vmi-20210327

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

___________________________________

Form 10-Q

(Mark One)

☒ QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES

EXCHANGE ACT OF 1934

For the quarterly period ended March 27, 2021

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES

EXCHANGE ACT OF 1934

For the transition period from ____________ to

Commission file number 1-31429

_____________________________________

Valmont Industries, Inc.

(Exact name of registrant as specified in its charter)


Delaware		47-0351813
(State or Other Jurisdiction of Incorporation or Organization)		(I.R.S. Employer Identification No.)
One Valmont Plaza,
Omaha,	Nebraska	68154-5215
(Address of Principal Executive Offices)		(Zip Code)

(402) 963-1000

(Registrant’s telephone number, including area code)

(Former name, former address and former fiscal year, if changed since last report)

________________________

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock $1.00 par value

VMI

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Sections 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non‑accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐

No x

21,249,279

Outstanding shares of common stock as of April 22, 2021

VALMONT INDUSTRIES, INC.

INDEX TO FORM 10-Q


		Page No.
	PART I. FINANCIAL INFORMATION
Item 1.	Financial Statements (unaudited):
	Condensed Consolidated Statements of Earnings for the thirteen weeks ended
	March 27, 2021 and March 28, 2020	3
	Condensed Consolidated Statements of Comprehensive Income for the thirteen
	weeks ended March 27, 2021 and March 28, 2020	4
	Condensed Consolidated Balance Sheets as of March 27, 2021 and December 26,
	2020	5
	Condensed Consolidated Statements of Cash Flows for the thirteen weeks ended
	March 27, 2021 and March 28, 2020	6
	Condensed Consolidated Statements of Shareholders' Equity for the thirteen
	weeks ended March 27, 2021 and March 28, 2020	6
	Notes to Condensed Consolidated Financial Statements	2
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	16
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	25
Item 4.	Controls and Procedures	25

	PART II. OTHER INFORMATION
Item 1A.	Risk Factors	26
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	27
Item 5.	Other Information	28
Item 6.	Exhibits	29
Signatures		30

VALMONT INDUSTRIES, INC. AND SUBSIDIARIES

PART I. FINANCIAL INFORMATION

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

(Dollars in thousands, except per share amounts)

(Unaudited)


	Thirteen weeks ended
	March 27, 2021		March 28, 2020
Product sales	$	694,965	$	598,909
Services sales	79,921		75,291
Net sales	774,886		674,200
Product cost of sales	518,634		438,788
Services cost of sales	51,698		49,163
Total cost of sales	570,332		487,951
Gross profit	204,554		186,249
Selling, general and administrative expenses	127,343		119,354

Operating income	77,211		66,895
Other income (expenses):
Interest expense	(9,999)		(10,014)
Interest income	311		1,043
Loss on investments (unrealized)	(109)		(2,308)


Other	3,449		1,810
	(6,348)		(9,469)
Earnings before income taxes	70,863		57,426
Income tax expense:
Current	8,547		6,309
Deferred	6,955		8,177
	15,502		14,486
Earnings before equity in earnings of nonconsolidated subsidiaries	55,361

SEC Form 10-Q filed by Valmont Industries, Inc.