OMAHA, Neb., Oct. 21, 2015 /PRNewswire/ -- Valmont Industries,
Inc. (NYSE: VMI), a leading global
provider of engineered products and services for infrastructure and
mechanized irrigation equipment for agriculture, today reported
third quarter results.
Highlights:
- GAAP diluted EPS were $0.52
compared with $0.92 in 2014. Adjusted
diluted EPS, before restructuring and impairment charges, were
$1.39, as compared with $1.92 in 2014 before refinancing charges.
- Revenues of $633 million were
down 17% from 2014 with foreign exchange representing about half of
the decline.
- Operating income was $37 million
($61.0 million before charges);
foreign exchange impact was $(6.0)
million year-over-year. Operating income was 5.9% of net
sales. Excluding restructuring and impairment charges, operating
income was 9.6% of net sales, compared with 11.5% in 2014.
- The previously announced restructuring initiative is proceeding
as planned with overhead reductions, plant consolidations and other
cost actions on track. Completion of most activities is expected by
year-end; estimated annualized benefit has increased to
$30 million from $19 million.
- $8.8 million of pre-tax
restructuring expense was recognized during the quarter. In
addition, the annual impairment testing of trade names and goodwill
resulted in pre-tax impairment charges of $15.2 million.
- Repurchased 247,000 of Company shares during quarter for
$27.2 million.
- Completed acquisition of American Galvanizing on September 30.
Summarized Financial
Info.
|
Third
Quarter
|
|
Year-to-Date
|
|
13 Weeks
Ended
|
|
39 Weeks
Ended
|
($ in thousands,
except per share data)
|
26-Sep-15
|
|
27-Sep-14
|
|
26-Sep-15
|
|
27-Sep-14
|
Net Sales
|
$ 632,575
|
|
$ 765,668
|
|
$1,985,096
|
|
$2,360,007
|
Operating Income -
GAAP
|
37,012
|
|
87,803
|
|
148,695
|
|
291,427
|
Operating Income -
Adjusted *
|
61,012
|
|
87,803
|
|
187,738
|
|
291,427
|
Net Earnings -
GAAP
|
12,066
|
|
23,559
|
|
70,678
|
|
143,515
|
Net Earnings -
Adjusted *
|
32,176
|
|
49,088
|
|
100,678
|
|
172,545
|
|
|
|
|
|
|
|
|
Diluted EPS - GAAP
Earnings
|
$ 0.52
|
|
$ 0.92
|
|
$ 3.00
|
|
$ 5.43
|
Diluted EPS -
Adjusted Earnings *
|
$ 1.39
|
|
$ 1.92
|
|
$ 4.28
|
|
$ 6.53
|
|
|
|
|
|
|
|
|
Average Shares
Outstanding - Diluted
|
23,170
|
|
25,513
|
|
23,534
|
|
26,439
|
|
|
|
|
|
|
|
|
* Please see Reg. G
reconciliation table on last page.
|
|
|
|
|
|
"The end-market challenges of weak agricultural commodity prices
and reduced mining and energy driven demand, along with unfavorable
currency translation, persisted during the quarter," said
Mogens C. Bay, Valmont's Chairman
and Chief Executive Officer. "Our goal in this environment remains
to drive earnings improvement next year despite continued difficult
market conditions. During the quarter, we continued our
restructuring efforts and are on track to complete most initiatives
by year-end. We now expect annualized cost savings from
restructuring and cost reduction actions to approximate
$30 million per year, compared to our
prior expectations of $19 million in
annualized savings."
Restructuring Plan Update
Third quarter progress on the Company's 2015 restructuring
efforts entailed numerous actions to streamline management
structure, consolidate production to lower cost facilities and
reduce overhead. The major actions that took place during the
quarter were as follows: In the Engineered Infrastructure Products
Segment, overhead reductions occurred in all geographic regions,
plant consolidations took place in access systems in Australia and a small facility in China was closed. In the Coatings segment, the
idling of one Australian facility was completed.
