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Valmont Reports Fourth Quarter and Full Year 2018 Results

DRUCKEN

OMAHA, Neb., Feb. 20, 2019 /PRNewswire/ -- 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 fourth quarter and full year ended December 29, 2018.

(PRNewsfoto/Valmont Industries, Inc.)

Fourth Quarter 2018 Highlights (all metrics compared to fourth quarter 2017 unless otherwise noted)

  • Revenues of $697.4 million declined 2.5%, as higher sales in the Engineered Support Structures and Coatings segments were offset by lower project sales in the Utility segment and International Irrigation markets, and $13.0 million of unfavorable currency translation impact
  • GAAP operating income was $36.3 million or 5.2% of sales; adjusted1 operating income of $66.1 million, or 9.5% of sales was 3.5% higher
  • 2018 GAAP diluted EPS was $0.80 in 2018 compared to ($0.16) in 2017; adjusted1 diluted EPS was $1.87 in 2018 compared to $1.67, an increase of 12.0%
  • Strong operating cash flow of $85.0 million, improved considerably over prior quarters
  • Repurchased 229,000 shares of company stock for $27.9 million, at an average price of $121.87 per share
  • As part of our Operations Transformation, the Company is ceasing manufacturing at a Utility structures facility in Hazleton, PA, curtailing operations at an Engineered Support Structures facility in the EMEA region, and exiting the industrial product line in its Access Systems business

Full Year 2018 Highlights (all metrics compared to full year 2017 unless otherwise noted)

  • Full Year revenues of $2.8 billion were slightly higher, led by sales growth in the Engineered Support Structures and Coatings segments
    • Higher average selling prices later in the year across all segments were offset by lower International Irrigation volumes, and lower Utility volumes due to smaller structure sizes
  • GAAP operating income was $202.3 million or 7.3% of sales; adjusted1 operating income was $269.4 million, or 9.8% of sales, comparable to last year
    • Operating income growth was partially offset by approximately $10.0 million of LIFO inventory valuation expense, $4.2 million more than 2017
  • GAAP diluted EPS was $4.20, a decrease of 17.8%; adjusted1 diluted EPS of $7.59 increased 8.9%; the impact of LIFO expense decreased full-year EPS by $0.33
  • Deployed $143.0 million of cash for six acquisitions; 2018 ending cash was $313.2 million
  • Returned $149.0 million of capital to shareholders through share repurchases and dividends
  • Substantially completed the previously-announced 2018 Operations Transformation. Total expenses were $42.0 million ($29.0 million cash, $13.0 million non-cash), resulting in 2018 savings of $9.0 million

Key Financial Metrics

Fourth Quarter 2018

GAAP


Adjusted1


12/29/2018

  4Q 2018


12/30/2017

4Q 2017

vs. 4Q 2017


12/29/2018

  Q4 2018


12/30/2017

4Q 2017

vs. 4Q 2017

Net Sales

$697,363


$714,978

(2.5)%


$697,363


$714,978

(2.5)%

Operating Income

36,290


63,885

(43.2)%


66,123


63,885

3.5%

Operating Income as a % of Net Sales

5.2%


8.9%



9.5%


8.9%


Net Earnings

17,662


(3,611)

NM


41,345


38,166

8.3%

Diluted Earnings Per Share

$

0.80


$

(0.16)

