Valmont 三季度调整后 EPS $6.24 大超预期(IBES $5.70)并上调全年 EPS 指引，利润率与在手订单强劲

OMAHA, Neb.
--(BUSINESS WIRE)--Oct. 20, 2026--
Valmont
®
Industries, Inc.
(NYSE: VMI), a global leader that provides products and solutions to support vital infrastructure and advance agricultural productivity, today reported financial results for the third quarter ended
September 26, 2026
.
President and Chief Executive Officer
Avner M. Applbaum
commented, “We delivered another quarter of sales and earnings growth. Higher sales in North America Utility and Coatings reinforce our confidence in the strength and durability of the infrastructure market. To support continued infrastructure demand, we are focused on increasing capacity and improving throughput, with a continued focus on reliable delivery and disciplined execution. In Agriculture, we delivered sales growth in
North America
despite broader market softness. Our focus remains on deepening strategic customer relationships and expanding our higher-value aftermarket and technology solutions, positioning the business for stronger growth as market conditions improve.
“Given our results, we are raising our adjusted earnings per share guidance range. As we finish 2026 and prepare for 2027, we are focused on turning our capacity investments into higher throughput and improved productivity across the Infrastructure segment. At the same time, we are taking pricing actions and applying contractual pass-throughs to recover higher steel and zinc costs. The pace of margin expansion depends in part on how quickly input costs stabilize. Strong customer demand in Utility and Coatings, together with our investments and operating improvements across Infrastructure and Agriculture support our confidence in the objectives presented at our 2026 Investor Day.”
Third
Quarter 2026 Highlights
(all metrics compared to Third Quarter 2025 unless otherwise noted)
Net sales increased 5.5% to
$1.10 billion
, compared to
$1.05 billion
Operating income increased 22.2% to
$172.8 million
or 15.7% of net sales, compared to
$141.5 million
or 13.5% of net sales
Diluted earnings per share increased 25.3% to
$6.24
, compared to
$4.98
Generated operating cash flow of
$100.5 million
; cash and cash equivalents were
$122.0 million
and net leverage ratio
1
was ~0.9x
Returned
$97.2 million
to shareholders through
$82.3 million
in share repurchases and
$14.9 million
in dividends
Invested
$45.6 million
in capital expenditures to primarily support growth-related capacity expansion in the North America Utility product line
1
Please see Reg G reconciliation to GAAP measures at end of document
Key Financial Metrics
Third Quarter 2026
GAAP
Adjusted
1
(In thousands, except per-share amounts)
9/26/2026
9/27/2025
9/26/2026
9/27/2025
Q3 2026
Q3 2025
vs. Q3 2025
Q3 2026
Q3 2025
vs. Q3 2025
Net Sales
$
1,103,801
$
1,045,980
5.5%
$
1,103,801
$
1,045,980
5.5%
Gross Profit
331,384
318,246
4.1%
331,384
318,246
4.1%
Gross Profit as a % of
Net Sales
30.0%
30.4%
30.0%
30.4%
Operating Income
172,834
141,456
22.2%
172,834
141,456
22.2%
Operating Income as a % of
Net Sales
15.7%
13.5%
15.7%
13.5%
Net Earnings Attributable to VMI
121,053
99,031
22.2%
121,053
99,031
22.2%
Diluted Earnings per Share
6.24
4.98
25.3%
6.24
4.98
25.3%
Weighted Average Shares Outstanding
19,391
19,876
19,391
19,876
Year-to-Date 2026
GAAP
Adjusted
1
(In thousands, except per-share amounts)
9/26/2026
9/27/2025
9/26/2026
9/27/2025
YTD 2026
YTD 2025
vs. YTD 2025
YTD 2026
YTD 2025
vs. YTD 2025
Net Sales
$
3,251,687
$
3,065,842
6.1%
$
3,251,687
$
3,065,842
6.1%
Gross Profit
989,079
930,515
6.3%
989,079
932,109
6.1%
Gross Profit as a % of
Net Sales
30.4%
30.4%
30.4%
30.4%
Operating Income
494,571
299,046
65.4%
494,571
411,126
20.3%
Operating Income as a % of
Net Sales
15.2%
9.8%
15.2%
13.4%
Net Earnings Attributable to VMI
2
349,004
156,029
123.7%
349,004
283,490
23.1%
Diluted Earnings per Share
17.88
7.80
129.2%
17.88
14.17
26.2%
Weighted Average Shares Outstanding
19,516
20,001
19,516
20,001
2
Fiscal 2025 net earnings attributable to
Valmont Industries, Inc.
