OMAHA, Neb., Oct. 18, 2017 /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 third quarter 2017
results.
Third Quarter
Highlights:
|
|
|
|
|
|
|
|
|
|
Third
quarter
|
|
Year-to-date
|
Summarized
Financial Info.
|
13 Weeks
Ended
|
|
39 Weeks
Ended
|
|
30-Sep-17
|
|
24-Sep-16
|
|
30-Sep-17
|
|
24-Sep-16
|
Net sales
|
$ 680,779
|
|
$ 610,247
|
|
$
2,030,989
|
|
$
1,847,101
|
Operating
income
|
59,923
|
|
53,240
|
|
202,715
|
|
187,411
|
Operating
income as a % of net sales GAAP
|
8.8%
|
|
8.7%
|
|
10.0%
|
|
10.1%
|
Operating income
Adjusted*
|
59,923
|
|
58,305
|
|
202,715
|
|
192,476
|
Operating
income as a % of net sales Adjusted*
|
8.8%
|
|
9.6%
|
|
10.0%
|
|
10.4%
|
Net earnings -
GAAP
|
35,208
|
|
28,173
|
|
119,851
|
|
103,168
|
Net earnings -
Adjusted *
|
35,603
|
|
33,488
|
|
120,246
|
|
109,518
|
|
|
|
|
|
|
|
|
Diluted EPS - GAAP
net earnings
|
$
1.55
|
|
$
1.24
|
|
$
5.28
|
|
$
4.54
|
Average Shares
Outstanding - Diluted
|
22,751
|
|
22,659
|
|
22,717
|
|
22,741
|
|
|
|
|
|
|
|
|
Diluted EPS -
Adjusted net earnings *
|
$
1.56
|
|
$
1.48
|
|
$
5.29
|
|
$
4.82
|
|
|
|
|
|
|
|
|
Average Shares
Outstanding - Diluted
|
22,751
|
|
22,659
|
|
22,717
|
|
22,741
|
|
|
|
|
|
|
|
|
* Please see Reg. G
reconciliation table on last page.
|
- Revenues increased 12% to $680.8
million, with increases in every segment except Energy &
Mining
- Operating income as a percent of sales was 8.8%
- North American hurricanes negatively impacted third quarter
earnings by an estimated 10 cents per
diluted share
- Diluted EPS increased 25% to $1.55, adjusted diluted EPS increased 5.4% to
$1.56
- Annual guidance updated to reflect logistical disruptions
caused by hurricanes. Earnings per diluted share for the year
expected to be between $6.90-7.04,
compared to prior guidance of approximately $7.06
"All segments had sales growth except Energy and Mining, with
double digit sales growth in the Utility Support Structures,
Irrigation and Coatings segments," said Mogens C. Bay, Valmont's Chairman and Chief
Executive Officer. "The impact of hurricanes in North America during the third quarter were
disruptive to customers, and affected 10 of our facilities,
interrupting production and delivery schedules. We estimate that
movements of delivery dates and manufacturing downtime negatively
impacted EPS by approximately 10
cents.
"Operating income grew largely due to the sales increase, led by
improved profitability in the Utility Support Structures,
Irrigation and Coatings Segments. In the Engineered Support
Structures and Energy and Mining Segments, operating income was
negatively impacted by raw material inflation.
"Excluding the disruptive impact of the two hurricanes, results
for the quarter met our expectations."
Third Quarter Segment Review
Infrastructure-related
Engineered Support Structures (31% of Sales)
Poles, towers and components for the global lighting, traffic and
wireless communication markets, and highway safety
products.
Sales of $221.5 million were 9%
higher than last year, mainly due to increased highway safety sales
in Australia where road
development activity increased.
Lighting sales were lower in North
America. We believe customers are awaiting clarity on
national infrastructure investment policies before embarking on
major project planning. In Europe,
lighting sales increased as general market conditions
stabilized.
Wireless communication sales increased due to improved
structures and components demand in North
America. In China, wireless
communication sales were comparable with last year as China continues to build out its wireless
network infrastructure.
Operating income was $16.2 million
or 7.3% of sales compared to $20.3
million, or 10.0% of sales in 2016. The effect of sharply
higher steel costs in China, a
higher mix of intercompany sales and continued competitive pricing
compressed margins.