NM


$

1.87


$

1.67

12.0%

Average Shares Outstanding

22,061


22,565

















Full Year 2018

GAAP


Adjusted1


12/29/2018

FY 2018


12/30/2017

FY 2018

vs. FY 2017


12/29/2018

FY 2018


12/30/2017

FY 2018

vs. FY 2017

Net Sales

$

2,757,144


$

2,745,967

0.4%


$

2,757,144


$

2,745,967

0.4%

Operating Income

202,280


267,080

(24.3)%


269,395


267,080

0.9%

Operating Income as a % of Net Sales

7.3%


9.7%



9.8%


9.7%


Net Earnings

94,351


116,240

(18.8)%


170,369


158,412

7.5%

Diluted Earnings Per Share

$

4.20


$

5.11

(17.8)%


$

7.59


$

6.97

8.9%

Average Shares Outstanding

22,446


22,738







"Our performance in the fourth quarter was in line with our expectations," said Stephen G. Kaniewski, President and Chief Executive Officer. "As promised, profitability in the Engineered Support Structures segment, as adjusted, increased significantly, from solid pricing actions to recover steel cost inflation. North America Irrigation sales grew 9.0% despite continued low net farm income levels. We are pleased with the considerable operating income improvement in our Utility business compared to last quarter, and our Coatings business delivered solid results. As expected, we had strong cash generation during the quarter and continued executing on opportunistic share repurchases while completing our sixth acquisition of the year."

Kaniewski continued, "Despite significant headwinds in 2018, our teams successfully delivered revenue growth and solid operating income results. We largely completed our Operations Transformation, entering 2019 with a more lean and simplified business model, positioning our businesses for strategic growth opportunities. Return on invested capital improved despite a high inflationary environment, and we demonstrated our commitment to balanced capital deployment through acquisitions and capital investments that supported market growth."

Fourth Quarter 2018 Segment Review

Infrastructure

Engineered Support Structures Segment (37% of Sales)

Poles, towers and components for the global lighting, traffic and wireless communication markets, engineered access systems, integrated structure solutions for smart cities, and highway safety products

Sales of $259.7 million increased 3.8% versus prior year, led by pricing across the segment  and higher volumes in North America. Significantly lower wireless communication volumes in China, and unfavorable currency translation, impacted sales.

In North America, lighting and traffic product sales were higher, primarily driven by pricing actions, and higher volumes from ongoing investment by federal and state governments. In Europe, sales were lower due to lower volumes and unfavorable currency translation, partially offset by price recovery of steel cost inflation. Higher sales of highway safety products was led by governments' continued safe-road investments in India and Australia.

Wireless communication and components sales were lower compared to last year, primarily from lower volumes in China.

Sales of Access Systems products were similar to 2017.

GAAP operating loss of $1.6 million is not meaningful as a percentage of sales. Adjusted operating income1 was $20.2 million or 7.8% of sales. For 2017, operating income was $16.3 million, or 6.5% of sales. Profitability improvement, on an adjusted basis, was led by higher North America volumes and restructuring benefits, partially offset by lower volumes in China.

Utility Support Structures Segment (33% of Sales)

Steel and concrete structures for global utility transmission, distribution and generation applications, renewable energy generation equipment, and inspection services

Revenues of $233.3 million decreased 4.1% compared to last year. Sales were lower due to a sizable project that did not repeat, and a less favorable product mix in North America. Revenues in the offshore wind business were comparable to 2017.

Operating income was $18.5 million or 7.9% of sales ($25.9 million adjusted1 or 11.1% of sales) compared to $28.4 million, or 11.7% of sales in 2017. Results were negatively impacted by a continued competitive pricing environment in the offshore wind business.

Coatings Segment (10% of Sales)

Global galvanizing, painting and anodizing services to preserve and protect metal products

Global sales of $86.4 million grew 4.0% versus prior year. Sales grew from pricing actions taken earlier in the year to recover zinc cost increases, and firm industrial demand.

Operating income was $14.2 million or 16.5% of sales ($14.6 million adjusted1 or 16.9% of sales), compared to $14.1 million or 17.0% of sales in 2017.

Agriculture

Irrigation Segment (20% of Sales)

Agricultural  irrigation  equipment,  parts,  services  and  tubular  products,  water  management solutions, and technology for precision agriculture

Global sales of $142.6 million were 4.6% lower than last year.

North America sales of $84.8 million grew 9.0% compared to 2017. Despite continued low net farm income levels, revenue from acquisitions completed in 2018, and growers' increased adoption of advanced, integrated technology solutions, contributed to sales growth.