including a change in redemption value of redeemable noncontrolling interests of
$26,243
Third Quarter 2026 Segment Review
(all metrics compared to Third Quarter 2025 unless otherwise noted)
Infrastructure
(79.7% of
Net Sales
)
Products and solutions to serve the infrastructure markets of utility, lighting, transportation, and telecommunications, along with coatings services to protect metal products
Sales increased 9.1% to
$882.1 million
, compared to
$808.3 million
.
North America Utility sales increased 23.0%, driven by higher pricing and volumes, supported by strong market demand. North America Coatings sales grew 13.8%, supported by broader infrastructure demand. International sales increased primarily due to pricing actions and favorable foreign currency impacts. These increases were partially offset by significantly lower volumes in North America Telecommunications, reflecting lower carrier spend as customers shifted capital allocation priorities.
Operating income increased to
$154.8 million
or 17.6% of net sales, compared to
$143.4 million
or 17.8% of net sales. Higher pricing and volumes in North America Utility and Coatings were partially offset by higher material costs, primarily steel and zinc, costs associated with ramping Utility capacity, and lower
North America Telecom
volumes.
Agriculture
(20.3% of
Net Sales
)
Center pivot and linear irrigation equipment components for agricultural markets, including aftermarket parts and tubular products, and advanced technology solutions for precision agriculture
Sales decreased 6.4% to
$226.0 million
, compared to
$241.3 million
.
North America
sales increased 15.8%, driven by higher volumes, including storm replacement activity and favorable pricing. International sales decreased 25.3%, primarily due to lower volumes in the
Middle East
and
Brazil
.
Operating income increased to
$40.1 million
or 17.9% of net sales, compared to
$23.2 million
or 9.7% of net sales. Lower credit losses in
Brazil
and higher
North America
volumes contributed to the year-over-year increase, partially offset by lower international volumes.
Full-Year 2026 Financial Outlook and Key Assumptions
The Company is reaffirming its full-year 2026 net sales outlook and raising its adjusted diluted EPS outlook. Key assumptions have also been updated.
Metric
Previous Outlook
Updated Outlook
Net Sales
$4.3
to
$4.45 billion
No change
Infrastructure
Net Sales
$3.4
to
$3.5 billion
No change
Agriculture
Net Sales
$0.9
to
$0.95 billion
No change
Adjusted Diluted Earnings per Share
$22.25
to
$23.50
$22.75
to
$23.75
Capital Expenditures
$170
to
$200 million
No change
Adjusted Effective Tax Rate
~26.0%
No change
Key Assumptions
Steel cost assumptions are aligned with markets as of
October 16, 2026
Foreign currency assumptions are based on FX rates as of
October 16, 2026
This outlook includes the current tariffs as of
October 16, 2026
and assumes no material change to the current trade or tariff environment
A live audio discussion with
Avner M. Applbaum
, President and Chief Executive Officer, and
John Schwietz
, Executive Vice President and Chief Financial Officer, will take place on
Tuesday, October 20, 2026
at
8:00 a.m. CT
. The discussion can be accessed by telephone at +1 877.407.6184 or +1 201.389.0877 (no Conference ID needed) or via webcast at the following link:
Valmont Industries
3Q 2026 Earnings Conference Call
. A slide presentation will be available for download on the
Investors
page of
valmont.com
during the webcast. A replay of the event will be accessible three hours after the call at the above link or by telephone at +1 877.660.6853 or +1 201.612.7415 using access code 13756346. The replay will be available until
10:59 p.m. CT
on
Tuesday, October 27, 2026
.
About Valmont Industries, Inc.