Utility Support Structures (25% of Sales)
Steel and concrete structures for the global electric utility
industry.
Sales of $179.8 million increased
19% over last year, mostly driven by increased pricing to reflect
higher steel costs. Sales were supported by the ongoing expansion
of the North American grid to improve its reliability and capacity.
Expanding investments in renewable energy contributed to continued
firm demand.
Operating income increased to $22.1
million or 12.3% of sales, compared to $16.2 million or 10.8% in 2016. The increase in
operating income was primarily due to price recovery and favorable
mix.
Coatings Segment (12% of Sales)
Global galvanizing, painting and anodizing services.
Sales of $82.6 million were 18%
higher than last year. In North
America, increased pricing and stronger internal demand
drove higher sales. Asia-Pacific
sales rose due to improved volume and pricing as the market
recovered.
Despite zinc cost increases, operating income improved to
$14.6 million, or 17.6% of sales,
compared to $11.7 million, or 16.7%
of sales in 2016. The operating income improvement resulted from
increased volume, price recovery and operational efficiencies
realized from prior restructuring activities.
Energy and Mining Segment (11% of Sales)
Offshore structures, engineered access systems and grinding
media.
Sales of $79.8 million were
slightly lower than last year. Higher access system sales
partly offset declines in mining consumables and offshore
construction.
Operating income at $1.4 million
was significantly lower at 1.8% of sales, compared to $3.9 million or 4.8% of sales last year. Most of
the reduced profitability resulted from a considerably less
favorable steel cost environment in mining consumables.
Australian regulatory approval is pending on the divestiture of
the mining consumables business (previously announced on
August 24, 2017).
Agriculture-related
Irrigation Segment (21% of Sales)
Agricultural irrigation equipment, parts, services and tubular
products.
Sales of $147.4 million rose 15%
above last year due to broad based demand in international markets.
North American sales were modestly higher.
Operating income was higher at $18.2
million, or 12.3% of sales compared to $15.3 million, or 12.0% of sales in 2016. The
increase in operating income was mostly due to higher international
irrigation sales. Additionally, improved operational performance
more than offset the impact of materials inflation.
Outlook:
"We are updating our guidance to account for the impact of the
two hurricanes. We expect earnings for the year to be in the range
of $6.90 to 7.04 per diluted share,"
said Mr. Bay.
"We expect higher fourth quarter revenues, led by favorable
Utility Support and Engineered Support Structures sales. In
Coatings, we expect similar revenues to last year. We expect
unfavorable sales and profitability comparisons in the Energy and
Mining Segment. In the Irrigation Segment, the beginning of the
North American harvest makes an outlook difficult to quantify.
However, we do expect continued firmness in international
markets."
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#:52423637 or via Webcast at 8:00 a.m. CDT October 19,
2017 at
https://engage.vevent.com/rt/valmontindustries_ao~52423637. A
replay is available through the above link or by telephone (855)
859-2056 or (404) 537-3406, Conference ID#:52423637 beginning
October 19, 2017 at 10:00 a.m. CDT through 12:00 p.m. CDT on October
26, 2017. 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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third
Quarter
|
|
Year-to-Date
|
|
|
|
13 Weeks
Ended
|
|
39 Weeks
Ended
|
|
|
|
30-Sep-17
|
|
24-Sep-16
|
|
30-Sep-17
|
|
24-Sep-16
|
Net sales
|
|
|
$
680,779
|
|
$
610,247
|
|
$
2,030,989
|
|
$
1,847,101
|
Cost of
sales
|
|
|
517,185
|
|
455,224
|
|
1,519,510
|
|
1,355,992
|
Gross profit
|
|
|
163,594
|
|
155,023
|
|
511,479
|
|
491,109
|
Selling, general and
administrative expenses
|
|
|
103,671
|
|
101,783
|
|
308,764
|
|
303,698
|
Operating income
|
|
|
59,923
|
|
53,240
|
|
202,715
|
|
187,411
|
Other income
(expense)
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
(11,190)
|
|
(11,100)
|
|
(33,312)
|
|
(33,276)
|
Interest income
|
|
|
1,311
|
|
771
|
|
3,205
|
|
2,290
|
Investment gain
(loss)
|
|
|
544
|
|
1,455
|
|
2,935
|
|
591
|
Other
|
|
|
(27)
|
|
(577)
|
|
(1,251)
|
|
(140)
|
|
|
|
(9,362)
|
|
(9,451)
|
|
(28,423)
|
|
(30,535)
|
Earnings before income taxes
|
|
|
50,561
|
|
43,789
|
|
174,292
|
|
156,876
|
Income tax
expense
|
|
|
13,895
|
|
14,268
|
|
50,343
|
|
49,742
|
Net earnings
|
|
|
36,666
|
|
29,521
|
|
123,949
|
|
107,134
|
Less: Earnings
attributable to non-controlling interests
|
|
(1,458)
|
|
(1,348)
|
|
(4,098)
|
|
(3,966)
|
Net earnings attributable to Valmont Industries, Inc.
