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1ST QUARTER: VALMONT'S SALES UP 27%, EARNINGS UP 13%: $62.3 MILLION
Source: Valmont Industries news release

OMAHA, Neb.--Valmont Industries, Inc. (NYSE: VMI), a global leader that provides vital infrastructure and advances agricultural productivity while driving innovation through technology, today reported financial results for the first quarter ended March 26, 2022.

First Quarter 2022 Highlights (all metrics compared to First Quarter 2021 unless otherwise noted)

*First Quarter Record Net Sales increased 26.6% to $980.8 million.

*Operating Income increased to $94.8 million, or 9.7% of net sales ($99.0 million or 10.1% adjusted1) compared to $77.2 million or 10.0% of net sales

*First Quarter Record Diluted Earnings per Share (EPS) of $2.90 ($3.07 adjusted1) compared to $2.57

*Record backlog of $1.8 billion, reflecting improved pricing and continued strong market demand across the portfolio

*Announced a 10% quarterly dividend increase, from $0.50 to $0.55 ($2.00 to $2.20 annualized)

*Realigned financial reporting from four reportable segments to two: Infrastructure and Agriculture

*Infrastructure includes the previous segments of Utility Support Structures, Engineered Support Structures and Coatings
Agriculture is a renaming of the previous Irrigation segment
Elevates the focus on capital allocation, technology development and market growth strategies

*Released the Valmont 2022 Sustainability Report and enhanced the Company's dedicated Sustainability website while updating key disclosures and highlighting Valmont products and solutions that support ESG principles

Agriculture (30.9% of Net Sales)

Center pivot and linear irrigation equipment for agricultural markets, including parts and tubular products; advanced technology solutions for precision agriculture

Sales of $306.6 million increased 33.5% year-over-year. Sales growth was led by higher average selling prices of irrigation equipment globally, higher volumes in North American markets and higher technology sales, partially offset by lower international project sales.

Operating Income was $37.5 million, or 12.2% of sales ($41.6 million or 13.7% adjusted1) compared to $38.7 million or 16.9% of sales in 2021. The benefit of higher average selling prices during the quarter was more than offset by higher SG&A, including incremental SG&A from the Prospera acquisition.

To read the entire report click here.


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