Valmont Industries Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Valmont Industries Inc. has submitted its 2023 10-K filing, detailing its financial performance and business operations for the fiscal year ending December 30, 2023.</b>

AI Summary

VALMONT INDUSTRIES INC (VMI) filed a Annual Report (10-K) with the SEC on February 28, 2024. Valmont Industries Inc. filed its 2023 Form 10-K on February 28, 2024, for the fiscal year ending December 30, 2023. The company's primary business is in fabricated structural metal products, SIC code 3440. Valmont Industries Inc. is incorporated in Delaware and headquartered in Omaha, Nebraska. The filing references various financial data points including Cost of Goods and Services Sold, Nonoperating Income/Expense, and Interest Expense. Key financial statement components such as Retained Earnings, Common Stock, and Accumulated Other Comprehensive Income are detailed for multiple fiscal years.

Why It Matters

For investors and stakeholders tracking VALMONT INDUSTRIES INC, this filing contains several important signals. This filing provides a comprehensive overview of Valmont's financial health, operational segments, and strategic initiatives for the past fiscal year, crucial for investors assessing the company's performance and future outlook. The detailed financial statements and risk factors within the 10-K offer insights into the company's revenue streams, cost structures, and potential challenges, enabling stakeholders to make informed investment decisions.

Risk Assessment

Risk Level: medium — VALMONT INDUSTRIES INC shows moderate risk based on this filing. The company operates in the fabricated structural metal products industry, which can be subject to cyclical demand and raw material price fluctuations, as indicated by the SIC code and general industry knowledge.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand Valmont's performance drivers and potential headwinds.

Key Numbers

• 2023-12-30 — Fiscal Year End (Conformed Period of Report)
• 2024-02-28 — Filing Date (Filed as of Date)
• 60865000 — Cost of Goods and Services Sold (FY 2023)
• 26750000 — Nonoperating Income Expense (FY 2023)
• 25774000 — Interest Expense (FY 2023)

Key Players & Entities

• VALMONT INDUSTRIES INC (company) — Filer name
• 0000102729 (company) — Central Index Key
• 3440 (company) — Standard Industrial Classification
• DE (company) — State of Incorporation
• OMAHA (company) — Business Address City
• NE (company) — Business Address State
• 402-963-1000 (company) — Business Phone
• VALLEY MANUFACTURING CO (company) — Former Company Name

FAQ

Risk Factors

• Geographic Concentration Risk [medium — market]: The company faces risks associated with geographic concentration, as indicated by references to Brazil (BR) and the us-gaap:GeographicConcentrationRiskMember.

Key Dates

• 2023-12-30: Fiscal Year End — Reporting period for the 10-K filing.
• 2024-02-28: Filing Date — Date the 10-K was officially filed with the SEC.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This is the primary document type filed, containing detailed financial and operational information.)

Key Financial Figures

• $1.00 — nge on which registered Common Stock, $1.00 par value VMI New York Stock Exchan
• $85.0 million — nuary 2023, we secured an approximately $85.0 million multi-year agreement for projects in Af

Filing Documents

• vmi-20231230x10k.htm (10-K) — 4039KB
• vmi-20231230xex4d1.htm (EX-4.1) — 2201KB
• vmi-20231230xex19d1.htm (EX-19.1) — 49KB
• vmi-20231230xex21.htm (EX-21) — 42KB
• vmi-20231230xex23.htm (EX-23) — 4KB
• vmi-20231230xex24.htm (EX-24) — 14KB
• vmi-20231230xex31d1.htm (EX-31.1) — 15KB
• vmi-20231230xex31d2.htm (EX-31.2) — 15KB
• vmi-20231230xex32d1.htm (EX-32.1) — 14KB
• vmi-20231230xex97d1.htm (EX-97.1) — 47KB
• vmi-20231230x10k003.jpg (GRAPHIC) — 61KB
• vmi-20231230x10k004.jpg (GRAPHIC) — 68KB
• vmi-20231230xex4d1001.jpg (GRAPHIC) — 6KB
• vmi-20231230xex4d1002.jpg (GRAPHIC) — 6KB
• 0000102729-24-000013.txt (&nbsp;) — 21838KB
• vmi-20231230.xsd (EX-101.SCH) — 85KB
• vmi-20231230_cal.xml (EX-101.CAL) — 124KB
• vmi-20231230_def.xml (EX-101.DEF) — 374KB
• vmi-20231230_lab.xml (EX-101.LAB) — 978KB
• vmi-20231230_pre.xml (EX-101.PRE) — 731KB
• vmi-20231230x10k_htm.xml (XML) — 4514KB

Business

Business 2 Item 1A

Risk Factors

Risk Factors 9 Item 1B Unresolved Staff Comments 17 Item 1C Cybersecurity 17 Item 2

Properties

Properties 17 Item 3

Legal Proceedings

Legal Proceedings 18 Item 4 Mine Safety Disclosures 18 PART II Item 5 Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 19 Item 6 [ Reserved ] 20 Item 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 20 Item 7A

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 38 Item 8

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 39 Item 9 Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 80 Item 9A

Controls and Procedures

Controls and Procedures 80 Item 9B Other Information 82 Item 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 83 PART III Item 10 Directors, Executive Officers and Corporate Governance 84 Item 11

Executive Compensation

Executive Compensation 84 Item 12

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 84 Item 13 Certain Relationships and Related Transactions, and Director Independence 84 Item 14 Principal Accountant Fees and Services 84 PART IV Item 15 Exhibit and Financial Statement Schedules 85 Item 16 Form 10-K Summary 87

Signatures

Signatures 88 1 Table of Contents PART I

BUSINESS

ITEM 1. BUSINESS Valmont Industries, Inc., along with its subsidiaries (collectively, the "Company", "Valmont", "we", "us", or "our"), is a diversified manufacturer of products and services for infrastructure and agriculture markets. We were founded in 1946, went public in 1968, and our shares trade on the New York Stock Exchange under the ticker symbol "VMI". We are headquartered in Omaha, Nebraska. Our purpose as a company is to conserve resources and improve life. Segments We have two reportable segments based on our management structure. Both reportable segments are global in nature with a manager responsible for operational performance and allocation of capital. Corporate expense is net of certain service-related expenses that are allocated to business units generally based on employee headcounts and sales dollars. Customers and end-users of our Infrastructure products include utility and telecommunication companies, municipalities and government entities, manufacturers of commercial lighting fixtures, and contractors. Customers of our Agriculture segment are primarily dealers who resell mechanized irrigation equipment to their end-customer, the farmer. Both segments service the general manufacturing sector as well. In fiscal 2023, approximately 31% of our net sales were either sold in markets or produced by our manufacturing plants outside of North America. Our reportable segments are as follows: Infrastructure: This segment consists of the manufacture and distribution of products and solutions to serve the infrastructure markets of utility, solar, lighting, transportation, and telecommunications, along with coatings services to protect metal products. Agriculture: This segment consists of the manufacture of center pivot components and linear irrigation equipment for agricultural markets, including parts and tubular products, and advanced technology solutions for precision agriculture. In addition to these two reportable segments, we had a business an

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View this 10-K filing on SEC EDGAR