UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
(Mark One)
For the quarterly period ended
or
For the transition period from ______ to ______
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As of April 25, 2025, there were
VALMONT INDUSTRIES, INC. AND SUBSIDIARIES
TABLE OF CONTENTS
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PART I—FINANCIAL INFORMATION | |||
3 | |||
4 | |||
Condensed Consolidated Balance Sheets as of March 29, 2025 and December 28, 2024 | 5 | ||
6 | |||
7 | |||
8 | |||
Management’s Discussion and Analysis of Financial Condition and Results of Operations | 21 | ||
30 | |||
30 | |||
PART II—OTHER INFORMATION | |||
32 | |||
32 | |||
32 | |||
32 | |||
32 | |||
32 | |||
33 | |||
34 | |||
2
PART I—FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
VALMONT INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(Dollars in thousands, except per-share amounts)
(Unaudited)
Thirteen weeks ended | ||||||
March 29, | March 30, | |||||
2025 |
| 2024 | ||||
Product sales | $ | | $ | | ||
Service sales |
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Net sales |
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Product cost of sales |
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Service cost of sales |
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Total cost of sales |
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Gross profit |
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Selling, general, and administrative expenses |
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Operating income |
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Other income (expenses): |
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Interest expense |
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Interest income |
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Gain (loss) on deferred compensation investments |
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Other |
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Total other income (expenses) |
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Earnings before income taxes and equity in loss of nonconsolidated subsidiaries |
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Income tax expense: |
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Current |
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Deferred |
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Total income tax expense |
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Earnings before equity in loss of nonconsolidated subsidiaries |
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Equity in loss of nonconsolidated subsidiaries |
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Net earnings |
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Loss (earnings) attributable to redeemable noncontrolling interests |
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Net earnings attributable to Valmont Industries, Inc. | $ | | $ | | ||
Net earnings attributable to Valmont Industries, Inc. per share: |
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Basic | $ | | $ | | ||
Diluted | | | ||||
See accompanying Notes to Condensed Consolidated Financial Statements.
3
VALMONT INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Dollars in thousands)
(Unaudited)
Thirteen weeks ended | ||||||
March 29, | March 30, | |||||
2025 |
| 2024 | ||||
Net earnings | $ | | $ | | ||
Other comprehensive income (loss), net of tax: |
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Foreign currency translation adjustments: |
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Unrealized translation gain (loss) |
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Hedging activities: |
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Unrealized gain (loss) on commodity hedges |
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Realized loss (gain) on commodity hedges included in net earnings |
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Unrealized gain (loss) on cross currency swaps | ( | | ||||
Amortization cost included in interest expense |
| ( |
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Total hedging activities | ( | ( | ||||
Net loss on defined benefit pension plan |
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Total other comprehensive income (loss), net of tax |
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Comprehensive income |
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Comprehensive loss (income) attributable to redeemable noncontrolling interests |
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Comprehensive income attributable to Valmont Industries, Inc. | $ | | $ | | ||
See accompanying Notes to Condensed Consolidated Financial Statements.
4
VALMONT INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, except par value)
(Unaudited)
| March 29, | December 28, | ||||
2025 |
| 2024 | ||||
ASSETS | ||||||
Current assets: |
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Cash and cash equivalents | $ | | $ | | ||
Receivables, net |
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Inventories |
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Contract assets |
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Prepaid expenses and other current assets |
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Total current assets |
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Property, plant, and equipment, at cost |
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Less accumulated depreciation |
| ( |
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Property, plant, and equipment, net |
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Goodwill |
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Other intangible assets, net |
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Defined benefit pension asset | |
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Other non-current assets |
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Total assets | $ | | $ | | ||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS, | ||||||
Current liabilities: |
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Current installments of long-term debt | $ | | $ | | ||
Notes payable to banks |
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Accounts payable |
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Accrued employee compensation and benefits |
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Contract liabilities |
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Other accrued expenses |
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Income taxes payable | | | ||||
Dividends payable |
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Total current liabilities |
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Deferred income taxes |
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Long-term debt, excluding current installments |
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Operating lease liabilities |
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Deferred compensation |
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Other non-current liabilities |
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Total liabilities | | | ||||
Redeemable noncontrolling interests |
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Shareholders’ equity: |
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Common stock of $ |
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Retained earnings |
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Accumulated other comprehensive loss |
| ( |
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Treasury stock |
| ( |
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Total shareholders’ equity | | | ||||
Total liabilities, redeemable noncontrolling interests, and shareholders’ equity | $ | | $ | | ||
See accompanying Notes to Condensed Consolidated Financial Statements.
5
VALMONT INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in thousands)
(Unaudited)
| Thirteen weeks ended | |||||
March 29, | March 30, | |||||
2025 |
| 2024 | ||||
Cash flows from operating activities: |
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Net earnings | $ | | $ | | ||
Adjustments to reconcile net earnings to net cash flows from operating activities: |
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Depreciation and amortization |
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Contribution to defined benefit pension plan |
| ( |
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Stock-based compensation |
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Net periodic pension cost | | | ||||
Loss on sale of property, plant, and equipment |
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Equity in loss of nonconsolidated subsidiaries |
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Deferred income taxes |
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Changes in assets and liabilities: |
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Receivables |
| ( |
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Inventories |
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Contract assets |
| ( |
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Prepaid expenses and other assets (current and non-current) |
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Accounts payable |
| ( |
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Contract liabilities (current and non-current) |
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Accrued expenses |
| ( |
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Income taxes payable |
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Other non-current liabilities |
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Net cash flows from operating activities |
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Cash flows from investing activities: |
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Purchases of property, plant, and equipment |
| ( |
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Proceeds from sales of assets |
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Other, net | ( | ( | ||||
Net cash flows from investing activities |
| ( |
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Cash flows from financing activities: |
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Proceeds from short-term borrowings |
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Repayments on short-term borrowings |
| ( |
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Proceeds from long-term borrowings |
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Principal repayments on long-term borrowings |
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Proceeds from settlement of financial derivatives |
| — |
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Dividends paid |
| ( |
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Dividends to redeemable noncontrolling interests |
| ( |
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Purchases of redeemable noncontrolling interests |
| — |
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Proceeds from exercises under stock plans |
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Tax withholdings on exercises under stock plans |
| ( |
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Other, net | | | ||||
Net cash flows from financing activities |
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Effect of exchange rate changes on cash and cash equivalents |
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Net change in cash and cash equivalents |
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Cash and cash equivalents—beginning of period |
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Cash and cash equivalents—end of period | $ | | $ | | ||
Supplemental disclosures of cash flow information: | ||||||
Interest paid | $ | | $ | | ||
Income taxes paid | |
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See accompanying Notes to Condensed Consolidated Financial Statements.