|
|
$
35,208
|
|
$
28,173
|
|
$
119,851
|
|
$
103,168
|
|
|
|
|
|
|
|
|
|
|
Average shares
outstanding (000's) - Basic
|
|
|
22,527
|
|
22,505
|
|
22,505
|
|
22,602
|
Earnings per share -
Basic
|
|
|
$
1.56
|
|
$
1.25
|
|
$
5.33
|
|
$
4.56
|
|
|
|
|
|
|
|
|
|
|
Average shares
outstanding (000's) - Diluted
|
|
|
22,751
|
|
22,659
|
|
22,717
|
|
22,741
|
Earnings per share -
Diluted
|
|
|
$
1.55
|
|
$
1.24
|
|
$
5.28
|
|
$
4.54
|
|
|
|
|
|
|
|
|
|
|
Cash dividends per
share
|
|
|
$
0.375
|
|
$
0.375
|
|
$
1.125
|
|
$
1.125
|
VALMONT
INDUSTRIES, INC. AND SUBSIDIARIES
|
SUMMARY OPERATING
RESULTS
|
(Dollars in
thousands)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third
Quarter
|
|
Year-to-Date
|
|
|
|
13 Weeks
Ended
|
|
39 Weeks
Ended
|
|
|
|
30-Sep-17
|
|
24-Sep-16
|
|
30-Sep-17
|
|
24-Sep-16
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
|
|
|
|
|
|
|
|
Engineered Support
Structures
|
|
|
$
221,508
|
|
$
203,184
|
|
$
619,647
|
|
$
584,071
|
Utility Support
Structures
|
|
|
179,760
|
|
150,667
|
|
538,994
|
|
446,432
|
Energy and Mining
|
|
|
79,755
|
|
81,552
|
|
234,934
|
|
234,693
|
Coatings
|
|
|
82,593
|
|
70,082
|
|
235,842
|
|
213,961
|
Infrastructure products
|
|
|
563,616
|
|
505,485
|
|
1,629,417
|
|
1,479,157
|
|
|
|
|
|
|
|
|
|
|
Irrigation
|
|
|
147,428
|
|
127,809
|
|
502,939
|
|
438,575
|
Less: Intersegment
sales
|
|
|
(30,265)
|
|
(23,047)
|
|
(101,367)
|
|
(70,631)
|
Total
|
|
|
$
680,779
|
|
$
610,247
|
|
$
2,030,989
|
|
$
1,847,101
|
|
|
|
|
|
|
|
|
|
|
Operating
Income
|
|
|
|
|
|
|
|
|
|
Engineered Support
Structures
|
|
|
$
16,226
|
|
$
20,323
|
|
$
45,683
|
|
$
53,615
|
Utility Support
Structures
|
|
|
22,108
|
|
16,195
|
|
65,005
|
|
48,201
|
Energy &
Mining
|
|
|
1,417
|
|
3,941
|
|
9,195
|
|
9,096
|
Coatings
|
|
|
14,577
|
|
11,696
|
|
36,091
|
|
37,220
|
Infrastructure products
|
|
|
54,328
|
|
52,155
|
|
155,974
|
|
148,132
|
|
|
|
|
|
|
|
|
|
|
Irrigation
|
|
|
18,235
|
|
15,308
|
|
83,196
|
|
75,216
|
Adjustment to LIFO method of inventory valuation
|
|
(1,626)
|
|
(2,066)
|
|
(2,839)
|
|
(3,192)
|
Corporate
|
|
|
(11,014)
|
|
(12,157)
|
|
(33,616)
|
|
(32,745)
|
Total
|
|
|
$
59,923
|
|
$
53,240
|
|
$
202,715
|
|
$
187,411
|
|
Valmont has
aggregated its business segments into five reportable segments as
follows.