The total restructuring costs incurred during the third quarter
for the above actions, plus other restructuring activities, were
$8.8 million pre-tax. The
restructuring charges comprised of $5.5
million of cash expenses and $3.3
million of non-cash asset impairments. As part of the
Company's annual impairment testing of intangible assets, during
the third quarter, a pre-tax, non-cash impairment charge of
$15.2 million was recorded on certain
intangible assets, including a $10.2
million impairment of certain intangible assets in the
Coatings Segment.
Third Quarter Segment Review
Engineered Infrastructure Products Segment (41% of 3rd
Quarter Sales)
Engineered structures and components for global lighting and
traffic, wireless communication, roadway safety, offshore
structures and access systems applications.
Third quarter sales were $259.9
million, compared to $294.9
million in 2014, of which currency translation represented
$30.0 million of the decline.
In North America, sales of
lighting and traffic products increased due to the acquisition of
Shakespeare, a composite structures manufacturer, in October, 2014.
Wireless communication structure sales were lower due a major
carrier's absence from the market.
In Europe, lighting and traffic
structure sales declined slightly in local currency reflecting
continued restraint in government investment in infrastructure due
to general economic conditions in the region. Offshore structure
sales were lower as investments in the energy sector were
curtailed. A customer's delayed introduction of larger
next-generation wind turbines also pushed out offshore structure
deliveries into next year.
In the Asia-Pacific region, an
increase in wireless communication structure sales benefitting from
China's investment in its 4G
wireless technology rollout was more than offset by engineered
access system sales declines due to lower oil and gas investment in
the region and a reduction of new investment in the Australian
mining sector.
Operating income was $14.2
million, or 5.4% of segment sales, (9.1% before charges)
compared with $33.2 million or 11.3%
of segment sales in 2014, (included approximately $4.0 million reversal of a contingent purchase
price provision related to the 2013 acquisition of Locker). Volume
deleverage, impairment and restructuring charges and currency
translation effects accounted for most the decline.
Utility Support Structures Segment (26% of 3rd Quarter
Sales)
Steel and concrete structures for the global
electric utility industry.
Sales of $164.7 million were 9%
lower than 2014, due to the revenue impact of lower steel costs,
modest volume declines and continued competitive pricing.
International sales were comparable with last year.
In North America, utility
investment in transmission this year, in some cases favored capital
deployment to coal plant retirements required by the EPA.
Segment operating income declined to $14.5 million or 8.8% of segment sales, (9.5%
excluding charges). Operating income as a percent of sales was 9.4%
in 2014.
Coatings Segment (12% of 3rd Quarter Sales)
Global galvanizing, painting and anodizing services.
Global Coatings Segment sales of $76.2
million were 12% lower than last year. Sales declined in
Australia due to reduced volumes
related to mining and energy development projects. In North America, both custom and internal
irrigation volumes declined. Custom volumes were slightly lower
mostly due to weaker demand from agricultural customers.
Operating income was $3.1 million,
($14.2 million, or 18.6% of net sales
excluding restructuring and impairment costs of $11.0 million), operating income was 20.2% of net
sales last year.
During the quarter, the Company completed the acquisition of
American Galvanizing, located in Folsom,
New Jersey. This operation provides an important galvanizing
presence for Valmont in the Northeast U.S. for both custom and
internal volumes.
Irrigation Segment (18% of 3rd Quarter Sales)
Agricultural irrigation equipment and related parts and services
worldwide.
Irrigation Segment sales fell 36% to $112.2 million due to the absence this year of
approximately $25 million in sales to
replace and repair storm damaged machines that were included in
last year's sales of $174.3 million,
and the impact on demand of lower global farm income. In
North America, favorable growing
conditions lowered operating run-times on irrigation equipment,
also reducing demand for aftermarket parts. Sales declined in
international markets, due to currency translation effects and
reduced volumes, particularly in South
America.
Operating income was $10.5 million
or 9.4% of segment sales, primarily reflecting lower sales volume
and related manufacturing and SG&A deleverage.
Outlook:
"At this time, we are not expecting the current market
environment to improve and our immediate focus remains on aligning
our cost structure through the planned restructuring activities,
but still investing in product line development to strengthen our
leading market positions. We expect a meaningful improvement in
2016 earnings," said Mr. Bay.