For more than 80 years, Valmont has been a global leader that provides products and solutions to support vital infrastructure and advance agricultural productivity. We are committed to customer-focused innovation that delivers lasting value. Learn more about how we’re
Conserving Resources. Improving Life.
®
at
valmont.com
.
Concerning Forward-Looking Statements
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on assumptions made by management, considering its experience in the industries where Valmont operates, perceptions of historical trends, current conditions, expected future developments, and other relevant factors. It is important to note that these statements are not guarantees of future performance or results. They involve risks, uncertainties (some of which are beyond Valmont’s control), and assumptions. Forward-looking statements may be accompanied by words such as “opportunities,” “estimate,” “outlook,” “clear path,” “target,” “expect,” “plan” and similar expressions. While management believes these forward-looking statements are based on reasonable assumptions as of the date made, numerous factors could cause actual results to differ materially from those anticipated. These factors include, among other things, risks described in Valmont’s reports to the Securities and Exchange Commission (“SEC”), the Company’s actual cash flows and net income, future economic and market circumstances, industry conditions, company performance and financial results, operational efficiencies, availability and price of raw materials, availability and market acceptance of new products, product pricing, domestic and international competitive environments, geopolitical risks, and actions and policy changes by domestic and foreign governments, including tariffs. The Company cautions that any forward-looking statements in this release are made as of its publication date and does not undertake to update these statements, except as required by law.
The Company may provide certain non-GAAP financial measures (adjusted diluted earnings per share and adjusted effective tax rate) on a forward-looking basis from time to time. These measures are typically calculated by excluding the impact of items such as foreign exchange, acquisitions, divestitures, realignment or restructuring expenses, goodwill or intangible asset impairment, changes in tax laws or rates, change in redemption value of redeemable noncontrolling interests, and other non-recurring items. To the extent the Company provides forward-looking non-GAAP financial measures, reconciliations to the most directly comparable GAAP financial measures are not provided, as the Company cannot do so without unreasonable effort due to the inherent uncertainty and difficulty in predicting the timing and financial impact of such items. For the same reasons, the Company cannot assess the likely significance of unavailable information, which could be material to future results.
Website and Social Media Disclosure
The Company uses its website and social media channels, as identified on its website, to distribute company information. Posts on these channels may contain material information. Therefore, investors should monitor these channels alongside the Company’s press releases, SEC filings, and public conference calls and webcasts. The contents of the Company’s website and social media channels are not considered part of this press release.
VALMONT INDUSTRIES, INC.
AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(Dollars and shares in thousands, except per-share amounts)
(Unaudited)
Thirteen weeks ended
Thirty-nine weeks ended
September 26
,
September 27
,
September 26
,
September 27
,
2026
2025
2026
2025
Net sales
$
1,103,801
$
1,045,980
$
3,251,687
$
3,065,842
Cost of sales
772,417
727,734
2,262,608
2,135,327
Gross profit
331,384
318,246
989,079
930,515
Selling, general, and administrative expenses
158,550
176,790
494,508
531,248
Impairment of long-lived assets
—
—
—
91,337
Realignment charges
—
—
—
8,884
Operating income
172,834
141,456
494,571
299,046
Other income (expenses):
Interest expense
(9,306
)
(9,738
)
(28,147
)
(30,396
)
Interest income
1,274
1,588
3,922
6,550
Gain on deferred compensation investments
793
1,187
3,021
2,730
Other, net
(2,310
)
(2,956
)
(2,468
)
(9,361
)
Total other expenses
(9,549
)
(9,919
)
(23,672
)
(30,477
)
Earnings before income taxes and equity method investment loss
163,285
131,537
470,899
268,569
Income tax expense
41,821
30,424
120,925
83,503
Equity method investment loss
—
(21
)
(264
)
(602
)
Net earnings
121,464
101,092
349,710
184,464
Earnings attributable to redeemable noncontrolling interests
(411
)
(2,061
)
(706
)
(2,192
)
Net earnings attributable to
Valmont Industries, Inc.