6
VALMONT INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
AND REDEEMABLE NONCONTROLLING INTERESTS
(Dollars in thousands, except per-share amounts)
(Unaudited)
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| Accumulated |
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Additional | other | Total | Redeemable | ||||||||||||||||||
Common | paid-in | Retained | comprehensive | Treasury | shareholders’ | noncontrolling | |||||||||||||||
stock | capital | earnings | loss | stock | equity | interests | |||||||||||||||
Balance as of December 28, 2024 | $ | | $ | — | $ | | $ | ( | $ | ( | $ | | $ | | |||||||
Net earnings (loss) |
| — |
| — |
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| — |
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Other comprehensive income (loss), net of tax |
| — |
| — |
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Cash dividends declared ($ |
| — |
| — |
| ( |
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| ( |
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Dividends to redeemable noncontrolling interests |
| — |
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Fair value adjustment on redeemable noncontrolling interests | — | — | ( | — | — | ( | | ||||||||||||||
Stock option and incentive plans |
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Balance as of March 29, 2025 | $ | | $ | — | $ | | $ | ( | $ | ( | $ | | $ | | |||||||
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Additional | other | Total | Redeemable | ||||||||||||||||||
Common | paid-in | Retained | comprehensive | Treasury | shareholders’ | noncontrolling | |||||||||||||||
| stock |
| capital |
| earnings |
| loss |
| stock |
| equity | interests | |||||||||
Balance as of December 30, 2023 | $ | | $ | — | $ | | $ | ( | $ | ( | $ | | $ | | |||||||
Net earnings |
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Other comprehensive loss, net of tax |
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| ( |
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Cash dividends declared ($ |
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| ( |
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Purchases of redeemable noncontrolling interests | — |
| ( |
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Dividends to redeemable noncontrolling interests | — |
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Repurchases of common stock; |
| — | | — | — | ( | ( | — | |||||||||||||
Stock option and incentive plans | — | ( | — | — | | | — | ||||||||||||||
Balance as of March 30, 2024 | $ | | $ | | $ | | $ | ( | $ | ( | $ | | $ | | |||||||
See accompanying Notes to Condensed Consolidated Financial Statements.
7
VALMONT INDUSTRIES, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands, except per-share amounts)
(Unaudited)
(1) BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
The Condensed Consolidated Financial Statements include the accounts of Valmont Industries, Inc. and its controlled subsidiaries (collectively, “Valmont” or the “Company”). Investments in affiliates and joint ventures, where the Company exercises significant influence but lacks control or is not the primary beneficiary, are accounted for using the equity method. All intercompany transactions and balances have been eliminated in consolidation.
The Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America and have not been audited. In the opinion of the Company’s management, the Condensed Consolidated Financial Statements reflect all adjustments, which are normal and recurring in nature, necessary for a fair presentation of the results for all periods presented.
These Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 28, 2024. The results of operations for any quarter or a partial fiscal year period are not necessarily indicative of the results to be expected for other periods or the full fiscal year.
Inventories
Inventory is valued at the lower of cost (determined using the first-in, first-out method) or net realizable value. Finished and manufactured goods inventories include the costs of acquired raw materials and the related factory labor and overhead charges required to convert raw materials into finished and manufactured goods.
As of March 29, 2025 and December 28, 2024, inventories consisted of the following:
March 29, | December 28, | |||||
2025 |
| 2024 | ||||
Raw materials and purchased parts | $ | | $ | | ||
Work in process |
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Finished and manufactured goods |
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Total inventories | $ | | $ | | ||
Geographical Markets
Earnings before income taxes and equity in loss of nonconsolidated subsidiaries for the thirteen weeks ended March 29, 2025 and March 30, 2024 were as follows:
| Thirteen weeks ended | |||||
March 29, | March 30, | |||||
2025 |
| 2024 | ||||
United States | $ | | $ | | ||
Foreign |
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Earnings before income taxes and equity in loss of nonconsolidated subsidiaries | $ | | $ | | ||
Pension Cost
The Company incurs expenses related to the Delta Pension Plan (“DPP”). The DPP was acquired as part of the Delta PLC acquisition in fiscal 2010 and has no members who are active employees. Key assumptions used to measure the pension expenses and benefit obligations include the discount rate, expected return on plan assets, and estimated future inflation rates.
8
VALMONT INDUSTRIES, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands, except per-share amounts)
(Unaudited)
These assumptions are based on historical experience and current conditions. An actuarial analysis is performed to measure the expense and liability associated with the pension cost.
The components of the net periodic pension cost for the thirteen weeks ended March 29, 2025 and March 30, 2024 were as follows:
Thirteen weeks ended | ||||||
March 29, | March 30, | |||||
2025 |
| 2024 | ||||
$ | | $ | | |||
| ( |
| ( | |||
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$ | | $ | | |||
Stock Plans
The Company administers stock-based compensation plans that have been approved by its shareholders. Under these plans, the Human Resources Committee of the Board of Directors is authorized to grant various types of awards, including incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock awards, restricted stock units, performance stock units, and common stock bonuses. As of March 29, 2025,
Stock options granted under the plans have an exercise price equal to the closing market price on the date of the grant. Options vest beginning on the first anniversary of the grant date, either in equal amounts over
For the thirteen weeks ended March 29, 2025 and March 30, 2024, the Company recorded stock-based compensation expenses (included in “Selling, general, and administrative expenses” in the Condensed Consolidated Statements of Earnings) and associated tax benefits as follows:
Thirteen weeks ended | ||||||
March 29, | March 30, | |||||
2025 |
| 2024 | ||||
Stock-based compensation | $ | | $ | | ||
Income tax benefits |
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Fair Value
The Company adheres to the guidelines outlined in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 820, Fair Value Measurement (“ASC 820”). ASC 820 defines fair value and establishes a framework for its measurement. Its provisions also apply to other accounting guidelines that require or allow fair value measurements. According to ASC 820, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
ASC 820 establishes a three-level hierarchy for fair value measurements, which is based on the transparency of inputs used to value an asset or liability as of the measurement date. Inputs refer broadly to the assumptions that market participants would use when pricing the asset or liability, including assumptions about risk. Financial assets and liabilities carried at fair value will be classified and disclosed in one of the following three categories:
| ● | Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date. |
9
VALMONT INDUSTRIES, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands, except per-share amounts)
(Unaudited)
| ● | Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. |
| ● | Level 3: Unobservable inputs for the asset or liability. |
The categorization within the valuation hierarchy is based on the lowest level of input that is significant to the fair value measurement. The following are the valuation methodologies used for assets and liabilities measured at fair value:
Deferred Compensation Investments: The Company’s deferred compensation investments include mutual funds invested in debt and equity securities in the Valmont Deferred Compensation Plan. Quoted market prices are available for these securities in an active market. The investments are included in “Other non-current assets” in the Condensed Consolidated Balance Sheets.
Derivative Financial Instruments: The fair values of foreign currency, commodity, and cross-currency swap derivative contracts are based on valuation models that use market-observable inputs, including forward and spot prices for commodities and currencies.
Mutual Funds: The Company has short-term investments in various mutual funds.
Carrying Value | Fair Value Measurement Using: | |||||||||||
March 29, 2025 | Level 1 | Level 2 | Level 3 | |||||||||
Deferred compensation investments | $ | | $ | | $ | | $ | | ||||
Derivative financial instruments, net | | | | | ||||||||
Cash and cash equivalents—mutual funds | | | | | ||||||||
Carrying Value | Fair Value Measurement Using: | |||||||||||
December 28, 2024 | Level 1 | Level 2 | Level 3 | |||||||||
Deferred compensation investments | $ | | $ | | $ | | $ | | ||||
Derivative financial instruments, net | | | | | ||||||||
Cash and cash equivalents—mutual funds | | | | | ||||||||
The fair value redemption amounts of certain redeemable noncontrolling interests are measured on a recurring basis utilizing Level 3 inputs, including estimates of future revenue, operating margins, growth rates, and discount rates.
Long-Lived Assets
The Company’s other non-financial assets include goodwill and other intangible assets, measured at fair value on a non-recurring basis using Level 3 inputs. See Note 4 for further information.
Leases
The Company’s operating lease right-of-use assets are included in “Other non-current assets” and the corresponding lease obligations are included in “Other accrued expenses” and “Operating lease liabilities” in the Condensed Consolidated Balance Sheets.