International irrigation sales of $57.8 million were down 20.0% compared to last year. Lower project sales in emerging markets that did not repeat this year, and unfavorable currency translation impacts of $3.4 million, led to the sales decrease.

Segment operating income was $14.8 million, or 10.4% of sales, compared to $18.3 million, or 12.2% of sales in 2017. Price recovery of steel cost inflation was more than offset by lower project volumes and currency translation impacts.

2018 Operations Transformation

In 2018, the Company announced an initiative to transform its operational business model. This transformation, primarily within the Engineered Support Structures segment, was substantially completed at the end of 2018. These actions resulted in the closure of five facilities in 2018, including three in China, and the closure of two additional facilities by the end of Q2 2019. $9.0 million of savings was recovered in 2018, with an additional $11.0 million expected to be recovered on an accelerated basis throughout 2019, and the remaining $9.0 million to be recovered in 2020.

2019 Annual Financial Outlook and Key Metrics

2019 Full Year Financial Outlook

Diluted Earnings per Share

$8.10 - $8.90

Revenue Growth2

7% - 8%

Operating Margin Improvement

20 - 50 bps

Global Effective Tax Rate

~ 25%

Capital Expenditures

$90 - $100 million

2019 Key Assumptions

  • Revenue Growth Evenly Divided Between Organic and Completed Acquisitions
  • Unfavorable Foreign Exchange Translation Impact of ~ 1% of Sales
  • Raw Material Costs Expected to be Flat to Slightly Deflationary

"We have a positive outlook for 2019, with sales and earnings growth driven by solid market demand, and supported by backlogs across our businesses," said Mr. Kaniewski. "In Engineered Support Structures, continued government investments in infrastructure development and 5G site preparation are driving higher sales. In the Utility segment, strong market demand from ongoing investments in grid hardening and renewable energy sources will drive sales growth. North America Irrigation markets will continue to be muted by low projected net farm income levels, and low commodity prices. International irrigation project activity in emerging markets is expected to accelerate throughout the year, and we anticipate an improved market environment in Brazil. Global industrial economic growth will drive higher sales in our Coatings business."

Added Mr. Kaniewski, "Growth from acquisitions, and a more simplified operational business model, will further our strategy of addressable market expansion and increased profitability. We expect free cash flow and return on invested capital results to be aligned with our long-term financial goals. Our recently-announced partnership with Prospera Technologies is a significant first step toward advancing our strategy of integrating artificial intelligence with center pivot irrigation."

A live audio discussion with Stephen G. Kaniewski, President and Chief Executive Officer, and Mark C. Jaksich, Executive Vice President and Chief Financial Officer, will be accessible by telephone on Thursday, February 21, 2019 at 8:00 am CST, by dialing 1-877-407-6184 or 1-201-389-0877 (no Conference ID needed), or via webcast by pointing browsers to this link: Valmont Industries Q4 2018 Earnings Conference Call. A slide presentation will simultaneously be available on the Investors page at www.valmont.com. A replay of the event can be accessed two hours after the call at the above link or by telephone at 1-877-660-6853 or 1-201-612-7415. Please use conference identification number 13684640. The replay will be available through 10:59 p.m. CST on February 28, 2019.

Valmont is a global leader, designing and manufacturing 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 irrigation equipment and services 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.

1 Please see Reg G reconciliation of GAAP operating income, net earnings and EPS to Adjusted figures at end of document
2 Excludes additional acquisitions in 2019

VALMONT INDUSTRIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

(Dollars in thousands, except per share amounts)

(unaudited)



Fourth Quarter


Year-to-Date


13 Weeks Ended


Year Ended










29-Dec-18


30-Dec-17


29-Dec-18


30-Dec-17

Net sales

$

697,363



$

714,978



$

2,757,144



$

2,745,967


Cost of sales

547,662



544,689



2,098,864



2,064,199


Gross profit

149,701



170,289



658,280



681,768


Selling, general and administrative expenses

113,411



106,404



456,000



414,688


Operating income

36,290



63,885



202,280



267,080


Other income (expense)