$
121,053
$
99,031
$
349,004
$
182,272
Weighted average shares outstanding - Basic
19,232
19,736
19,357
19,864
Earnings per share - Basic
$
6.29
$
5.02
$
18.03
$
7.85
1
Weighted average shares outstanding - Diluted
19,391
19,876
19,516
20,001
Earnings per share - Diluted
$
6.24
$
4.98
$
17.88
$
7.80
1
Cash dividends per share
$
0.77
$
0.68
$
2.31
$
2.04
1
Fiscal 2025 basic and diluted earnings per share include a change in redemption value of redeemable noncontrolling interests of
$26,243
VALMONT INDUSTRIES, INC.
AND SUBSIDIARIES
SUMMARY OPERATING RESULTS
(Dollars in thousands)
(Unaudited)
Thirteen weeks ended
Thirty-nine weeks ended
September 26
,
September 27
,
September 26
,
September 27
,
2026
2025
2026
2025
Infrastructure
Net sales
$
879,586
$
806,562
$
2,559,484
$
2,273,145
Gross profit
255,371
239,426
764,202
680,184
as a percentage of net sales
29.0
%
29.7
%
29.9
%
29.9
%
Selling, general, and administrative expenses
100,532
96,049
311,964
302,899
as a percentage of net sales
11.4
%
11.9
%
12.2
%
13.3
%
Impairment of long-lived assets
—
—
—
89,356
Realignment charges
—
—
—
1,426
Operating income
154,839
143,377
452,238
286,503
as a percentage of net sales
17.6
%
17.8
%
17.7
%
12.6
%
Agriculture
Net sales
$
224,215
$
239,418
$
692,203
$
792,697
Gross profit
76,013
78,820
224,877
250,331
as a percentage of net sales
33.9
%
32.9
%
32.5
%
31.6
%
Selling, general, and administrative expenses
35,864
55,631
111,342
149,987
as a percentage of net sales
16.0
%
23.2
%
16.1
%
18.9
%
Impairment of long-lived assets
—
—
—
1,981
Realignment charges
—
—
—
2,886
Operating income
40,149
23,189
113,535
95,477
as a percentage of net sales
17.9
%
9.7
%
16.4
%
12.0
%
Corporate
Selling, general, and administrative expenses
$
22,154
$
25,110
$
71,202
$
78,362
Realignment charges
—
—
—
4,572
Operating loss
(22,154
)
(25,110
)
(71,202
)
(82,934
)
VALMONT INDUSTRIES, INC.
AND SUBSIDIARIES
SUMMARY OPERATING RESULTS
(Dollars in thousands)
(Unaudited)
In the first quarter of fiscal 2026, the Company revised its product line presentation to better reflect how the business is currently managed. Within the Infrastructure segment, product lines are now presented as North America Utility, North America Lighting and Transportation, North America Coatings, North America Telecommunications, and International Infrastructure and Solar, replacing the previous presentation of Utility, Lighting and Transportation, Coatings, Telecommunications, and Solar. Within the Agriculture segment, product lines are now presented as Agriculture, replacing the previous presentation of Irrigation Equipment and Parts and Technology Products and Services. The prior period product line amounts have been recast to conform to the current period presentation.
Thirteen weeks ended
September 26, 2026
Infrastructure
Agriculture
Intersegment
Consolidated
Geographical Market:
North America
$
721,751
$
128,920
$
(4,285
)
$
846,386
International
160,338
97,077
—
257,415
Total sales
$
882,089
$
225,997
$
(4,285
)
$
1,103,801
Product Line:
North America Utility
$
469,622
$
—
$
—
$
469,622
North America Lighting and Transportation
127,471
—
—
127,471
North America Coatings
69,713
—
(2,503
)
67,210
North America Telecommunications
54,885
—
—
54,885
International Infrastructure and Solar
160,398
—
—
160,398
Agriculture
—
225,997
(1,782
)
224,215
Total sales
$
882,089
$
225,997
$
(4,285
)
$
1,103,801
Thirteen weeks ended
September 27, 2025
Infrastructure
Agriculture
Intersegment
Consolidated
Geographical Market:
North America
$
656,285
$
111,334
$
(3,638
)
$
763,981
International
152,000
130,004
(5
)
281,999
Total sales
$
808,285
$
241,338
$
(3,643
)
$
1,045,980
Product Line:
North America Utility
$
381,657
$
—
$
—
$
381,657
North America Lighting and Transportation
130,369
—
—
130,369
North America Coatings
61,251
—
(1,718
)
59,533
North America Telecommunications
82,926
—
—
82,926
International Infrastructure and Solar
152,082
—
(5
)
152,077
Agriculture
—
241,338
(1,920
)
239,418
Total sales
$
808,285
$
241,338
$
(3,643
)
$
1,045,980
VALMONT INDUSTRIES, INC.