Comprehensive Income
Comprehensive income consists of net earnings, foreign currency translation adjustments, certain derivative-related activities, and changes in prior service costs and net actuarial losses related to the pension plan. The results of operations for foreign subsidiaries are translated using average exchange rates for the reporting period, while assets and liabilities are
10
VALMONT INDUSTRIES, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands, except per-share amounts)
(Unaudited)
translated at the exchange rates in effect on the balance sheet dates. As of March 29, 2025 and December 28, 2024, the accumulated other comprehensive income (loss) (“AOCI”) consisted of the following:
March 29, | December 28, | |||||
2025 |
| 2024 | ||||
Foreign currency translation adjustments | $ | ( | $ | ( | ||
Hedging activities | | | ||||
Defined benefit pension plan | ( | ( | ||||
Accumulated other comprehensive loss | $ | ( | $ | ( | ||
Revenue Recognition
The Company evaluates each customer contract to determine the appropriate revenue recognition model based on its type, terms, and conditions. All contracts are fixed price, excluding sales tax from revenue, and do not include variable consideration. Discounts, primarily for early payments, reduce net sales in the period the sale is recognized. Contract revenues are classified as “Product sales” when the performance obligation involves manufacturing and selling goods, and as “Service sales” when the performance obligation involves providing a service. Service revenue is primarily associated with the Coatings product line and the Technology Products and Services product line.
Customer acceptance provisions generally apply only during the design stage, although the Company may agree to other acceptance terms on a limited basis. Customers must approve the design before manufacturing begins and products are delivered. The Company does not earn compensation solely for product design and does not consider design services a separate performance obligation; as such, no revenue is recognized for design services. Customers do not have general rights of return after delivery, and the Company establishes provisions for estimated warranties.
Shipping and handling costs are included in cost of sales, with freight considered a fulfillment obligation rather than a separate performance obligation. Freight expenses are recognized proportionally as the structure is manufactured, in line with revenue recognized from the associated customer contract over time. Except for the Utility, Solar, and Telecommunications product lines, inventory is interchangeable among the various customers within each segment. The Company has elected not to disclose partially satisfied performance obligations at the end of the reporting period for contracts with an original expected duration of one year or less. If payment is expected within one year of transferring control of goods or services, the Company does not adjust contract consideration for any significant financing component.
Most customers are invoiced upon shipment or delivery of goods to their specified locations. Contract assets are recognized as revenue is earned over time and are reduced when the customer is invoiced. As of March 29, 2025 and December 28, 2024, the Company’s contract assets totaled $
Certain customers are invoiced through advance or progress billings. When the progress toward performance obligations is less than the amount billed to the customer, the excess is recorded as a contract liability. As of March 29, 2025, total contract liabilities were $
| ● | During the thirteen weeks ended March 29, 2025 and March 30, 2024, the Company recognized $ |
| ● | As of March 29, 2025, the Company had $ |
11
VALMONT INDUSTRIES, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands, except per-share amounts)
(Unaudited)
Segment and Product Line Revenue Recognition
Infrastructure Segment
Steel and concrete structures within the Utility and Telecommunications product lines are custom engineered to customer specifications. This customization limits the ability to resell the structures if an order is canceled after production begins. The continuous transfer of control to the customer is supported by contractual termination clauses or rights to payment for work performed to date, including a reasonable profit, as these products do not have alternative uses for the Company. As control is transferred over time, revenue is recognized based on progress toward completion of the performance obligation.
The method used to measure progress requires judgment. Revenue for structures in the Utility and Telecommunications product lines is typically recognized using an input-based method, measuring progress by the ratio of production hours incurred to total estimated hours required. The resulting completion percentage is applied to the total revenue and estimated costs of the order to determine reported revenue, cost of sales, and gross profit. Once production of an order begins, orders are generally completed within three months.
Revenue for the Solar product line is recognized upon shipment or delivery, based on contract terms. In certain Utility product line sales, the Company engages external sales agents and recognizes estimated commissions owed to these agents proportionately as the goods are manufactured.
Revenue from structures sold in the Lighting and Transportation product line, as well as most Telecommunications products, is recognized upon shipment or delivery of goods to the customer, aligning with the billing date. Some large regional customers may have unique specifications for telecommunication structures. When a customer contract includes a cancellation clause that requires payment for completed work plus a reasonable margin, revenue is recognized over time based on hours worked as a percentage of the total estimated hours to complete production.
Revenue from Coatings services, including galvanizing and powder coating, is recognized upon service completion and when the goods are ready for pickup or delivery.
Agriculture Segment
Revenue from irrigation equipment, related parts, services, and tubular products for industrial customers is typically recognized upon shipment, aligning with the billing date. Remote monitoring subscription services within the Technology Products and Services product line are primarily billed annually, with revenue recognized on a straight-line basis over the contract period.
The disaggregation of revenue by product line is provided in Note 7.
Supplier Finance Program
In fiscal 2019, the Company entered into an agreement with a third-party financial institution to facilitate a supplier finance program. This program allows qualifying suppliers to sell their receivables from the Company to the financial institution. These suppliers negotiate directly with the financial institution regarding their outstanding receivables, while the Company’s rights and obligations to suppliers remain unaffected. The Company has no economic interest in a supplier’s decision to participate in the program. Once a supplier opts into the program, they select which individual invoices from the Company to sell to the financial institution. The Company is obligated to pay the negotiated invoice amount to the financial institution on the due date, regardless of whether the supplier has sold the individual invoice.
For any invoices not sold under the supplier finance program, the financial institution pays the supplier on the invoice’s due date. The invoice amounts and scheduled payment terms remain unchanged, regardless of whether the supplier decides to sell under these arrangements. Payments related to these obligations are included in “Cash flows from operating activities” in the Condensed Consolidated Statements of Cash Flows. As of March 29, 2025 and December 28, 2024,
12
VALMONT INDUSTRIES, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands, except per-share amounts)
(Unaudited)
outstanding payment obligations of $
March 29, | December 28, | |||||
2025 |
| 2024 | ||||
Confirmed obligations outstanding—beginning of period | $ | | $ | | ||
Invoices confirmed |
| |
| | ||
Confirmed invoices paid |
| ( |
| ( | ||
Confirmed obligations outstanding—end of period | $ | | $ | | ||
Redeemable Noncontrolling Interests
Noncontrolling interests with redemption features that are not solely within the Company’s control are classified as redeemable noncontrolling interests. The Company has redeemable noncontrolling interests in certain entities. A noncontrolling interest holder can require the Company to purchase their remaining ownership, referred to as a put right. Likewise, the Company can require a noncontrolling interest holder to sell the Company their remaining ownership, known as a call option. The redemption amount and effective date of these rights vary according to the applicable operating agreements, with some redeemable at fair value and some redeemable at amounts other than fair value.
As a result of these redemption features, the Company records the noncontrolling interests as redeemable and classifies the balances in temporary equity in the Condensed Consolidated Balance Sheets, initially at their acquisition-date fair values. The Company adjusts the redeemable noncontrolling interests each reporting period for the net income (loss) attributable to the noncontrolling interests and any applicable redemption value adjustments. Redemption value adjustments are offset against retained earnings. Earnings used in the computation of earnings per share for the reported period are impacted by redemption value adjustments for noncontrolling interests redeemable at amounts other than fair value.
As of March 29, 2025 and December 28, 2024, the redeemable noncontrolling interests were $
Treasury Stock
Repurchased shares are recorded as “Treasury stock” and result in a reduction of “Shareholders’ equity” in the Condensed Consolidated Balance Sheets. When treasury shares are reissued, the Company applies the last-in, first-out method. Any difference between the repurchase cost and the reissuance price is charged or credited to “Additional paid-in capital” (or “Retained earnings” in the absence of “Additional paid-in capital”).