|
|
|
|
|
|
|
|
|
|
|
Engineered
Support Structures:This segment consists of the manufacture
of engineered metal structures and components for global 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 global 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
global galvanizing, painting and anodizing services.
|
|
|
|
|
|
|
|
|
|
|
Irrigation:This segment consists of
the manufacture of agricultural irrigation equipment and related
parts and services worldwide.
|
|
VALMONT
INDUSTRIES, INC. AND SUBSIDIARIES
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(Dollars in
thousands)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
30-Sep-17
|
|
|
|
24-Sep-16
|
ASSETS
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
$
493,490
|
|
|
|
$
349,375
|
Accounts receivable,
net
|
|
|
492,842
|
|
|
|
455,692
|
Inventories
|
|
|
403,234
|
|
|
|
379,625
|
Prepaid expenses
|
|
|
50,064
|
|
|
|
69,231
|
Refundable and deferred
income taxes
|
|
|
8,493
|
|
|
|
20,342
|
Total current assets
|
|
|
1,448,123
|
|
|
|
1,274,265
|
Property, plant and
equipment, net
|
|
|
522,424
|
|
|
|
525,640
|
Goodwill and other
assets
|
|
|
639,624
|
|
|
|
584,138
|
|
|
|
$
2,610,171
|
|
|
|
$
2,384,043
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
Current installments of
long-term debt
|
|
|
$
949
|
|
|
|
$
895
|
Notes payable to
banks
|
|
|
197
|
|
|
|
853
|
Accounts payable
|
|
|
216,104
|
|
|
|
170,888
|
Accrued expenses
|
|
|
187,732
|
|
|
|
178,834
|
Dividend payable
|
|
|
8,478
|
|
|
|
8,455
|
Total current liabilities
|
|
|
413,460
|
|
|
|
359,925
|
Long-term debt,
excluding current installments
|
|
|
754,202
|
|
|
|
755,584
|
Other long-term
liabilities
|
|
|
289,914
|
|
|
|
266,233
|
Shareholders'
equity
|
|
|
1,152,595
|
|
|
|
1,002,301
|
|
|
|
$
2,610,171
|
|
|
|
$
2,384,043
|
CONDENSED
CONSOLIDATED STATEMENT OF CASH FLOWS
|
(unaudited) and
dollars in thousands
|
|
|
|
|
|
|
|
|
|
|
|
Year to
Date
|
|
|
|
Year to
Date
|
|
|
|
30-Sep-17
|
|
|
|
24-Sep-16
|
Cash flows from
operating activities
|
|
|
|
|
|
|
|
Net
Earnings
|
|
|
$
123,949
|
|
|
|
$
107,134
|
Depreciation and Amortization
|
|
|
63,500
|
|
|
|
61,242
|
Change
in working capital
|
|
|
(47,072)
|
|
|
|
(31,596)
|
Other
|
|
|
(5,973)
|
|
|
|
(9,526)
|
Net cash
flows from operating activities
|
|
|
134,404
|
|
|
|
127,254
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities
|
|
|
|
|
|
|
|
Purchase
of property, plant, and equipment
|
|
|
(39,898)
|
|
|
|
(42,233)
|
Acquisitions, net of cash acquired
|
|
|
(5,362)
|
|
|
|
-
|
Other
|
|
|
3,236
|
|
|
|
1,114
|
Net cash
flows from investing activities
|
|
|
(42,024)
|
|
|
|
(41,119)
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities
|
|
|
|
|
|
|
|
Principal payments on long-term borrowings
|
|
|
(658)
|
|
|
|
(1,563)
|
Purchase
of treasury shares
|
|
|
-
|
|
|
|
(46,581)
|
Dividends paid
|
|
|
(25,385)
|
|
|
|
(25,604)
|
Other
|
|
|
4,072
|
|
|
|
(8,608)
|
Net cash
flows from financing activities
|
|
|
(21,971)
|
|
|
|
(82,356)
|
Effect of exchange
rates on cash and cash equivalents
