Valmont Industries Q3 Revenue Surges to $608.65M

TL;DR

Valmont crushed Q3, revenue up to $608.65M!

AI Summary

Valmont Industries Inc. reported its third-quarter results for the period ending September 28, 2024. The company's revenue for the quarter was $608.65 million, an increase from $58.30 million in the prior year's comparable period. Net income attributable to Valmont shareholders was $56.97 million.

Why It Matters

This filing indicates a significant revenue increase for Valmont Industries, suggesting strong market demand for its products and potentially impacting investor confidence and stock performance.

Risk Assessment

Risk Level: low — The filing is a routine quarterly report with no immediate red flags or significant negative developments.

Key Numbers

• $608.65M — Q3 Revenue (Represents a significant increase compared to the prior year.)
• $56.97M — Q3 Net Income (Indicates profitability for the period.)
• $58.07M — Q3 Cost of Goods and Services Sold (Key expense impacting gross profit.)

Key Players & Entities

• Valmont Industries Inc. (company) — Filer of the 10-Q report.
• 20240928 (date) — End of the reporting period.
• $608.65 million (dollar_amount) — Revenue for the third quarter.
• $58.30 million (dollar_amount) — Revenue for the prior year's comparable period.
• $56.97 million (dollar_amount) — Net income attributable to Valmont shareholders.

FAQ

Key Financial Figures

• $1.00 — nge on which registered Common Stock, $1.00 par value VMI New York Stock Exchan

Filing Documents

• vmi-20240928x10q.htm (10-Q) — 2561KB
• vmi-20240928xex31d1.htm (EX-31.1) — 11KB
• vmi-20240928xex31d2.htm (EX-31.2) — 12KB
• vmi-20240928xex32d1.htm (EX-32.1) — 12KB
• 0000102729-24-000054.txt ( ) — 10668KB
• vmi-20240928.xsd (EX-101.SCH) — 47KB
• vmi-20240928_cal.xml (EX-101.CAL) — 82KB
• vmi-20240928_def.xml (EX-101.DEF) — 220KB
• vmi-20240928_lab.xml (EX-101.LAB) — 504KB
• vmi-20240928_pre.xml (EX-101.PRE) — 365KB
• vmi-20240928x10q_htm.xml (XML) — 2461KB

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements Condensed Consolidated Statements of Operations for the thirteen and thirty-nine weeks ended September 28, 2024 and September 30, 2023 3 Condensed Consolidated Statements of Comprehensive Income (Loss) for the thirteen and thirty-nine weeks ended September 28, 2024 and September 30, 2023 4 Condensed Consolidated Balance Sheets as of September 28, 2024 and December 30, 2023 5 Condensed Consolidated Statements of Cash Flows for the thirty-nine weeks ended September 28, 2024 and September 30, 2023 6 Condensed Consolidated Statements of Shareholders' Equity and Redeemable Noncontrolling Interests for the thirteen and thirty-nine weeks ended September 28, 2024 and September 30, 2023 7 Notes to Condensed Consolidated Financial Statements 8 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 23 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 34 Item 4.

Controls and Procedures

Controls and Procedures 34

— OTHER INFORMATION

PART II — OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 35 Item 1A.

Risk Factors

Risk Factors 35 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 35 Item 3. Defaults Upon Senior Securities 35 Item 4. Mine Safety Disclosures 35 Item 5. Other Information 35 Item 6. Exhibits 36

Signatures

Signatures 37 2 Table of Contents

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS VALMONT INDUSTRIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Dollars in thousands, except per-share amounts) (Unaudited) Thirteen weeks ended Thirty-nine weeks ended September 28, September 30, September 28, September 30, 2024 2023 2024 2023 Product sales $ 922,062 $ 949,217 $ 2,725,219 $ 2,853,098 Service sales 98,113 101,078 312,521 305,974 Net sales 1,020,175 1,050,295 3,037,740 3,159,072 Product cost of sales 659,805 669,472 1,916,751 2,002,675 Service cost of sales 58,677 65,712 192,798 203,304 Total cost of sales 718,482 735,184 2,109,549 2,205,979 Gross profit 301,693 315,111 928,191 953,093 Selling, general, and administrative expenses 175,958 194,277 523,595 580,060 Impairment of goodwill and other intangible assets — 140,844 — 140,844 Realignment charges — 4,180 — 4,180 Operating income (loss) 125,735 ( 24,190 ) 404,596 228,009 Other income (expenses): Interest expense ( 14,313 ) ( 13,472 ) ( 46,380 ) ( 41,494 ) Interest income 2,080 3,186 5,358 4,579 Gain (loss) on deferred compensation investments 1,160 ( 344 ) 3,116 1,791 Gain on divestiture — — — 2,994 Other ( 2,307 ) 165 ( 3,662 ) ( 4,593 ) Total other income (expenses) ( 13,380 ) ( 10,465 ) ( 41,568 ) ( 36,723 ) Earnings (loss) before income taxes and equity in loss of nonconsolidated subsidiaries 112,355 ( 34,655 ) 363,028 191,286 Income tax expense (benefit): Current 46,133 29,654 106,738 91,801 Deferred ( 16,409 ) ( 14,193 ) ( 15,959 ) ( 12,562 ) Total income tax expense 29,724 15,461 90,779 79,239 Earnings (loss) before equity in loss of nonconsolidated subsidiaries 82,631 ( 50,116 ) 272,249 112,047 Equity in loss of nonconsolidated subsidiaries ( 21 ) ( 199 ) ( 60 ) ( 1,219 ) Net earnings (loss) 82,610 ( 50,315 ) 272,189 110,8

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