The Company’s capital allocation philosophy includes a share repurchase program. In May 2014, the Company authorized the repurchase of up to $
In the first quarter of fiscal 2025, the Company adopted a trading plan under Rule 10b5-1 to facilitate repurchases under its authorized $
13
VALMONT INDUSTRIES, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands, except per-share amounts)
(Unaudited)
Recently Issued Accounting Pronouncements
In December 2023, the FASB issued Accounting Standards Update (“ASU”) No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This update is intended to improve transparency and usefulness in income tax disclosures, particularly in areas such as rate reconciliation and reporting of income taxes paid. The guidance will be effective prospectively for the fiscal year ending December 27, 2025, with early adoption permitted. The Company does not expect any impact on its results of operations, as the changes primarily relate to enhanced disclosures.
In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This update aims to enhance expense disclosures by providing more detailed information on the types of expenses within commonly presented categories. The guidance is effective on both a prospective and retrospective basis for the fiscal year ending December 25, 2027, with early adoption permitted. The Company does not expect any impact on its results of operations, as the changes primarily relate to enhanced disclosures.
(2) ACQUISITIONS
Acquisitions of Redeemable Noncontrolling Interests
In the first quarter of fiscal 2024, the Company acquired an additional approximately
(3) DIVESTITURES
On November 25, 2024, the Company completed the sale of George Industries, a coatings and anodizing company in California, which was reported in the Infrastructure segment. The Company received net proceeds of $
On October 31, 2024, the Company completed the sale of its extractive business, which included the manufacturing and distribution of screening products to the mining and quarrying sectors in Australia and New Zealand, which was reported in the Infrastructure segment. The Company received net proceeds of $
14
VALMONT INDUSTRIES, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands, except per-share amounts)
(Unaudited)
(4) GOODWILL AND OTHER INTANGIBLE ASSETS
Goodwill
As of March 29, 2025 and December 28, 2024, the carrying amounts of goodwill by segment were as follows:
| Infrastructure |
| Agriculture |
| Total | ||||
Gross balance as of December 28, 2024 | $ | | $ | | $ | | |||
Accumulated impairment losses |
| ( |
| ( |
| ( | |||
Balance as of December 28, 2024 |
| |
| | | ||||
Foreign currency translation |
| |
| |
| | |||
Balance as of March 29, 2025 | $ | | $ | | $ | | |||
Infrastructure |
| Agriculture |
| Total | |||||
Gross balance as of March 29, 2025 | $ | | $ | | $ | | |||
Accumulated impairment losses | ( | ( | ( | ||||||
Balance as of March 29, 2025 | $ | | $ | | $ | | |||
In the third quarter of fiscal 2024, the Company performed its annual goodwill impairment assessment. The estimated fair value of all reporting units exceeded their respective carrying amounts, and
Other Intangible Assets
As of March 29, 2025 and December 28, 2024, the components of other intangible assets were as follows:
March 29, 2025 |
| December 28, 2024 | ||||||||||
Gross |
| Gross | ||||||||||
Carrying | Accumulated |
| Carrying | Accumulated | ||||||||
| Amount |
| Amortization |
| Amount |
| Amortization | |||||
Amortizing intangible assets: | ||||||||||||
Customer relationships | $ | | $ | | $ | | $ | | ||||
Patents and proprietary technology |
| |
| |
| |
| | ||||
Trade names |
| | |
| |
| | |||||
Other |
| |
| |
| |
| | ||||
Non-amortizing intangible assets: | ||||||||||||
Trade names | | — | | — | ||||||||
$ | | $ | | $ | | $ | | |||||
The weighted-average life of amortizing intangible assets is approximately
15
VALMONT INDUSTRIES, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands, except per-share amounts)
(Unaudited)
(5) EARNINGS PER SHARE
The table below provides a reconciliation between the net earnings attributable to Valmont Industries, Inc. and the weighted average share amounts used to compute both basic and diluted earnings per share:
Thirteen weeks ended | ||||||
March 29, | March 30, | |||||
2025 |
| 2024 | ||||
Net earnings attributable to Valmont Industries, Inc. | $ | | $ | | ||
Weighted average shares outstanding (in thousands): |
| |||||
Basic | | | ||||
Dilutive effect of various stock awards | | | ||||
Diluted | | | ||||
Net earnings attributable to Valmont Industries, Inc. per share: | ||||||
Basic | $ | | $ | | ||
Dilutive effect of various stock awards | ( | ( | ||||
Diluted | $ | | $ | | ||
As of March 29, 2025 and March 30, 2024, there were
(6) DERIVATIVE FINANCIAL INSTRUMENTS
The Company manages risks related to interest rates, commodity prices, and foreign currency, particularly those arising from foreign currency denominated transactions and investments in foreign subsidiaries. To address these risks, the Company may use derivative financial instruments. Depending on their classification, some derivatives are marked to market and recorded in the Company’s Condensed Consolidated Statements of Earnings, while others are accounted for as fair value, cash flow, or net investment hedges.
Derivative financial instruments inherently carry credit and market risks, which the Company mitigates by monitoring exposure limits and transacting with recognized, stable multinational banks as counterparties. Gains or losses from net investment hedge activities remain in AOCI until the related subsidiaries are sold or substantially liquidated.
The fair value of derivative instruments as of March 29, 2025 and December 28, 2024 was as follows:
Condensed Consolidated | March 29, | December 28, | ||||||
Derivatives designated as hedging instruments: |
| Balance Sheets location | 2025 | 2024 | ||||
Commodity contracts | Prepaid expenses and other current assets | $ | | $ | | |||
Commodity contracts | Other accrued expenses | | ( | |||||
Cross-currency swap contracts |
| Prepaid expenses and other current assets | |
| | |||
Cross-currency swap contracts |
| Other accrued expenses | ( |
| | |||
$ | | $ | | |||||
Gains (losses) on derivatives recognized in the Condensed Consolidated Statements of Earnings for the thirteen weeks ended March 29, 2025 and March 30, 2024 were as follows:
| Thirteen weeks ended | |||||||
Condensed Consolidated | March 29, | March 30, | ||||||
Derivatives designated as hedging instruments: | Statements of Earnings location | 2025 |
| 2024 | ||||
Commodity contracts | $ | ( | $ | | ||||
Interest rate hedge amortization | ( |
| ( | |||||
Cross-currency swap contracts | |
| | |||||
$ | ( | $ | | |||||
16
VALMONT INDUSTRIES, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands, except per-share amounts)
(Unaudited)
Cash Flow Hedges
The Company enters into commodity forward, swap, and option contracts to hedge variability in cash flows related to future purchases. Gains (losses) realized upon settlement are recorded in “Product cost of sales” in the Condensed Consolidated Statements of Earnings in the period in which the hedged items are consumed. As of March 29, 2025, the details of these contracts were as follows:
| Notional | Total | |||||
Commodity Type | Amount | Purchase Quantity | Maturity Dates | ||||
Hot-rolled coil steel | $ | |
| March 2025 to | |||
Natural gas | | April 2025 to | |||||
Ultra-low-sulfur diesel fuel | | March 2025 to | |||||
Net Investment Hedges
To manage foreign currency risk associated with its euro investments and reduce interest expenses, the Company uses fixed-for-fixed cross-currency swaps (“CCS”). These swaps convert U.S. dollar-denominated principal and interest payments on a portion of its
The Company designated the full notional amounts of its CCS as net investment hedges for certain European subsidiaries under the spot method. Changes in fair value of the CCS attributable to spot exchange rates are recorded as cumulative foreign currency translation within AOCI, while net interest receipts reduce interest expense over the life of the CCS. Key terms as of March 29, 2025 were as follows:
| Notional | Swapped | Settlement | |||||||
Currency | Amount | Termination Date | Interest Rate | Amount | ||||||
Euro | $ | | April 1, 2029 |
| € | | ||||
In the first quarter of fiscal 2024, the Company early settled a euro net investment hedge entered in fiscal 2019, receiving proceeds of $
(7) BUSINESS SEGMENTS AND RELATED REVENUE INFORMATION
The Company’s chief operating decision maker (“CODM”) is the President and Chief Executive Officer. The CODM uses operating income as the profit measure to evaluate segment performance and allocate resources across segments. Segment selling, general, and administrative expenses include certain corporate expense allocations, typically based on employee headcounts and sales volumes. For segment reporting purposes, the Company excludes unallocated corporate general and administrative expenses, interest expenses, non-operating income and deductions, and income taxes from operating income.