AND SUBSIDIARIES
SUMMARY OPERATING RESULTS
(Dollars in thousands)
(Unaudited)
Thirty-nine weeks ended
September 26, 2026
Infrastructure
Agriculture
Intersegment
Consolidated
Geographical Market:
North America
$
2,103,093
$
407,670
$
(11,956
)
$
2,498,807
International
463,858
289,022
—
752,880
Total sales
$
2,566,951
$
696,692
$
(11,956
)
$
3,251,687
Product Line:
North America Utility
$
1,350,544
$
—
$
—
$
1,350,544
North America Lighting and Transportation
376,625
—
—
376,625
North America Coatings
201,884
—
(7,467
)
194,417
North America Telecommunications
173,374
—
—
173,374
International Infrastructure and Solar
464,524
—
—
464,524
Agriculture
—
696,692
(4,489
)
692,203
Total sales
$
2,566,951
$
696,692
$
(11,956
)
$
3,251,687
Thirty-nine weeks ended
September 27, 2025
Infrastructure
Agriculture
Intersegment
Consolidated
Geographical Market:
North America
$
1,849,918
$
391,292
$
(12,079
)
$
2,229,131
International
430,113
406,737
(139
)
836,711
Total sales
$
2,280,031
$
798,029
$
(12,218
)
$
3,065,842
Product Line:
North America Utility
$
1,055,681
$
—
$
—
$
1,055,681
North America Lighting and Transportation
388,257
—
—
388,257
North America Coatings
176,143
—
(6,747
)
169,396
North America Telecommunications
224,063
—
—
224,063
International Infrastructure and Solar
435,887
—
(139
)
435,748
Agriculture
—
798,029
(5,332
)
792,697
Total sales
$
2,280,031
$
798,029
$
(12,218
)
$
3,065,842
VALMONT INDUSTRIES, INC.
AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
(Unaudited)
September 26
,
December 27
,
2026
2025
ASSETS
Current assets:
Cash and cash equivalents
$
122,045
$
187,140
Receivables, net
651,738
590,127
Inventories
644,813
566,396
Contract assets
303,996
266,922
Prepaid expenses and other current assets
112,744
109,063
Total current assets
1,835,336
1,719,648
Property, plant, and equipment, net
716,289
673,863
Goodwill
and other non-current assets
989,249
975,818
Total assets
$
3,540,874
$
3,369,329
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS, AND SHAREHOLDERS' EQUITY
Current liabilities:
Current installments of long-term debt
$
152
$
513
Mandatorily redeemable financial instrument
—
8,922
Accounts payable
406,475
359,539
Accrued expenses
265,392
284,751
Contract liabilities
64,911
52,013
Income taxes payable
9,306
12,604
Dividends payable
14,737
13,278
Total current liabilities
760,973
731,620
Long-term debt, excluding current installments
756,141
795,150
Operating lease liabilities
139,358
130,007
Other non-current liabilities
115,545
70,267
Total liabilities
1,772,017
1,727,044
Redeemable noncontrolling interests
9,236
9,498
Shareholders' equity
1,759,621
1,632,787
Total liabilities, redeemable noncontrolling interests, and shareholders' equity
$
3,540,874
$
3,369,329
VALMONT INDUSTRIES, INC.
AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in thousands)
(Unaudited)
Thirty-nine weeks ended
September 26
,
September 27
,
2026
2025
Cash flows from operating activities:
Net earnings
$
349,710
$
184,464
Depreciation and amortization
72,860
65,429
Contribution to defined benefit pension plan
(886
)
(3,155
)
Impairment of long-lived assets
9,629
91,337
Changes in assets and liabilities
(127,397
)
(18,745
)
Other, net
48,159
25,913
Net cash flows from operating activities
352,075
345,243
Cash flows from investing activities:
Purchases of property, plant, and equipment
(116,077
)
(104,230
)
Acquisitions, net of cash acquired
(11,470
)
—
Other, net
5,676
(81
)
Net cash flows from investing activities
(121,871
)
(104,311
)
Cash flows from financing activities:
Net repayments on short-term borrowings
—
(1,652
)
Proceeds from long-term borrowings
120,665
130,000
Principal repayments on long-term borrowings
(160,590
)
(130,531
)
Dividends paid
(43,091
)
(39,085
)
Purchases of redeemable noncontrolling interests
(8,922
)
(14,624
)
Repurchases of common stock
(199,859
)
(125,839
)
Other, net
(4,210
)
(4,438
)
Net cash flows from financing activities
(296,007
)
(186,169
)
Effect of exchange rates on cash and cash equivalents
708
7,029
Net change in cash and cash equivalents
(65,095
)
61,792
Cash and cash equivalents—beginning of period
187,140
164,315
Cash and cash equivalents—end of period
$
122,045
$
226,107
VALMONT INDUSTRIES, INC.
AND SUBSIDIARIES
USE OF NON-GAAP FINANCIAL MEASURES
Management utilizes non-GAAP financial measures to assess the Company’s historical and prospective financial performance, evaluate operational profitability on a consistent basis, factor into executive compensation decisions, and enhance transparency for the investment community. These non-GAAP measures are intended to supplement, not replace, the Company’s reported financial results prepared in accordance with GAAP. It is important to note that other companies may calculate these measures differently, which can limit their usefulness for comparison across organizations.
The following non-GAAP measures may be included in financial releases and other financial communications:
Adjusted Gross Profit, Adjusted Gross Margin, Adjusted Operating Income, Adjusted Operating Margin, Adjusted Net Earnings, Adjusted Diluted EPS, and Adjusted Effective Tax Rate:
These metrics provide meaningful supplemental insights into the Company’s operating performance by excluding items that are not considered part of core operating results. This approach enhances comparability across reporting periods. Adjustments may include costs or benefits associated with acquisitions, divestitures, expenses related to realignment or restructuring programs, goodwill or intangible asset impairment, significant expenses or benefits from changes in tax laws or rates, cumulative effects of changes in accounting standards, refinancing-related expenses, a loss or a gain from a partial or full settlement of the
U.K
. defined benefit pension plan obligation, losses from natural disasters, change in redemption value of redeemable noncontrolling interests, and other non-recurring items.
Adjusted EBITDA:
This metric is a key component of a financial ratio included in the covenants of our major debt agreements. It is calculated as net earnings before interest, taxes, depreciation, amortization, stock-based compensation, and other adjustments as outlined in the applicable debt agreements. This metric offers investors and analysts valuable insights into the Company’s core operating performance. Adjusted EBITDA margin is also used to evaluate profitability.
Leverage Ratio:
This ratio is calculated by taking the sum of interest-bearing debt, minus unrestricted cash in excess of
$50.0 million
(but not exceeding
$500.0 million
), and dividing it by Adjusted EBITDA. This is a key financial ratio included in the covenants of our major debt agreements and is calculated on a rolling four-fiscal-quarter basis. The revolving credit facility requires us to maintain a financial leverage ratio of 3.50 or lower, measured as of the last day of each fiscal quarter.
Free Cash Flow:
Calculated as net cash provided by operating activities minus capital expenditures, free cash flow serves as an indicator of the Company’s financial strength. However, this measure does not fully reflect the Company’s ability to deploy cash freely, as it has obligations such as debt repayments and other fixed commitments.
