (loss) on investments
(unrealized)
|
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(101)
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|
1,237
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Other
|
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|
(1,040)
|
|
(192)
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|
(10,948)
|
|
(9,332)
|
|
|
Earnings
before income taxes
|
|
|
53,012
|
|
55,324
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense
|
|
|
12,532
|
|
15,363
|
|
|
Net earnings
|
|
|
40,480
|
|
39,961
|
|
|
Less: Earnings
attributable to non-controlling interests
|
|
|
(1,199)
|
|
(982)
|
|
|
Net earnings attributable to Valmont Industries, Inc.
|
|
|
$
39,281
|
|
$
38,979
|
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|
Average shares
outstanding (000's) - Basic
|
|
|
22,609
|
|
22,472
|
|
|
Earnings per share -
Basic
|
|
|
$
1.74
|
|
$
1.73
|
|
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|
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|
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|
|
Average shares
outstanding (000's) - Diluted
|
|
|
22,796
|
|
22,660
|
|
|
Earnings per share -
Diluted
|
|
|
$
1.72
|
|
$
1.72
|
|
|
|
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|
|
|
|
|
|
Cash dividends per
share
|
|
|
$
0.375
|
|
$
0.375
|
|
|
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|
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|
VALMONT
INDUSTRIES, INC. AND SUBSIDIARIES
|
|
|
SUMMARY OPERATING
RESULTS
|
|
|
(Dollars in
thousands)
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First
Quarter
|
|
|
|
|
|
|
13 Weeks
Ended
|
|
|
|
|
|
|
31-Mar-18
|
|
1-Apr-17
|
|
|
|
|
|
|
|
|
|
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|
Net sales
|
|
|
|
|
|
|
|
|
|
Engineered Support
Structures
|
|
|
$
224,954
|
|
$
204,949
|
|
|
|
|
Utility Support
Structures
|
|
|
209,862
|
|
200,265
|
|
|
|
|
Coatings
|
|
|
84,947
|
|
73,468
|
|
|
|
|
Infrastructure products
|
|
|
519,763
|
|
478,682
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Irrigation
|
|
|
187,953
|
|
167,224
|
|
|
|
|
Other
|
|
|
18,399
|
|
19,594
|
|
|
|
|
Less: Intersegment
sales
|
|
|
(27,431)
|
|
(28,027)
|
|
|
|
|
Total
|
|
|
$
698,684
|
|
$
637,473
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Income
|
|
|
|
|
|
|
|
|
|
Engineered Support
Structures
|
|
|
$
6,947
|
|
$
9,464
|
|
|
|
|
Utility Support
Structures
|
|
|
23,367
|
|
24,207
|
|
|
|
|
Coatings
|
|
|
11,867
|
|
9,406
|
|
|
|
|
Infrastructure products
|
|
|
42,181
|
|
43,077
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Irrigation
|
|
|
33,887
|
|
30,291
|
|
|
|
|
Other
|
|
|
(579)
|
|
2,086
|
|
|
|
|
Adjustment to LIFO inventory
valuation method
|
|
(1,081)
|
|
(779)
|
|
|
|
|
Corporate
|
|
|
(10,448)
|
|
(10,019)
|
|
|
|
|
Total
|
|
|
$
63,960
|
|
$
64,656
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Valmont has
aggregated its business segments into four reportable segments as
follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Engineered
Support Structures:This segment consists of the manufacture
of engineered metal and composite pole, towers, and components for
global lighting, traffic, and wireless communication markets,
engineered access systems, integrated structure solutions for smart
cities, and highway safety
products.
|
|
|
|
|
|
|
|
|
|
|
Utility
Support Structures:This segment consists of the manufacture
of engineered steel and concrete structures for global utility
transmission, distribution, and generation applications, wind and
offshore structures outside of North America, and inspection
services.
|
|
|
|
|
|
|
|
|
|
|
Coatings:This segment consists of
global galvanizing, painting and anodizing services.