The 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 and transportation, and telecommunications, along with coatings services to protect metal products.
Agriculture: This segment consists of the manufacture of center pivot and linear irrigation equipment components for agricultural markets, including aftermarket parts and tubular products, and advanced technology solutions for precision agriculture.
17
VALMONT INDUSTRIES, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands, except per-share amounts)
(Unaudited)
In the fourth quarter of fiscal 2024, the Company realigned management’s reporting structure for certain composite structure sales and, accordingly, revised its presentation of sales across product lines to reflect how the product is currently managed. The reporting for the thirteen weeks ended March 30, 2024 was adjusted to conform to the realigned presentation. As a result, Utility product line sales increased and Lighting and Transportation product line sales decreased by $
Summary by Business Segment
| Thirteen weeks ended March 29, 2025 | ||||||||
Infrastructure |
| Agriculture |
| Consolidated | |||||
Sales | $ | |
| $ | |
| $ | | |
Intersegment sales | ( | ( | ( | ||||||
Net sales | | | | ||||||
Cost of sales | | | | ||||||
Gross profit | | | | ||||||
Selling, general, and administrative expenses (a) | | | | ||||||
Segment operating income | $ | | $ | | | ||||
Unallocated corporate expenses | | ||||||||
Total operating income | $ | | |||||||
| Thirteen weeks ended March 30, 2024 | ||||||||
Infrastructure |
| Agriculture |
| Consolidated | |||||
Sales | $ | |
| $ | |
| $ | | |
Intersegment sales | ( | ( | ( | ||||||
Net sales | | | | ||||||
Cost of sales | | | | ||||||
Gross profit | | | | ||||||
Selling, general, and administrative expenses (a) | | | | ||||||
Segment operating income | $ | | $ | | | ||||
Unallocated corporate expenses | | ||||||||
Total operating income | $ | | |||||||
| (a) | Selling, general, and administrative expenses for each reportable segment includes compensation, certain allocated overhead expenses including information technology and enterprise resource planning, commissions, incentives, depreciation and amortization expense, and research and development. |
| Thirteen weeks ended March 29, 2025 | |||||||||||
Infrastructure |
| Agriculture | Intersegment |
| Consolidated | |||||||
Geographical market: |
|
|
|
|
|
| ||||||
North America | $ | | $ | | $ | ( | $ | | ||||
International |
| |
| |
| ( |
| | ||||
Total sales | $ | | $ | | $ | ( | $ | | ||||
Product line: |
|
|
|
|
|
|
|
| ||||
Utility | $ | | $ | — | $ | — | $ | | ||||
Lighting and Transportation |
| |
| — |
| — |
| | ||||
Coatings |
| |
| — |
| ( |
| | ||||
Telecommunications |
| |
| — |
| — |
| | ||||
Solar |
| |
| — |
| ( |
| | ||||
Irrigation Equipment and Parts |
| — |
| |
| ( |
| | ||||
Technology Products and Services |
| — |
| |
| — |
| | ||||
Total sales | $ | | $ | | $ | ( | $ | | ||||
18
VALMONT INDUSTRIES, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands, except per-share amounts)
(Unaudited)
| Thirteen weeks ended March 30, 2024 | |||||||||||
Infrastructure |
| Agriculture |
| Intersegment |
| Consolidated | ||||||
Geographical market: |
|
|
|
|
|
|
| |||||
North America | $ | | $ | | $ | ( | $ | | ||||
International |
| |
| |
| ( |
| | ||||
Total sales | $ | | $ | | $ | ( | $ | | ||||
Product line: |
|
|
|
|
|
|
|
| ||||
Utility | $ | | $ | — | $ | — | $ | | ||||
Lighting and Transportation |
| |
| — |
| — |
| | ||||
Coatings |
| |
| — |
| ( |
| | ||||
Telecommunications |
| |
| — |
| — |
| | ||||
Solar |
| |
| — |
| ( |
| | ||||
Irrigation Equipment and Parts |
| — |
| |
| ( |
| | ||||
Technology Products and Services |
| — |
| |
| — |
| | ||||
Total sales | $ | | $ | | $ | ( | $ | | ||||
| March 29, | December 28, | ||||
2025 |
| 2024 | ||||
ASSETS: |
|
|
|
| ||
Infrastructure | $ | | $ | | ||
Agriculture |
| |
| | ||
Total segment assets | | | ||||
Unallocated corporate assets |
| |
| | ||
Total assets | $ | | $ | | ||
| Thirteen weeks ended | |||||
March 29, | March 30, | |||||
2025 |
| 2024 | ||||
CAPITAL EXPENDITURES: | ||||||
Infrastructure |
| $ | |
| $ | |
Agriculture |
| |
| | ||
Total segment capital expenditures | | | ||||
Unallocated corporate capital expenditures |
| |
| | ||
Total capital expenditures | $ | | $ | | ||
| Thirteen weeks ended | |||||
March 29, | March 30, | |||||
2025 |
| 2024 | ||||
DEPRECIATION AND AMORTIZATION: | ||||||
Infrastructure |
| $ | |
| $ | |
Agriculture |
| |
| | ||
Total segment depreciation and amortization expense | | | ||||
Unallocated corporate depreciation and amortization expense |
| |
| | ||
Total depreciation and amortization expense | $ | | $ | | ||
A breakdown of revenue recognized over time and at a point in time by segment for the thirteen weeks ended March 29, 2025 and March 30, 2024 is as follows:
Thirteen weeks ended March 29, 2025 | |||||||||
| Point in Time | Over Time | Total | ||||||
Infrastructure | $ | | $ | | $ | | |||
Agriculture |
| | |
| | ||||
Total net sales | $ | | $ | | $ | | |||
19
VALMONT INDUSTRIES, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands, except per-share amounts)
(Unaudited)
20
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Valmont Industries, Inc., along with its subsidiaries (collectively referred to as the “Company,” “Valmont,” “we,” “us,” or “our”), is a diversified manufacturer of products and services for infrastructure and agriculture markets. Founded in 1946 and headquartered in Omaha, Nebraska, our purpose is to conserve resources and improve life.
Forward-Looking Statements
Management’s discussion and analysis contain forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. These statements are based on assumptions that management has made in light of experience in the industries in which the Company operates, as well as management’s perceptions of historical trends, current conditions, anticipated future developments, and other factors deemed to be relevant. However, these statements are not guarantees of future performance or results. They are subject to risks, uncertainties (some beyond the Company’s control), and various assumptions.