Interest expense

(10,418)



(11,333)



(44,237)



(44,645)


Interest income

955



1,532



4,668



4,737


Costs associated with refinancing of debt





(14,820)




Loss from divestiture of grinding media business (Donhad)





(6,084)




Other

(1,565)



88



1,634



1,292



(11,028)



(9,713)



(58,839)



(38,616)


Earnings before income taxes

25,262



54,172



143,441



228,464


Income tax expense

7,107



55,802



43,135



106,145


Net earnings

18,155



(1,630)



100,306



122,319


Less: Earnings attributable to non-controlling interests

(493)



(1,981)



(5,955)



(6,079)


Net earnings attributable to Valmont Industries, Inc.

$

17,662



$

(3,611)



$

94,351



$

116,240










Average shares outstanding (000's) - Basic

21,961



22,565



22,306



22,520


Earnings per share - Basic

$

0.80



$

(0.16)



$

4.23



$

5.16










Average shares outstanding (000's) - Diluted

22,061



22,565



22,446



22,738


Earnings per share - Diluted

$

0.80



$

(0.16)



$

4.20



$

5.11










Cash dividends per share

$

0.375



$

0.375



$

1.500



$

1.500


 

VALMONT INDUSTRIES, INC. AND SUBSIDIARIES

SUMMARY OPERATING RESULTS

(Dollars in thousands)

(unaudited)



Fourth Quarter


Year-to-Date


13 Weeks Ended


Year Ended


29-Dec-18


30-Dec-17


29-Dec-18


30-Dec-17

Net sales








Engineered Support Structures

$

259,691



$

250,087



$

986,880



$

938,102


Utility Support Structures

233,323



243,437



859,173



859,115


Coatings

86,399



83,049



353,351



318,891


Infrastructure products

579,413



576,573



2,199,404



2,116,108


Irrigation

142,602



149,490



633,666



652,430


Other



15,834



23,080



76,300


Less: Intersegment sales

(24,652)



(26,919)



(99,006)



(98,871)


Total

$

697,363



$

714,978



$

2,757,144



$

2,745,967










Operating Income








Engineered Support Structures

$

(1,635)



$

16,258



$

34,776



$

62,960


Utility Support Structures

18,468



28,400



64,766



97,853


Coatings

14,217



14,088



55,325



50,179


Infrastructure products

31,050



58,746



154,867



210,992


Irrigation

14,805



18,302



97,722



101,498


Other



(1,594)



(913)



2,134


Adjustment to LIFO inventory valuation method

(4,380)



(2,841)



(9,892)



(5,680)


Corporate

(5,185)



(8,728)



(39,504)



(41,864)


Total

$

36,290



$

63,885



$

202,280



$

267,080


The backlog of orders for the principal products manufactured and marketed was $644.7 million at the end of the 2018 fiscal year and $670.0 million at the end of the 2017 fiscal year. An order is reported in our backlog upon receipt of a purchase order from the customer or execution of a sales order contract. We anticipate that most of the 2018 backlog of orders will be filled during fiscal year 2019. At year-end, the segments with backlog were as follows (dollar amounts in millions):


12/29/2018


12/30/2017

Engineered Support Structures

$

257.4



$

204.1


Utility Support Structures

325.9



359.1


Irrigation

59.7



100.1


Coatings

1.7



0.1


Other



6.6



$

644.7



$

670.0


Valmont has aggregated its business segments into four global reportable segments as follows.

Engineered Support Structures: This segment consists of the manufacture of engineered metal and composite poles, towers, and components for global lighting, traffic, and wireless communication markets, engineered access systems, integrated structure solutions for smart cities, and highway safety products.

Utility Support Structures: This segment consists of the manufacture of engineered steel and concrete structures for the global utility transmission, distribution, and generation applications, renewable energy generation equipment, and inspection services.

