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Source: Valmont news release

To view the complete report, click here.

Omaha, NE - 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 financial results for the second quarter ended June 27, 2020.

Second Quarter 2020 Highlights (all metrics compared to Second Quarter 2019 unless otherwise noted)

Net Sales of $688.8 million declined 1.7%; excluding $13.7 million of unfavorable currency impacts, sales were similar to last year, as strong growth in Utility Support Structures was offset by lower sales in the Coatings segment due to COVID-19 impacts, as expected

Operating Income of $43.4 million, or 6.3% of sales ($65.7 million or 9.5% adjusted1) compared to $61.5 million or 8.8% of sales last year; profitability improved in all segments except Coatings

Diluted Earnings per Share of $1.06 ($2.00 adjusted1) compared to $1.82; GAAP EPS includes a $16.6 million pre-tax non-cash impairment charge against goodwill and trade names attributed to the Access Systems product line

Generated strong operating cash flow of $88.3 million, driven by operating income and working capital management; cash and cash equivalents were $353.3 million at end of second quarter

Completed two acquisitions in the Irrigation segment; purchased a majority stake in Solbras - Energia Solar do Brasil, and acquired 100% of the assets of PrecisionKing

Received a large lattice structures order of approximately $17.0 million for the North American utility market

Resumed operations at all Valmont manufacturing facilities

Providing key assumptions and indications for the third quarter 2020

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