Management believes these forward-looking statements are based on reasonable assumptions. However, many factors could cause the actual financial results to differ materially from expectations. These factors include, among others, risk factors described in the Company’s reports to the Securities and Exchange Commission, as well as future economic and market conditions, industry trends, Company performance and financial results, operational efficiencies, availability and pricing of raw materials, availability and market acceptance of new products, product pricing, domestic and international competition, and actions or policy changes by domestic and foreign governments.
This discussion should be read in conjunction with the financial statements and notes thereto, and the management’s discussion and analysis included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 28, 2024.
Segment net sales in the following table and elsewhere are presented net of intersegment sales. See Note 7 of our Condensed Consolidated Financial Statements for additional information on segment sales and intersegment sales.
21
EXECUTIVE OVERVIEW
Results of Operations
Thirteen weeks ended | ||||||||
March 29, |
| March 30, | Percent | |||||
Dollars in thousands, except per-share amounts | 2025 | 2024 | Change | |||||
Consolidated | ||||||||
Net sales | $ | 969,314 | $ | 977,828 | (0.9%) | |||
Gross profit | 291,102 |
| 306,216 | (4.9%) | ||||
as a percentage of net sales | 30.0% |
| 31.3% |
| ||||
Selling, general, and administrative expenses | 162,788 |
| 174,663 | (6.8%) | ||||
as a percentage of net sales | 16.8% |
| 17.9% |
| ||||
Operating income | 128,314 |
| 131,553 | (2.5%) | ||||
as a percentage of net sales | 13.2% |
| 13.5% |
| ||||
Net interest expense | 6,721 |
| 14,442 | (53.5%) | ||||
Effective tax rate | 26.1% |
| 25.3% |
| ||||
Net earnings attributable to Valmont Industries, Inc. | 87,261 | 87,822 | (0.6%) | |||||
Diluted earnings per share | $ | 4.32 | $ | 4.32 | 0.0% | |||
Infrastructure |
|
| ||||||
Net sales | $ | 703,491 | $ | 720,733 | (2.4%) | |||
Gross profit |
| 212,875 | 217,617 | (2.2%) | ||||
as a percentage of net sales | 30.3% | 30.2% | ||||||
Selling, general, and administrative expenses |
| 95,663 | 99,753 | (4.1%) | ||||
as a percentage of net sales | 13.6% | 13.8% | ||||||
Operating income |
| 117,212 |
| 117,864 | (0.6%) | |||
as a percentage of net sales | 16.7% | 16.4% | ||||||
Agriculture |
| |||||||
Net sales | $ | 265,823 | $ | 257,095 | 3.4% | |||
Gross profit |
| 78,227 | 88,599 | (11.7%) | ||||
as a percentage of net sales | 29.4% | 34.5% | ||||||
Selling, general, and administrative expenses |
| 41,990 | 47,626 | (11.8%) | ||||
as a percentage of net sales | 15.8% | 18.5% | ||||||
Operating income |
| 36,237 |
| 40,973 | (11.6%) | |||
as a percentage of net sales | 13.6% | 15.9% | ||||||
Corporate |
|
|
| |||||
Selling, general, and administrative expenses | $ | 25,135 | $ | 27,284 | (7.9%) | |||
Operating loss |
| (25,135) |
| (27,284) | (7.9%) | |||
Overview
On a consolidated basis, net sales decreased in the first quarter of fiscal 2025, as compared to the same period of fiscal 2024. Higher net sales in the Agriculture segment were more than offset by lower net sales in the Infrastructure segment.
Consolidated gross profit declined in the first quarter of fiscal 2025, as compared to the same period of fiscal 2024, primarily due to lower sales volumes in North America within the Agriculture segment, as well as decreased volumes in the Lighting and Transportation (“L&T”) and Solar product lines within the Infrastructure segment. These declines were partially offset by higher volumes in the Telecommunications product line. Consolidated gross profit margin also declined, largely driven by a shift in geographic sales mix, with increased international sales and reduced North American sales within the Agriculture segment.
Consolidated selling, general, and administrative expenses (“SG&A”) decreased in the first quarter of fiscal 2025, as compared to the same period of fiscal 2024, primarily due to lower incentive costs, a reduced allowance for credit losses expense, and a smaller incremental expense associated with changes in the valuation of deferred compensation plan liabilities. These declines were partially offset by higher compensation and technology-related costs.
Consolidated operating income decreased in the first quarter of fiscal 2025, as compared to the same period of fiscal 2024, as the impact of lower gross profit was only partially offset by lower SG&A.
22
Acquisitions and Divestitures
We continue to strategically enhance our portfolio through targeted acquisitions and divestitures, demonstrating our commitment to refining our business focus and driving value within our core segments.
In the fourth quarter of fiscal 2024, we divested George Industries, a coating and anodizing company in California previously included in the Infrastructure segment.
In the fourth quarter of fiscal 2024, we divested our extractive business, which included the manufacturing and distribution of screening products for the mining and quarrying sectors in Australia and New Zealand, previously included in the Infrastructure segment.
Macroeconomic and Geopolitical Impacts on Financial Results and Liquidity
We manufacture Utility structures in Mexico and ship them to customers in the United States (“U.S.”). While most of the structures we sell to our U.S. customers are manufactured domestically, we imported approximately $230.0 million worth of fabricated steel structures from Mexico into the U.S. in fiscal 2024. On March 4, 2025, a 25% tariff on all Mexican goods imported into the U.S. took effect; however, as of March 7, 2025, an exemption was introduced for goods compliant with the United States-Mexico-Canada Agreement (“USMCA”). An additional tariff took effect on March 12, 2025, when Section 232 was revised to expand the application of a 25% tariff on steel and aluminum imports into the U.S.; however, there is an exemption from this tariff for fabricated structures produced utilizing steel that was melted and poured in the U.S. The structures produced at our Mexico facility are USMCA-compliant and primarily utilize steel sourced from U.S.-melted and poured material.
To mitigate the financial impact of tariffs in fiscal 2025, we are implementing a comprehensive strategy. This includes close collaboration with customers, cost optimization initiatives, operational efficiency improvements, and diversified sourcing efforts. The ultimate impact of tariffs on our financial condition and operating results will depend on both the effectiveness of our mitigation efforts and various external factors, including the scope and duration of the tariffs, regulatory developments, and the broader trade environment. We continue to monitor the situation closely and will adjust our strategies as needed.
We continue to monitor other macroeconomic and geopolitical uncertainties that have impacted or may impact our business, including inflationary cost pressures, supply chain disruptions, currency fluctuations against the U.S. dollar, changing interest rates, ongoing international conflicts, and labor shortages. These factors could impact our operational costs, revenue, and financial stability. As conditions evolve, we are proactively adapting strategies to mitigate risks and ensure sufficient liquidity.
Net Interest Expense
Consolidated net interest expense decreased in the first quarter of fiscal 2025, as compared to the same period of fiscal 2024, due to the decrease in average outstanding borrowings on the revolving line of credit.
Income Tax Expense
Our effective income tax rate in the first quarter of fiscal 2025 was 26.1%, as compared to 25.3% in the same period of fiscal 2024. The change in the effective tax rate was primarily the result of changes in the geographic mix of earnings.
