$VMI

VALMONT INDUSTRIES INC

CIK:0000102729|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 27, 2026	Jun. 28, 2025	Jun. 27, 2026	Jun. 28, 2025
Net sales	$ 1,118,689	$ 1,050,548	$ 2,147,886	$ 2,019,862
Total cost of sales	777,872	729,381	1,490,191	1,407,593
Gross profit	340,817	321,167	657,695	612,269
Selling, general, and administrative expenses	174,706	191,670	335,958	354,458
Impairment of long-lived assets		91,337		91,337
Realignment charges		8,884		8,884
Operating income	166,111	29,276	321,737	157,590
Other income (expenses):
Interest expense	(9,430)	(10,543)	(18,841)	(20,658)
Interest income	1,271	1,568	2,648	4,962
Gain on deferred compensation investments	3,786	2,384	2,228	1,543
Other, net	737	(3,675)	(158)	(6,405)
Total other expenses	(3,636)	(10,266)	(14,123)	(20,558)
Earnings before income taxes and equity method investment loss	162,475	19,010	307,614	137,032
Income tax expense (benefit):
Current	36,385	35,275	57,833	55,635
Deferred	5,604	(12,995)	21,271	(2,556)
Total income tax expense	41,989	22,280	79,104	53,079
Earnings (loss) before equity method investment loss	120,486	(3,270)	228,510	83,953
Equity method investment loss	(264)	(21)	(264)	(581)
Net earnings (loss)	120,222	(3,291)	228,246	83,372
Earnings attributable to redeemable noncontrolling interests	(304)	(729)	(295)	(131)
Net earnings (loss) attributable to Valmont Industries, Inc.	$ 119,918	$ (4,020)	$ 227,951	$ 83,241
Net earnings (loss) attributable to Valmont Industries, Inc. per share:
Basic (in dollars per share)	$ 6.19	$ (1.53)	$ 11.74	$ 2.86
Diluted (in dollars per share)	$ 6.14	$ (1.53)	$ 11.65	$ 2.84
Product sales
Net sales	$ 1,007,493	$ 943,371	$ 1,929,225	$ 1,817,860
Total cost of sales	726,137	669,029	1,381,656	1,290,072
Service sales
Net sales	111,196	107,177	218,661	202,002
Total cost of sales	$ 51,735	$ 60,352	$ 108,535	$ 117,521

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 27, 2026	Jun. 28, 2025
Cash flows from operating activities:
Net earnings	$ 228,246	$ 83,372
Adjustments to reconcile net earnings to net cash flows from operating activities:
Depreciation and amortization	46,832	43,781
Contribution to defined benefit pension plan	(886)	(1,492)
Impairment of long-lived assets	9,340	91,337
Stock-based compensation	11,419	13,377
Net periodic pension cost	2,154	529
Loss on sale of property, plant, and equipment	29	81
Deferred income taxes	21,271	(2,556)
Other, net	(3,128)	581
Changes in assets and liabilities:
Receivables	(58,746)	8,263
Inventories	(40,704)	22,423
Contract assets	(6,047)	(7,257)
Prepaid expenses and other assets (current and non-current)	(19,317)	9,909
Accounts payable	32,005	(649)
Contract liabilities (current and non-current)	27,340	(17)
Accrued expenses	(38,193)	(31,431)
Current income taxes	32,800	(2,248)
Other non-current liabilities	7,168	4,736
Net cash flows from operating activities	251,583	232,739
Cash flows from investing activities:
Purchases of property, plant, and equipment	(70,504)	(62,306)
Acquisition, net of cash acquired	(11,470)
Proceeds from sales of assets	1,502	724
Proceeds from property damage insurance claims	605
Other, net	3,311	(2,737)
Net cash flows from investing activities	(76,556)	(64,319)
Cash flows from financing activities:
Proceeds from short-term borrowings		2,840
Repayments on short-term borrowings		(4,492)
Proceeds from long-term borrowings	65,211	130,000
Principal repayments on long-term borrowings	(130,558)	(130,358)
Dividends paid	(28,227)	(25,667)
Dividend to redeemable noncontrolling interest	(478)	(233)
Purchase of redeemable noncontrolling interest	(8,922)
Repurchases of common stock	(117,540)	(100,007)
Payments of excise taxes on share repurchases	(1,677)
Proceeds from exercises under stock plans	3,282	3,107
Tax withholdings on exercises under stock plans	(4,807)	(6,940)
Other, net		527
Net cash flows from financing activities	(223,716)	(131,223)
Effect of exchange rate changes on cash and cash equivalents	600	7,021
Net change in cash and cash equivalents	(48,089)	44,218
Cash and cash equivalents-beginning of period	187,140	164,315
Cash and cash equivalents-end of period	139,051	208,533
Supplemental disclosures of cash flow information:
Interest paid	20,262	19,631
Income taxes paid	$ 24,363	$ 55,494

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 27, 2026	Dec. 27, 2025
Current assets:
Cash and cash equivalents	$ 139,051	$ 187,140
Receivables, less allowance of $50,634 and $54,991, respectively	648,703	590,127
Inventories	608,842	566,396
Contract assets	272,731	266,922
Income taxes receivable	15,388	38,365
Prepaid expenses and other current assets	97,738	70,698
Total current assets	1,782,453	1,719,648
Property, plant, and equipment, at cost	1,658,935	1,640,608
Less accumulated depreciation	(965,752)	(966,745)
Property, plant, and equipment, net	693,183	673,863
Goodwill	584,126	570,954
Other intangible assets, net	116,772	121,341
Defined benefit pension asset	38,798	39,666
Operating lease right-of-use assets	153,648	139,857
Deferred compensation investments	30,813	29,631
Non-current deferred tax asset	47,099	57,751
Other non-current assets	15,517	16,618
Non-current assets held for sale	3,296
Total assets	3,465,705	3,369,329
Current liabilities:
Current installments of long-term debt	60	513
Mandatorily redeemable financial instrument		8,922
Accounts payable	387,899	359,539
Accrued employee compensation and benefits	113,453	128,155
Contract liabilities	79,785	52,013
Other accrued expenses	139,587	156,596
Income taxes payable	21,698	12,604
Dividends payable	14,864	13,278
Total current liabilities	757,346	731,620
Deferred income taxes	17,298	5,316
Long-term debt, excluding current installments	730,625	795,150
Operating lease liabilities	141,056	130,007
Deferred compensation liabilities	30,813	29,631
Other non-current liabilities	52,978	35,320
Total liabilities	1,730,116	1,727,044
Redeemable noncontrolling interests	8,836	9,498
Shareholders' equity:
Common stock of $1 par value, authorized 75,000,000 shares; issued 27,900,000 shares	27,900	27,900
Retained earnings	3,351,715	3,156,235
Accumulated other comprehensive loss	(286,990)	(290,515)
Treasury stock	(1,365,872)	(1,260,833)
Total shareholders' equity	1,726,753	1,632,787
Total liabilities, redeemable noncontrolling interests, and shareholders' equity	$ 3,465,705	$ 3,369,329