|
|
|
|
|
|
|
|
|
|
|
|
|
Irrigation:This segment consists of
the global manufacture of agricultural irrigation equipment, parts
and services, tubular products, water management solutions, and
technology for precision agriculture.
|
|
|
|
|
|
|
|
|
|
|
In addition to
these four reportable segments, the Company had other businesses
and activities that individually are not more than 10% of
consolidated sales, operating income or assets. This includes the
manufacture of forged steel grinding media for the mining industry
and is reported in the "Other" category.
|
|
|
|
|
|
|
|
|
|
|
VALMONT
INDUSTRIES, INC. AND SUBSIDIARIES
|
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
|
(Dollars in
thousands)
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
31-Mar-18
|
|
|
|
1-Apr-17
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
$
479,663
|
|
|
|
$
425,216
|
|
|
Accounts receivable,
net
|
|
|
467,010
|
|
|
|
455,044
|
|
|
Inventories
|
|
|
370,005
|
|
|
|
389,156
|
|
|
Prepaid expenses and
other
|
|
|
127,251
|
|
|
|
54,532
|
|
|
Assets held for
sale
|
|
|
72,665
|
|
|
|
-
|
|
|
Refundable and deferred
income taxes
|
|
|
6,749
|
|
|
|
7,325
|
|
|
Total current assets
|
|
|
1,523,343
|
|
|
|
1,331,273
|
|
|
Property, plant and
equipment, net
|
|
|
503,712
|
|
|
|
519,658
|
|
|
Goodwill and other
assets
|
|
|
591,009
|
|
|
|
615,957
|
|
|
|
|
|
$
2,618,064
|
|
|
|
$
2,466,888
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
|
Current installments of
long-term debt
|
|
|
$
951
|
|
|
|
$
860
|
|
|
Notes payable to
banks
|
|
|
377
|
|
|
|
957
|
|
|
Accounts payable
|
|
|
190,902
|
|
|
|
194,525
|
|
|
Accrued expenses
|
|
|
160,579
|
|
|
|
177,894
|
|
|
Liabilities held for
sale
|
|
|
12,960
|
|
|
|
-
|
|
|
Dividend payable
|
|
|
8,493
|
|
|
|
8,468
|
|
|
Total current liabilities
|
|
|
374,262
|
|
|
|
382,704
|
|
|
Long-term debt,
excluding current installments
|
|
|
753,647
|
|
|
|
754,523
|
|
|
Other long-term
liabilities
|
|
|
304,799
|
|
|
|
288,381
|
|
|
Shareholders'
equity
|
|
|
1,185,356
|
|
|
|
1,041,280
|
|
|
|
|
|
$
2,618,064
|
|
|
|
$
2,466,888
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13 Weeks
Ended
|
|
|
|
13 Weeks
Ended
|
|
|
Cash flows from
operating activities
|
|
|
31-Mar-18
|
|
|
|
1-Apr-17
|
|
|
Net
Earnings
|
|
|
$
40,480
|
|
|
|
$
39,961
|
|
|
Depreciation and amortization
|
|
|
21,178
|
|
|
|
20,827
|
|
|
Contribution to defined benefit pension plan
|
|
|
(731)
|
|
|
|
(25,379)
|
|
|
Change
in working capital
|
|
|
(36,255)
|
|
|
|
(29,287)
|
|
|
Other
|
|
|
8,376
|
|
|
|
17,293
|
|
|
Net cash
flows from operating activities
|
|
|
$
33,048
|
|
|
|
$
23,415
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities
|
|
|
|
|
|
|
|
|
|
Purchase
of property, plant, and equipment
|
|
|
(16,248)
|
|
|
|
(14,168)
|
|
|
Acquisition, net of cash acquired
|
|
|
(4,800)
|
|
|
|
-
|
|
|
Other
|
|
|
(1,931)
|
|
|
|
(1,413)
|
|
|
Net cash
flows from investing activities
|
|
|
(22,979)
|
|
|
|
(15,581)
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities
|
|
|
|
|
|
|
|
|
|
Net
payments on short and long-term agreements
|
|
(30)
|
|
|
|
(17)
|
|