23
Infrastructure Segment
Thirteen weeks ended | |||||||||||
March 29, | March 30, | Dollar | Percent | ||||||||
Dollars in thousands |
| 2025 |
| 2024 |
| Change |
| Change | |||
Utility | $ | 344,265 | $ | 336,143 |
| $ | 8,122 |
| 2.4% | ||
Lighting and Transportation | 192,571 | 211,209 |
| (18,638) |
| (8.8%) | |||||
Coatings | 82,357 | 87,090 |
| (4,733) |
| (5.4%) | |||||
Telecommunications | 69,939 | 53,961 |
| 15,978 |
| 29.6% | |||||
Solar | 17,089 | 35,211 |
| (18,122) |
| (51.5%) | |||||
Total sales | $ | 706,221 | $ | 723,614 | $ | (17,393) |
| (2.4%) | |||
Operating income | $ | 117,212 | $ | 117,864 | $ | (652) |
| (0.6%) | |||
Infrastructure segment sales decreased in the first quarter of fiscal 2025, as compared to the same period of fiscal 2024. Lower sales volumes in the L&T and Solar product lines were partially offset by increased volumes in the Utility and Telecommunications product lines. Regionally, Infrastructure segment sales increased in North America in the first quarter of fiscal 2025, as compared to the same period of fiscal 2024, but declined in international markets during the same period.
Utility product line sales increased in the first quarter of fiscal 2025, as compared to the same period of fiscal 2024, driven by higher volumes and pricing actions that more than offset the impact of lower steel prices. This growth was supported by robust utility market demand, fueled by ongoing investments in the global energy transition and grid modernization.
L&T product line sales declined in the first quarter of fiscal 2025, as compared to the same period of fiscal 2024, due to lower volumes, primarily reflecting softer demand in international markets, as well as a $2.8 million negative impact from foreign currency translation.
Coatings product line sales decreased in the first quarter of fiscal 2025, as compared to the same period of fiscal 2024, driven by reduced demand in international markets and unfavorable foreign currency impacts of $1.3 million.
Telecommunications product line sales increased in the first quarter of fiscal 2025, as compared to the same period of fiscal 2024, benefiting from higher volumes as a result of elevated wireless carrier spending.
Solar product line sales declined significantly in the first quarter of fiscal 2025, as compared to the same period of fiscal 2024, reflecting lower volumes, partly due to the Company’s strategic decision in the second quarter of fiscal 2024 to exit certain low-margin projects. Foreign currency translation also had a negative impact of $1.1 million.
Infrastructure segment gross profit decreased in the first quarter of fiscal 2025, as compared to the same period of fiscal 2024, due to lower volumes in L&T and Solar product lines. The decrease was also partially attributed to additional overtime and spending at a few of our U.S. manufacturing facilities.
Infrastructure segment SG&A decreased in the first quarter of fiscal 2025, as compared to the same period of fiscal 2024, driven by lower incentive costs and lower allowance for credit losses expense.
Infrastructure segment operating income decreased in the first quarter of fiscal 2025, as compared to the same period of fiscal 2024. This was primarily due to lower volumes in L&T and Solar product lines, partially offset by lower SG&A.
Agriculture Segment
Thirteen weeks ended | |||||||||||
| March 29, | March 30, |
| Dollar |
| Percent | |||||
Dollars in thousands |
| 2025 |
| 2024 |
| Change |
| Change | |||
North America | $ | 137,476 | $ | 159,915 |
| $ | (22,439) |
| (14.0%) | ||
International | 129,795 | 98,820 |
| 30,975 |
| 31.3% | |||||
Total sales | $ | 267,271 | $ | 258,735 | $ | 8,536 |
| 3.3% | |||
Operating income | $ | 36,237 | $ | 40,973 | $ | (4,736) |
| (11.6%) | |||
24
In North America, Agriculture segment sales declined in the first quarter of fiscal 2025, as compared to the same period of fiscal 2024. This decline was primarily driven by lower irrigation equipment sales volumes, reflecting continued softness in the agriculture market amid lower grain prices. Additionally, average selling prices for irrigation equipment were lower year over year, largely due to a shift in sales mix toward units with fewer spans and the impact of lower steel costs on our industrial tubing product offering.
In international markets, Agriculture segment sales increased in the first quarter of fiscal 2025, as compared to the same period of fiscal 2024. This growth was driven by significantly higher volumes in the Europe, Middle East, and Africa (“EMEA”) region, as well as increased sales volumes in Brazil, where a stabilizing market environment supported improved performance. However, these gains were partially offset by unfavorable foreign currency translation impacts of approximately $7.1 million.
Sales of Technology Products and Services decreased in the first quarter of fiscal 2025, as compared to the same period of fiscal 2024, primarily due to lower hardware sales volumes.
Our Agriculture business remains cyclical and is influenced by a range of factors, including changes in net farm income, commodity prices, weather volatility, geopolitical events, and farmer sentiment regarding future economic conditions. We actively monitor these variables to assess their potential impacts on financial performance, including U.S. net farm income estimates released by the U.S. Department of Agriculture. In Brazil, we closely track fluctuations in grain prices and projected farm input costs to gauge grower sentiment. Irrigation Equipment and Parts sales in North America are expected to remain muted for the remainder of fiscal 2025.
Agriculture segment gross profit decreased in the first quarter of fiscal 2025, as compared to the same period of fiscal 2024, primarily due to lower sales volumes and reduced average selling prices in North America. These declines were partially offset by increased sales volumes in the EMEA region.
Agriculture segment SG&A declined in the first quarter of fiscal 2025, as compared to the same period of fiscal 2024, primarily due to lower incentive costs, along with lower allowance for credit losses expense.
Agriculture segment operating income decreased in the first quarter of fiscal 2025, as compared to the same period of fiscal 2024, as the benefit of lower SG&A was more than offset by lower sales volumes in North America and a higher mix of international projects.
Corporate
Corporate SG&A declined in the first quarter of fiscal 2025, as compared to the same period of fiscal 2024. This decrease was primarily driven by lower incentive costs, reduced professional fees, and a smaller incremental expense associated with changes in the valuation of deferred compensation plan liabilities. Valuation changes in deferred compensation plan liabilities are offset by corresponding changes in deferred compensation plan assets, which are included in “Other income (expenses)”. These decreases were partially offset by higher compensation and technology-related costs.
LIQUIDITY AND CAPITAL RESOURCES
Capital Allocation Philosophy
Our capital allocation priorities are intended to present a balanced approach to maintaining disciplined investments in organic and inorganic growth opportunities while delivering meaningful capital returns to shareholders over the next three to five years. These priorities are expected to be supported by our projected cash flow generation. We plan to allocate approximately 50% of operating cash flow to high-return growth opportunities, focused on:
| ● | capital expenditures for strategic capacity expansion, primarily in the Infrastructure segment, to maintain and increase manufacturing output and efficiency while driving innovation to better serve customers, and |
| ● | acquisitions that strategically augment our competitive position, with a focus on sustainable growth and premium returns on invested capital. |
We plan to allocate the remaining approximately 50% of operating cash flow to shareholder returns through the form of share repurchases and dividends.
25
In February 2025, the Board of Directors increased the authorized capacity under our share repurchase program by $700.0 million, bringing the total authorization to $2,100.0 million, with no stated expiration date. We are not obligated to make repurchases and may discontinue the program at any time. Any purchases will be funded through available liquidity and ongoing cash flows, and will be made subject to prevailing market and economic conditions. As of March 29, 2025, we had approximately $766.0 million of remaining capacity under the share repurchase program. Since the program’s inception in May 2014, we have repurchased approximately 8.2 million shares for a total of $1,334.0 million.
In the first quarter of fiscal 2025, the Company adopted a trading plan under Rule 10b5-1 to facilitate repurchases under its authorized $700.0 million stock repurchase program. Due to the required 30-day waiting period under the trading plan, repurchases commenced in the second quarter of fiscal 2025. Subsequent to the first quarter of fiscal 2025, as of April 25, 2025, the Company had repurchased approximately $75.6 million of its common stock under the program.