An audio discussion of Valmont's third quarter results
will be available live by telephone by dialing 1-877-493-2981 and
entering Conference ID#: 66187261 or via Webcast at
8:00 a.m. CDT October 22, 2015 at
https://engage.vevent.com/rt/valmontindustries_ao~102215. A
replay is available through the above link or by telephone
(855-859-2056 or 404-537-3406, Conference ID#: 66187261)
beginning October 22, 2015 at
10:00 a.m. CDT through 12:00 p.m. CDT on October
29, 2015.
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)
|
|
|
|
|
|
|
|
|
|
|
|
Third
Quarter
|
|
Year-to-Date
|
|
|
13 Weeks
Ended
|
|
39 Weeks
Ended
|
|
|
26-Sep-15
|
|
27-Sep-14
|
|
26-Sep-15
|
|
27-Sep-14
|
Net sales
|
|
$ 632,575
|
|
$ 765,668
|
|
$ 1,985,096
|
|
$ 2,360,007
|
Cost of
sales
|
|
475,824
|
|
566,168
|
|
1,493,343
|
|
1,733,048
|
Gross profit
|
|
156,751
|
|
199,500
|
|
491,753
|
|
626,959
|
Selling, general and
administrative expenses
|
|
104,539
|
|
111,697
|
|
327,858
|
|
335,532
|
Impairment of
goodwill and intangible assets
|
|
15,200
|
|
-
|
|
15,200
|
|
-
|
Operating income
|
|
37,012
|
|
87,803
|
|
148,695
|
|
291,427
|
Other income
(expense)
|
|
|
|
|
|
|
|
|
Interest expense
|
|
(11,120)
|
|
(8,716)
|
|
(33,480)
|
|
(25,217)
|
Interest income
|
|
905
|
|
1,477
|
|
2,395
|
|
4,793
|
Costs related to refinancing
of debt
|
|
-
|
|
(38,705)
|
|
-
|
|
(38,705)
|
Other
|
|
(1,230)
|
|
(2,344)
|
|
(242)
|
|
(6,253)
|
|
|
(11,445)
|
|
(48,288)
|
|
(31,327)
|
|
(65,382)
|
Earnings before income taxes and equity in earnings of
nonconsolidated subsidiaries
|
|
25,567
|
|
39,515
|
|
117,368
|
|
226,045
|
Income tax
expense
|
|
12,018
|
|
14,226
|
|
42,873
|
|
78,311
|
Earnings
before equity in earnings of nonconsolidated
subsidiaries
|
|
13,549
|
|
25,289
|
|
74,495
|
|
147,734
|
Equity in earnings of
nonconsolidated subsidiaries
|
|
-
|
|
(4)
|
|
-
|
|
(34)
|
Net earnings
|
|
13,549
|
|
25,285
|
|
74,495
|
|
147,700
|
Less: Earnings
attributable to non-controlling interests
|
|
(1,483)
|
|
(1,726)
|
|
(3,817)
|
|
(4,185)
|
Net earnings attributable to Valmont Industries, Inc.