|
Purchase
of treasury shares
|
|
|
(14,790)
|
|
|
|
-
|
|
|
Dividends paid
|
|
|
(8,510)
|
|
|
|
(8,445)
|
|
|
Purchase
of noncontrolling interest
|
|
|
(5,510)
|
|
|
|
-
|
|
|
Other
|
|
|
187
|
|
|
|
5,602
|
|
|
Net cash
flows from financing activities
|
|
|
(28,653)
|
|
|
|
(2,860)
|
|
|
Effect of exchange
rates on cash and cash equivalents
|
|
5,442
|
|
|
|
7,726
|
|
|
Net change in cash
and cash equivalents
|
|
|
(13,142)
|
|
|
|
12,700
|
|
|
Cash, cash
equivalents, & restricted cash - beginning of
year
|
|
492,805
|
|
|
|
412,516
|
|
|
Cash, cash
equivalents, & restricted cash - end of period
|
|
$
479,663
|
|
|
|
$
425,216
|
|
|
|
|
|
|
|
|
|
|
|
|
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, (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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Quarter
Ended March
31, 2018
|
|
Diluted
earnings per
share
|
|
|
|
|
Net earnings
attributable to Valmont Industries, Inc. - as reported
|
|
$
39,281
|
|
$
1.72
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring
expenses - pre-tax
|
|
|
4,400
|
|
0.19
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax effect of
restructuring expense *
|
|
|
(1,075)
|
|
(0.05)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings
attributable to Valmont Industries, Inc. - Adjusted
|
|
$
42,606
|
|
$
1.87
|
|
|
|
|
Average shares
outstanding (000's) - Diluted
|
|
|
|
|
22,796
|
|
|
|
|
* The tax effect of
adjustments is calculated based on the income tax rate in each
applicable jurisdiction,
|
|
|
|
Operating Income
Reconciliation
|
|
|
First Quarter
Ended March
31, 2018
|
|
|
|
|
|
|
Operating income - as
reported
|
|
|
$
63,960
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring
expenses
|
|
|
4,400
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Operating
Income
|
|
|
$
68,360
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales
|
|
|
698,684
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income as a
% of Sales
|
|
|
9.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Operating
Income as a % of Sales
|
|
|
9.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the First
Quarter Ended March 31, 2018
|
Segment Operating
Income Reconciliation
|
Engineered
Infrastructure
Products
|
|
Utility
Support
Structures
|
|
Coatings
|
|
Irrigation
|
|
Other/
Corporate
|
|
|
|
|
|
|
|
|
|
|
Operating income - as
reported
|
$
6,947
|
|
$
23,367
|
|
$
11,867
|
|
$
33,887
|
|
$
(12,108)
|
|
|
|
|
|
|
|
|
|
|
Restructuring
expenses
|
3,628
|
|
772
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Adjusted Operating
Income
|
$
10,575
|
|
$
24,139
|
|
$
11,867
|
|
$
33,887
|
|
$
(12,108)
|
|
|
|
|
|
|
|
|
|
|
Net
sales
|
224,954
|
|
209,862
|
|
84,947
|
|
187,953
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income as a
% of Sales
|
3.1%
|
|
11.1%
|
|
14.0%
|
|
18.0%
|
|
NM
|
|
|
|
|
|
|
|
|
|
|
Adjusted Operating
Income as a % of Sales
|
4.7%
|
|
11.5%
|
|
14.0%
|
|
18.0%
|
|
NM
|
|
|
|
|
|
|
|
|
|
|
|
View original
content:http://www.prnewswire.com/news-releases/valmont-reports-first-quarter-2018-results-300632609.html
SOURCE Valmont Industries, Inc.