Backlog:
This operating measure is used to evaluate future potential sales revenue. An order is included in the backlog upon receipt of a customer purchase order or the execution of a sales order contract. Backlog is particularly relevant to the Infrastructure segment due to the longer-term nature of its projects. However, backlog is not a term defined under
U.S
. GAAP and does not measure contract profitability. It should not be viewed as the sole indicator of future revenue, as many projects with short lead times book-and-bill within the same reporting period and are not included in the backlog.
ROIC:
Return on invested capital (“ROIC”) and adjusted ROIC are key operating ratios that enable investors to assess our operating performance relative to the investment needed to generate operating profit. ROIC is calculated as after-tax operating income divided by the average of beginning and ending invested capital. Adjusted ROIC is calculated as after-tax adjusted operating income divided by the average of beginning and ending invested capital. Invested capital represents total assets minus total liabilities (excluding interest-bearing debt and redeemable noncontrolling interests).
VALMONT INDUSTRIES, INC.
AND SUBSIDIARIES
SUMMARY OF EFFECT OF SIGNIFICANT NON-RECURRING ITEMS ON REPORTED RESULTS
REGULATION G RECONCILIATION
(Dollars in thousands)
(Unaudited)
Thirteen weeks ended
September 27, 2025
Gross Profit Reconciliation
Infrastructure
Agriculture
Corporate
Consolidated
Gross profit - as reported
$
239,426
$
78,820
$
—
$
318,246
Adjusted gross profit
$
239,426
$
78,820
$
—
$
318,246
Net sales - as reported
806,562
239,418
—
1,045,980
Gross profit as a % of net sales
29.7
%
32.9
%
NM
30.4
%
Adjusted gross profit as a % of net sales
29.7
%
32.9
%
NM
30.4
%
Thirty-nine weeks ended
September 27, 2025
Gross Profit Reconciliation
Infrastructure
Agriculture
Corporate
Consolidated
Gross profit - as reported
$
680,184
$
250,331
$
—
$
930,515
Realignment charges
910
—
—
910
Other non-recurring charges
—
684
—
684
Adjusted gross profit
$
681,094
$
251,015
$
—
$
932,109
Net sales - as reported
2,273,145
792,697
—
3,065,842
Gross profit as a % of net sales
29.9
%
31.6
%
NM
30.4
%
Adjusted gross profit as a % of net sales
30.0
%
31.7
%
NM
30.4
%
VALMONT INDUSTRIES, INC.
AND SUBSIDIARIES
SUMMARY OF EFFECT OF SIGNIFICANT NON-RECURRING ITEMS ON REPORTED RESULTS
REGULATION G RECONCILIATION
(Dollars in thousands)
(Unaudited)
Thirteen weeks ended
September 27, 2025
Operating Income (Loss) Reconciliation
Infrastructure
Agriculture
Corporate
Consolidated
Operating income (loss) - as reported
$
143,377
$
23,189
$
(25,110
)
$
141,456
Adjusted operating income (loss)
$
143,377
$
23,189
$
(25,110
)
$
141,456
Net sales - as reported
806,562
239,418
—
1,045,980
Operating income (loss) as a % of net sales
17.8
%
9.7
%
NM
13.5
%
Adjusted operating income (loss) as a % of net sales
17.8
%
9.7
%
NM
13.5
%
Thirty-nine weeks ended
September 27, 2025
Operating Income (Loss) Reconciliation
Infrastructure
Agriculture
Corporate
Consolidated
Operating income (loss) - as reported
$
286,503
$
95,477
$
(82,934
)
$
299,046
Impairment of long-lived assets
89,356
1,981
—
91,337
Realignment charges
2,336
2,886
4,572
9,794
Other non-recurring charges
7,031
3,918
—
10,949
Adjusted operating income (loss)
$
385,226
$
104,262
$
(78,362
)
$
411,126
Net sales - as reported
2,273,145
792,697
—
3,065,842
Operating income (loss) as a % of net sales
12.6
%
12.0
%
NM
9.8
%
Adjusted operating income (loss) as a % of net sales
16.9
%
13.2
%
NM
13.4
%
VALMONT INDUSTRIES, INC.