|
|
$
12,066
|
|
$ 23,559
|
|
$
70,678
|
|
$ 143,515
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average shares
outstanding (000's) - Basic
|
|
23,057
|
|
25,287
|
|
23,420
|
|
26,208
|
Earnings per share -
Basic
|
|
$
0.52
|
|
$
0.93
|
|
$
3.02
|
|
$
5.48
|
|
|
|
|
|
|
|
|
|
Average shares
outstanding (000's) - Diluted
|
|
23,170
|
|
25,513
|
|
23,534
|
|
26,439
|
Earnings per share -
Diluted
|
|
$
0.52
|
|
$
0.92
|
|
$
3.00
|
|
$
5.43
|
|
|
|
|
|
|
|
|
|
Cash dividends per
share
|
|
$
0.375
|
|
$ 0.375
|
|
$ 1.125
|
|
$ 1.000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
VALMONT
INDUSTRIES, INC. AND SUBSIDIARIES
|
SUMMARY OPERATING
RESULTS
|
(Dollars in
thousands)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Third
Quarter
|
|
Year-to-Date
|
|
|
13 Weeks
Ended
|
|
39 Weeks
Ended
|
|
|
26-Sep-15
|
|
27-Sep-14
|
|
26-Sep-15
|
|
27-Sep-14
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
|
|
|
|
|
|
|
Engineered Infrastructure
Products
|
|
$ 259,869
|
|
$ 294,899
|
|
$ 759,331
|
|
$ 827,713
|
Utility Support
Structures
|
|
164,684
|
|
181,185
|
|
503,954
|
|
608,942
|
Coatings
|
|
76,200
|
|
86,735
|
|
226,654
|
|
254,063
|
Infrastructure products
|
|
500,753
|
|
562,819
|
|
1,489,939
|
|
1,690,718
|
|
|
|
|
|
|
|
|
|
Irrigation
|
|
112,205
|
|
174,288
|
|
420,502
|
|
606,938
|
Other
|
|
42,285
|
|
60,838
|
|
146,547
|
|
181,226
|
Less: Intersegment
sales
|
|
(22,668)
|
|
(32,277)
|
|
(71,892)
|
|
(118,875)
|
Total
|
|
$ 632,575
|
|
$ 765,668
|
|
$ 1,985,096
|
|
$ 2,360,007
|
|
|
|
|
|
|
|
|
|
Operating
Income
|
|
|
|
|
|
|
|
|
Engineered Infrastructure
Products
|
|
$
14,154
|
|
$ 33,200
|
|
$ 43,560
|
|
$ 75,534
|
Utility Support
Structures
|
|
14,505
|
|
16,975
|
|
40,261
|
|
76,107
|
Coatings
|
|
3,145
|
|
17,554
|
|
22,006
|
|
47,260
|
Infrastructure products
|
|
31,804
|
|
67,729
|
|
105,827
|
|
198,901
|
|
|
|
|
|
|
|
|
|
Irrigation
|
|
10,539
|
|
26,888
|
|
60,655
|
|
111,507
|
Other
|
|
3,886
|
|
6,211
|
|
16,757
|
|
23,104
|
Corporate
|
|
(9,217)
|
|
(13,025)
|
|
(34,544)
|
|
(42,085)
|
Total
|
|
$
37,012
|
|
$ 87,803
|
|
$ 148,695
|
|
$ 291,427
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Valmont has
aggregated its business segments into four reportable segments as
follows.
|
|
|
|
|
|
|
|
|
|
Engineered
Infrastructure Products:This segment consists of the
manufacture of engineered metal structures and components for
global lighting and traffic, wireless communication, roadway safety
and access systems applications.
|
|
|
|
|
|
|
|
|
|
Utility
Support Structures:This segment consists of the manufacture
of engineered steel and concrete structures for the global utility
industry.
|
|
|
|
|
|
|
|
|
|
Coatings:This segment consists of
global galvanizing, painting and anodizing services.
|
|
|
|
|
|
|
|
|
|
Irrigation:This segment consists of
the manufacture of agricultural irrigation equipment and related
parts and services worldwide.
|
|
|
|
|
|
|
|
|
|
In addition to
these four reportable segments, Valmont also has other businesses
that individually are not more than 10% of consolidated net sales. These businesses,
which include the manufacture of forged steel grinding media,
tubular products, and industrial fasteners are reported in the
"Other" category.