|
|
23,133
|
|
|
|
(3,478)
|
Net change in cash
and cash equivalents
|
|
|
93,542
|
|
|
|
301
|
Cash and cash
equivalents - beginning of year
|
|
|
399,948
|
|
|
|
349,074
|
Cash and cash
equivalents - end of period
|
|
|
$
493,490
|
|
|
|
$
349,375
|
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) deferred income tax expense from a
change in U.K. statutory rate, 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 30, 2017, and September 24, 2016, (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. 30,
2017
|
|
Diluted
earnings
per share
|
|
Year-to-Date
Sept. 30, 2017
|
|
Diluted
earnings per
share
|
Net earnings
attributable to Valmont Industries, Inc. - as reported
|
|
|
$
35,208
|
|
$
1.55
|
|
$
119,851
|
|
$
5.28
|
|
|
|
|
|
|
|
|
|
|
Fair market value
adjustment, Delta EMD *
|
|
|
395
|
|
0.02
|
|
395
|
|
0.02
|
|
|
|
|
|
|
|
|
|
|
Net earnings
attributable to Valmont Industries, Inc. - Adjusted
|
|
|
$
35,603
|
|
$
1.56
|
|
$
120,246
|
|
$
5.29
|
Average shares
outstanding (000's) - Diluted
|
|
|
|
|
22,751
|
|
|
|
22,717
|
|
|
|
Third Quarter
Ended Sept. 24,
2016
|
|
Diluted
earnings
per share
|
|
Year-to-Date
Sept. 24, 2016
|
|
Diluted
earnings per
share
|
Net earnings
attributable to Valmont Industries, Inc. - as reported
|
|
|
$
28,173
|
|
$
1.24
|
|
$
103,168
|
|
$
4.54
|
|
|
|
|
|
|
|
|
|
|
Restructuring
expenses
|
|
|
5,065
|
|
0.22
|
|
5,065
|
|
0.22
|
|
|
|
|
|
|
|
|
|
|
Fair market value
adjustment, Delta EMD *
|
|
|
(65)
|
|
-
|
|
970
|
|
0.04
|
|
|
|
|
|
|
|
|
|
|
Total pre-tax
adjustments
|
|
|
$
33,173
|
|
$
1.46
|
|
$
109,203
|
|
$
4.80
|
|
|
|
|
|
|
|
|
|
|
Tax effect of
adjustments
|
|
|
(1,545)
|
|
(0.07)
|
|
(1,545)
|
|
(0.07)
|
|
|
|
|
|
|
|
|
|
|
Deferred tax expense
- Change in U.K. rate
|
|
|
1,860
|
|
0.08
|
|
1,860
|
|
0.08
|
|
|
|
|
|
|
|
|
|
|
Net earnings
attributable to Valmont Industries, Inc. - Adjusted
|
|
|
$
33,488
|
|
$
1.48
|
|
$
109,518
|
|
$
4.82
|
Average shares
outstanding (000's) - Diluted
|
|
|
|
|
22,659
|
|
|
|
22,741
|
|
|
|
|
|
|
|
|
|
|
* The
mark-to-market adjustment for Delta EMD shares is not tax
deductible.
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income
Reconciliation
|
|
|
Third Quarter
Ended Sept. 24,
2016
|
|
Year-to-Date
Sept. 24, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income - as
reported
|
|
|
$
53,240
|
|
$
187,411
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring
expenses
|
|
|
5,065
|
|
5,065
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Operating
Income
|
|
|
58,305
|
|
192,476
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales
|
|
|
610,247
|
|
1,847,101
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income
as a % of Sales
|
|
|
8.7%
|
|
10.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Operating
Income as a % of Sales
|
|
|
9.6%
|
|
10.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
View original
content:http://www.prnewswire.com/news-releases/valmont-reports-third-quarter-2017-results-300539355.html
SOURCE Valmont Industries, Inc.