AND SUBSIDIARIES
SUMMARY OF EFFECT OF SIGNIFICANT NON-RECURRING ITEMS ON REPORTED RESULTS
REGULATION G RECONCILIATION
(Dollars in thousands)
(Unaudited)
Thirteen
Thirty-nine
weeks ended
Diluted
weeks ended
Diluted
September 27
,
earnings
September 27
,
earnings
2025
per share
1
2025
per share
1
Net earnings attributable to
Valmont Industries
,
Inc. including change in redemption value of
redeemable noncontrolling interests - as reported
$
99,031
$
4.98
$
156,029
$
7.80
Less: Change in redemption value of redeemable
noncontrolling interests
—
—
26,243
1.31
Net earnings attributable to
Valmont Industries, Inc.
99,031
4.98
182,272
9.11
Impairment of long-lived assets
3
—
—
91,337
4.57
Realignment charges
4
—
—
9,794
0.49
Other non-recurring charges
5
—
—
10,949
0.55
Total adjustments, pre-tax
—
—
112,080
5.60
Tax effect of adjustments
2
—
—
(10,862
)
(0.54
)
Net earnings attributable to
Valmont Industries, Inc.
-
adjusted
$
99,031
$
4.98
$
283,490
$
14.17
Average shares outstanding - diluted
19,876
20,001
1
Diluted earnings per share includes rounding.
2
The tax effect of adjustments is calculated based on the income tax rate in each applicable jurisdiction.
3
The Company recorded non-cash impairment charges of
$71.1 million
for goodwill and certain intangible assets in the Solar and Access Systems businesses and recorded
$20.2 million
for other long-lived assets that will no longer be utilized.
4
The Company took realignment actions resulting in pre-tax charges of
$9.8 million
, primarily severance-related.
5
Other non-recurring charges consist of costs to fulfill contractually required payments for system licenses no longer needed and asset valuation adjustments for a joint venture ag solar business.
VALMONT INDUSTRIES, INC.
AND SUBSIDIARIES
REGULATION G RECONCILIATION OF ADJUSTED EBITDA
(Dollars in thousands)
(Unaudited)
Four fiscal quarters ended
September 26
,
2026
Net cash flows from operating activities
$
463,316
Interest expense
38,293
Income tax expense
61,286
Impairment of long-lived assets
(9,629
)
Deferred income taxes
(4,458
)
Redeemable noncontrolling interests
(1,929
)
Net periodic pension cost
(3,481
)
Contribution to defined benefit pension plan
890
Changes in assets and liabilities
191,076
Other, net
(255
)
Impairment of long-lived assets
9,629
Realignment activities
6,272
Pro forma acquisition adjustment
2,030
Adjusted EBITDA
$
753,040
Net earnings attributable to
Valmont Industries, Inc.
$
517,005
Interest expense
38,293
Income tax expense
61,286
Depreciation and amortization
95,940
Stock-based compensation
22,585
Impairment of long-lived assets
9,629
Realignment activities
6,272
Pro forma acquisition adjustment
2,030
Adjusted EBITDA
$
753,040
VALMONT INDUSTRIES, INC.
AND SUBSIDIARIES
REGULATION G RECONCILIATION OF LEVERAGE RATIO
(Dollars in thousands)
(Unaudited)
September 26
,
2026
Interest-bearing debt, excluding origination fees and discounts of
$24,335
$
780,628
Less: Cash and cash equivalents in excess of
$50,000
72,045
Net indebtedness
$
708,583
Adjusted EBITDA
753,040
Leverage ratio
0.94
VALMONT INDUSTRIES, INC.
AND SUBSIDIARIES
BACKLOG
(Dollars in millions)
(Unaudited)
September 26
,
December 27
,
2026
2025
Infrastructure
$
1,808.2
$
1,548.3
Agriculture
199.6
105.4
Total backlog
$
2,007.8
$
1,653.7
View source version on
businesswire.com
:
https://www.businesswire.com/news/home/20261020569835/en/
Renee Campbell
renee.campbell@valmont.com
Source:
Valmont Industries, Inc.