Coatings: This segment consists of global galvanizing, painting and anodizing services.

Irrigation: This segment consists of the global manufacture of agricultural irrigation equipment, parts, services, tubular products, water management solutions, and technology for precision agriculture.

In addition to these four reportable segments, the Company had other businesses and activities that individually are not more than 10% of consolidated sales, operating income or assets. This includes the manufacture of forged steel grinding media and is reported in the "Other" category until its divestiture.

VALMONT INDUSTRIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollars in thousands)

(unaudited)



29-Dec-18


30-Dec-17

ASSETS




Current assets:




Cash and cash equivalents

$

313,210



$

492,805


Accounts receivable, net

483,963



503,677


Inventories

383,566



420,948


Contract asset - costs and profits in excess of billings

112,525



16,165


Prepaid expenses

42,800



27,478


Refundable and deferred income taxes

4,576



11,492


Total current assets

1,340,640



1,472,565


Property, plant and equipment, net

513,992



518,928


Goodwill and other assets

675,642



610,757



$

2,530,274



$

2,602,250






LIABILITIES AND SHAREHOLDERS' EQUITY




Current liabilities:




Current installments of long-term debt

$

779



$

966


Notes payable to banks

10,678



161


Accounts payable

218,115



227,906


Accrued expenses

171,233



165,455


Dividend payable

8,230



8,510


Total current liabilities

409,035



402,998


Long-term debt, excluding current installments

741,822



753,888


Other long-term liabilities

243,894



293,569


Shareholders' equity

1,135,523



1,151,795



$

2,530,274



$

2,602,250


 

VALMONT INDUSTRIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Dollars in thousands)

(unaudited)



YTD


YTD


29-Dec-18


30-Dec-17

Cash flows from operating activities




Net Earnings

$

100,306



$

122,319


Depreciation and amortization

82,827



84,957


Impairment of long-lived assets

28,724




Loss from divestiture of grinding media business

6,084




Contribution to defined benefit pension plan

(1,537)



(40,245)


Change in working capital

(54,564)



(75,185)


Other

(8,832)



41,302


Net cash flows from operating activities

153,008



133,148






Cash flows from investing activities




Purchase of property, plant, and equipment

(71,985)



(55,266)


Proceeds from sale of assets

63,103



8,185


Acquisitions

(143,020)



(5,362)


Other

(3,543)



2,828


Net cash flows from investing activities

(155,445)



(49,615)






Cash flows from financing activities




Proceeds from long-term borrowings

251,655




Net borrowings on short and long-term agreements

10,543



(585)


Principal payments on long-term borrowings

(262,191)



(887)


Purchase of treasury shares

(114,805)




Purchase of noncontrolling interest

(5,510)




Dividends paid

(33,726)



(33,862)


Other

(8,076)



3,324


Net cash flows from financing activities

(162,110)



(32,010)


Effect of exchange rates on cash and cash equivalents

(15,048)



28,766


Net change in cash and cash equivalents

(179,595)



80,289


Cash and cash equivalents - beginning of year

492,805



412,516


Cash and cash equivalents - end of period

$

313,210



$

492,805


 

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) debt refinancing expenses (2) impairment of goodwill and tradename (3) restructuring and related asset impairment costs (4) non-recurring costs of a vendor quality issue that we expect to recover through future purchases (5) acquisition diligence expenses and (6) the loss from divestiture of its grinding media business, (b) operating income of (1) impairment of goodwill and tradename (2) restructuring and related asset impairment costs (3) a non-recurring vendor quality issue (4) acquisition diligence expenses, and (c) segment operating income for these same 4 categories of expenses. 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.