|
|
VALMONT
INDUSTRIES, INC. AND SUBSIDIARIES
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(Dollars in
thousands)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
26-Sep-15
|
|
|
|
27-Sep-14
|
ASSETS
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
312,851
|
|
|
|
$ 452,218
|
Accounts receivable,
net
|
|
501,403
|
|
|
|
570,810
|
Inventories
|
|
368,290
|
|
|
|
384,645
|
Prepaid expenses
|
|
52,208
|
|
|
|
64,673
|
Refundable and deferred
income taxes
|
|
44,736
|
|
|
|
64,438
|
Total current assets
|
|
1,279,488
|
|
|
|
1,536,784
|
Property, plant and
equipment, net
|
|
543,235
|
|
|
|
616,552
|
Goodwill and other
assets
|
|
666,978
|
|
|
|
709,385
|
|
|
$ 2,489,701
|
|
|
|
$ 2,862,721
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Current installments of
long-term debt
|
|
$
1,099
|
|
|
|
$
188
|
Notes payable to
banks
|
|
1,496
|
|
|
|
17,863
|
Accounts payable
|
|
186,581
|
|
|
|
209,996
|
Accrued expenses
|
|
175,028
|
|
|
|
187,942
|
Dividend payable
|
|
8,649
|
|
|
|
9,299
|
Total current liabilities
|
|
372,853
|
|
|
|
425,288
|
Long-term debt,
excluding current installments
|
|
764,823
|
|
|
|
768,611
|
Other long-term
liabilities
|
|
286,248
|
|
|
|
310,136
|
Shareholders'
equity
|
|
1,065,777
|
|
|
|
1,358,686
|
|
|
$ 2,489,701
|
|
|
|
$ 2,862,721
|
|
|
|
|
|
|
|
CONDENSED
CONSOLIDATED STATEMENT OF CASH FLOWS
|
(unaudited) and
dollars in thousands
|
|
|
|
|
|
|
|
|
|
Year to
Date
|
|
|
|
Year to
Date
|
|
|
26-Sep-15
|
|
|
|
27-Sep-14
|
Cash flows from
operating activities
|
|
|
|
|
|
|
Net
Earnings
|
|
$
74,495
|
|
|
|
$ 147,700
|
Depreciation and amortization
|
|
70,859
|
|
|
|
64,460
|
Impairment of assets - restructuring activities
|
|
12,659
|
|
|
|
-
|
Impairment of goodwill and trade names
|
|
15,200
|
|
|
|
-
|
Change
in working capital
|
|
8,637
|
|
|
|
(121,404)
|
Other
|
|
972
|
|
|
|
(8,059)
|
Net cash
flows from operating activities
|
|
182,822
|
|
|
|
82,697
|
|
|
|
|
|
|
|
Cash flows from
investing activities
|
|
|
|
|
|
|
Purchase
of property, plant, and equipment
|
|
(34,447)
|
|
|
|
(63,412)
|
Acquisitions, net of cash acquired
|
|
-
|
|
|
|
(137,438)
|
Other
|
|
9,236
|
|
|
|
5,099
|
Net cash
flows from investing activities
|
|
(25,211)
|
|
|
|
(195,751)
|
|
|
|
|
|
|
|
Cash flows from
financing activities
|
|
|
|
|
|
|
Proceeds
from long-term borrowings
|
|
37,000
|
|
|
|
652,540
|
Principal payments on long-term borrowings
|
|
(37,878)
|
|
|
|
(357,059)
|
Purchase
of treasury shares
|
|
(148,220)
|
|
|
|
(316,296)
|
Dividends paid
|
|
(26,708)
|
|
|
|
(23,357)
|
Other
|
|
(14,420)
|
|
|
|
969
|
Net cash
flows from financing activities
|
|
(190,226)
|
|
|
|
(43,203)
|
Effect of exchange
rates on cash and cash equivalents
|
|
(26,113)
|
|
|
|
(5,231)
|
Net change in cash
and cash equivalents
|
|
(58,728)
|
|
|
|
(161,488)
|
Cash and cash
equivalents - beginning of year
|
|
371,579
|
|
|
|
613,706
|
Cash and cash
equivalents - end of period
|
|
$
312,851
|
|
|
|
$ 452,218
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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, (2) goodwill and trade name impairment
charges, and (3) 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 September 26, 2015, and
September 27, 2014, (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.
|
|
|
|
Third
Quarter
Ended Sept.
26,
2015
|
|
Diluted
earnings
per
share
|
|
Year-to-Date
Sept. 26,
2015
|
|
Diluted
earnings
per
share
|
Net earnings
attributable to Valmont Industries, Inc. - as reported
|
|
|
$
12,066
|
|
$ 0.52
|
|
$ 70,678
|
|
$
3.00
|
|
|
|
|
|
|
|
|
|
|
Restructuring
expenses - after tax
|
|
|
6,310
|
|
0.27
|
|
16,634
|
|
0.71
|
|
|
|
|
|
|
|
|
|
|
Impairment of
goodwill and trade names - after tax
|
|
|
13,370
|
|
0.58
|
|
13,370
|
|
0.57
|
|
|
|
|
|
|
|
|
|
|
Fair market value
adjustment, Delta EMD - after-tax
|
|
|
430
|
|
0.02
|
|
(4)
|
|
NM
|
|
|
|
|
|
|
|
|
|
|
Net earnings
attributable to Valmont Industries, Inc. - Adjusted
|
|
|
$
32,176
|
|
$ 1.39
|
|
$ 100,678
|
|
$
4.28
|
Average shares
outstanding (000's) - Diluted
|
|
|
|
|
23,170
|
|
|
|
23,534
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third
Quarter
Ended Sept.
27,
2014
|
|
Diluted
earnings
per
share
|
|
Year-to-Date
Sept. 27,
2014
|
|
Diluted
earnings
per
share
|
Net earnings
attributable to Valmont Industries, Inc. - as reported
|
|
|
$
23,559
|
|
$ 0.92
|
|
$ 143,515
|
|
$
5.43
|
|
|
|
|
|
|
|
|
|
|
Costs related to
refinancing of debt - after tax
|
|
|
24,171
|
|
0.95
|
|
24,171
|
|
0.91
|
|
|
|
|
|
|
|
|
|
|
Fair market value
adjustment, Delta EMD - after-tax
|
|
|
1,358
|
|
0.05
|
|
4,859
|
|
0.18
|
|
|
|
|
|
|
|
|
|
|
Net earnings
attributable to Valmont Industries, Inc. - Adjusted
|
|
|
$
49,088
|
|
$ 1.92
|
|
$ 172,545
|
|
$
6.53
|
Average shares
outstanding (000's) - Diluted
|
|
|
|
|
25,513
|
|
|
|
26,439
|
|
|
|
|
|
|
|
|
|
|
Operating Income
Reconciliation
|
|
|
Third
Quarter
Ended Sept.
26,
2015
|
|
|
|
Year-to-Date
Sept. 26,
2015
|
|
|
Operating income - as
reported
|
|
|
$
37,012
|
|
|
|
$ 148,695
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring
expenses - before tax
|
|
|
8,800
|
|
|
|
23,843
|
|
|
|
|
|
|
|
|
|
|
|
|
Impairment of
goodwill and trade names - before tax
|
|
|
15,200
|
|
|
|
15,200
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Operating
Income
|
|
|
$
61,012
|
|
|
|
$ 187,738
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales
|
|
|
632,575
|
|
|
|
1,985,096
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income as a
% of Sales
|
|
|
5.9%
|
|
|
|
7.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Operating
Income as a % of Sales
|
|
|
9.6%
|
|
|
|
9.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Third
Quarter Ended Sept. 26, 2015
|
Segment Operating
Income Reconciliation
|
Engineered
Infrastructure
Products
|
|
Utility
Support
Structures
|
|
Coatings
|
|
Irrigation
|
|
Other/
Corporate
|
|
|
|
|
|
|
|
|
|
|
Operating income - as
reported
|
$ 14,154
|
|
$
14,505
|
|
$ 3,145
|
|
$ 10,539
|
|
$ (5,331)
|
|
|
|
|
|
|
|
|
|
|
Restructuring
expenses - before tax
|
4,568
|
|
1,159
|
|
806
|
|
52
|
|
2,215
|
|
|
|
|
|
|
|
|
|
|
Impairment of
goodwill and trade names - before tax
|
5,000
|
|
-
|
|
10,200
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Adjusted Operating
Income
|
$ 23,722
|
|
$
15,664
|
|
$ 14,151
|
|
$ 10,591
|
|
$ (3,116)
|
|
|
|
|
|
|
|
|
|
|
Net
sales
|
259,869
|
|
164,684
|
|
76,200
|
|
112,205
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income as a
% of Sales
|
5.4%
|
|
8.8%
|
|
4.1%
|
|
9.4%
|
|
NM
|
|
|
|
|
|
|
|
|
|
|
Adjusted Operating
Income as a % of Sales
|
9.1%
|
|
9.5%
|
|
18.6%
|
|
9.4%
|
|
NM
|
|
NM - Not
Meaningful
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/valmont-announces-third-quarter-2015-results-300164193.html
SOURCE Valmont Industries, Inc.