Thirteen
weeks
ended
December 29,

2018


Diluted

earnings per

share


Year ended

December 29,

2018


Diluted

earnings per

share












Net earnings attributable to Valmont Industries, Inc. - as reported

$

17,662



$

0.80



$

94,351



$

4.20



Debt refinancing expenses, pre-tax





14,820



0.66



Impairment of goodwill and tradename, pre-tax

(743)



(0.03)



15,037



0.67



Restructuring and related asset impairment costs - pre-tax

24,313



1.10



41,975



1.87



Non-recurring costs for vendor quality issue (Utility), pre-tax

5,000



0.23



5,000



0.22



Acquisition diligence costs, pre-tax

520



0.02



4,360



0.19



Loss from divestiture of grinding media business, pre-tax





6,084



0.27



Total Adjustments

29,090



1.32



87,276



3.89



Tax effect of adjustments *

(5,407)



(0.25)



(10,767)



(0.48)



Completion of 2017 tax reform adjustment





(491)



(0.02)



Net earnings attributable to Valmont Industries, Inc. - Adjusted

$

41,345



$

1.87



$

170,369



$

7.59



Average shares outstanding (000's) - Diluted



22,061





22,446



* The tax effect of adjustments is calculated based on the income tax rate in each applicable jurisdiction.




Thirteen 

weeks ended
December 30,

2017


Diluted

earnings per

share


Year ended
December 30,

2017


Diluted

earnings per

share












Net earnings attributable to Valmont Industries, Inc. - as reported

$

(3,611)



$

(0.16)



$

116,240



$

5.11



Remeasurement of deferred tax assets attributed to 2017 Tax Act

20,372



0.89



20,372



0.90



Non-recurring tax expense attributed to 2017 Tax Act

21,564



0.95



21,564



0.95



Fair market value adjustment, Delta EMD

(159)



(0.01)



236



0.01



Net earnings attributable to Valmont Industries, Inc. - Adjusted

$

38,166



$

1.67



$

158,412



$

6.97



Average shares outstanding (000's) - Diluted



22,565





22,738













Thirteen
weeks
ended
December 29,

2018


Thirteen
weeks
ended
December 30
,

2017


Year ended
December 29,

2018


Year ended
December 30,

2017







Operating Income Reconciliation





Operating income - as reported

$

36,290



$

63,885



$

202,280



$

267,080



Impairment of goodwill and tradename





15,780





Restructuring and related asset impairment costs

24,313





41,975





Non-recurring costs for vendor quality issue (Utility)

5,000





5,000





Acquisition diligence costs

520





4,360





Adjusted Operating Income

$

66,123



$

63,885



$

269,395



$

267,080



Net Sales - as reported

697,363



714,978



2,757,144



2,745,967



Operating Income as a % of Sales

5.2

%


8.9

%


7.3

%


9.7

%


Adjusted Operating Income as a % of Sales

9.5

%


8.9

%


9.8

%


9.7

%



For the Fourth Quarter Ended Dec 29, 2018


Engineered

Support

Structures


Utility

Support

Structures














Other/

Corporate

Segment Operating Income Reconciliation



Coatings


Irrigation






















Operating income - as reported

$

(1,635)



$

18,468



$

14,217



$

14,805



$

(9,565)


Restructuring and related asset impairment costs

21,723



2,410





180




Non-recurring costs for vendor quality issue



5,000








Acquisition diligence costs

113



21



386






Adjusted Operating Income

$

20,201



$

25,899



$

14,603



$

14,985



$

(9,565)












Net sales

259,691



233,323



86,399



142,602














Operating Income as a % of Sales

(0.6)

%


7.9

%


16.5

%


10.4

%


NM













Adjusted Operating Income as a % of Sales

7.8

%


11.1

%


16.9

%


10.5

%


NM












For the Fourth Quarter Ended Dec 30, 2017











Operating income - as reported

$

16,258



$

28,400



$

14,088



$

18,302



$

(13,163)












Net sales

250,087



243,437



83,049



149,490



15,834












Operating Income as a % of Sales

6.5

%


11.7

%


17.0

%


12.2

%


NM


 

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/valmont-reports-fourth-quarter-and-full-year-2018-results-300799309.html

SOURCE Valmont Industries, Inc.

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