On February 18, 2025, the Board of Directors declared a quarterly cash dividend on common stock of $0.68 per share, or an annualized rate of $2.72 per share. This represents an increase of over 13% compared to the prior quarterly dividend of $0.60 per share.
We remain committed to maintaining a capital structure that supports our investment-grade credit rating. As of the latest assessments, our credit ratings were Baa2 (stable outlook) by Moody’s Ratings, BBB- (stable outlook) by Fitch Ratings, Inc., and BBB+ (stable outlook) by S&P Global Ratings. To support these ratings, we aim to manage our debt-to-invested capital ratio within levels that reinforce our investment-grade status.
Supplier Finance Program
We have established a supplier finance program with a financial institution, allowing qualifying suppliers the option to sell their receivables from us to the financial institution under independently negotiated terms. Participation in the program is entirely voluntary for suppliers and does not affect our payment terms, amounts, timing, or liquidity. We have no economic interest in a supplier’s decision to participate. As of March 29, 2025 and December 28, 2024, our accounts payable in the Condensed Consolidated Balance Sheets included $41.3 million and $45.6 million, respectively, related to the obligations under this program.
Sources of Financing
As of March 29, 2025, our available debt financing primarily included senior unsecured notes and a revolving credit facility.
Senior Unsecured Notes
As of March 29, 2025, our senior unsecured notes consisted of:
| ● | $450.0 million face value ($434.2 million carrying value) notes at an interest rate of 5.00% per annum, maturing in October 2044. |
| ● | $305.0 million face value ($295.4 million carrying value) notes at an interest rate of 5.25% per annum, maturing in October 2054. |
We retain the option to repurchase these notes by paying a make-whole premium. Both tranches are guaranteed by certain subsidiaries.
Revolving Credit Facility
Our revolving credit facility, managed by JPMorgan Chase Bank, N.A., as Administrative Agent, has a maturity date of October 18, 2026. The facility provides up to $800.0 million in unsecured revolving credit, with $400.0 million available for borrowings in foreign currencies. An additional $300.0 million may be added to the facility, subject to lender commitments.
Authorized borrowers include the Company and its wholly-owned subsidiaries, Valmont Industries Holland B.V. and Valmont Group Pty. Ltd. Obligations under this facility are guaranteed by the Company and its wholly owned subsidiaries, Valmont Telecommunications, Inc., Valmont Coatings, Inc., Valmont Newmark, Inc., and Valmont Queensland Pty. Ltd.
26
The interest rate on our borrowings will be, at our option, either:
| (a) | term Secured Overnight Financing Rate (“SOFR”), based on a one-, three-, or six-month period, plus a 10-basis-point adjustment and a spread of 100 to 162.5 basis points, depending on our senior unsecured long-term debt credit rating by S&P Global Ratings and Moody’s Ratings; |
| (b) | the higher of |
| ● | the prime lending rate, |
| ● | the overnight bank rate plus 50 basis points, or |
| ● | term SOFR (based on a one-month period) plus 100 basis points, |
plus, in each case, 0 to 62.5 basis points, depending on our credit rating; or
| (c) | daily simple SOFR plus a 10-basis-point adjustment and a spread of 100 to 162.5 basis points, depending on our credit rating. |
Additionally, a commitment fee is applied to the average daily unused portion of the facility, ranging from 10 to 25 basis points, based on our credit rating.
As of March 29, 2025 and December 28, 2024, we had no outstanding borrowings under this facility. The facility includes a financial covenant that may limit additional borrowing. As of March 29, 2025, we could borrow $799.8 million under the facility, after accounting for $0.2 million in standby letters of credit related to certain insurance obligations. Additionally, we maintain short‑term bank lines of credit totaling $30.1 million, with $30.0 million unused as of March 29, 2025.
Covenants and Compliance
Both our senior unsecured notes and revolving credit facility contain cross-default provisions, which allow for the acceleration of debt if we default on other indebtedness that also permits acceleration.
The revolving credit facility requires us to maintain a financial leverage ratio of 3.50 or lower, measured as of the last day of each fiscal quarter. A temporary increase to 3.75 is permitted for the four fiscal quarters following a material acquisition. The leverage ratio is defined as the ratio of: (a) interest-bearing debt, minus unrestricted cash in excess of $50.0 million (but not exceeding $500.0 million), to (b) earnings before interest, taxes, depreciation, and amortization, adjusted for non-cash stock-based compensation and non-recurring non-cash charges or gains, subject to certain limitations (“Adjusted EBITDA”). Additionally, in the event of an acquisition or divestiture, Adjusted EBITDA is calculated on a pro forma basis, reflecting the transaction as if it had occurred on the first day of the period.
Additional covenants restrict activities such as incurring indebtedness, placing liens, engaging in mergers, making investments, selling assets, paying dividends, conducting affiliate transactions, and making debt prepayments. Customary events of default may trigger the acceleration of obligations, subject to grace periods where applicable.
As of March 29, 2025, we were in compliance with all covenants related to these debt agreements. For detailed calculations of Adjusted EBITDA and the leverage ratio, please refer to the “Selected Financial Measures” section.
Cash Uses
Our primary cash needs include working capital, capital expenditures, debt service, taxes, and pension contributions. We may also pursue strategic investments, acquisitions, stock repurchases, or dividends, subject to market conditions and debt agreements restrictions.
Our business operates in cyclical markets, but our diverse portfolio—spanning various products, customers, and regions—has enabled us to navigate these cycles effectively while maintaining liquidity. Historically, we have consistently generated operating cash flows that exceed our capital expenditures, demonstrating our ability to manage cash effectively through economic cycles. For fiscal 2025 and beyond, we are confident in our liquidity position, supported by accessible credit facilities, capital markets, and a solid track record of positive operating cash flows.
27
As of March 29, 2025, we held $184.4 million in cash, including $140.9 million in non-U.S. subsidiaries. Distributions of this foreign cash would incur tax liabilities. As of March 29, 2025, we had liabilities of $2.1 million for foreign withholding taxes and $0.5 million for U.S. state income taxes.
Cash Flows
The table below summarizes our cash flow information for the thirteen weeks ended March 29, 2025 and March 30, 2024:
Thirteen weeks ended | ||||||
March 29, | March 30, | |||||
Dollars in thousands |
| 2025 |
| 2024 | ||
Net cash flows from operating activities | $ | 65,130 | $ | 23,332 | ||
Net cash flows from investing activities |
| (30,191) |
| (18,639) | ||
Net cash flows from financing activities |
| (16,993) |
| (34,834) | ||
Operating Cash Flows and Working Capital – Cash provided by operating activities totaled $65.1 million in the first quarter of fiscal 2025, as compared to $23.3 million in the same period of fiscal 2024. The increase in operating cash flows was primarily the result of a reduction in the amount of required pension contributions, a decrease in interest payments, and a lower amount of cash flows used for working capital, primarily inventory. The first quarter of fiscal 2024 also included severance payments totaling $9.8 million related to an organizational realignment program.
Investing Cash Flows – Cash used in investing activities totaled $30.2 million in the first quarter of fiscal 2025, as compared to $18.6 million in the same period of fiscal 2024. Investing activities in the first quarter of fiscal 2025 primarily included capital spending of $30.3 million. Investing activities in the first quarter of fiscal 2024 primarily included capital spending of $15.0 million. We expect our capital expenditures to be in the range of $140.0 million to $160.0 million for fiscal 2025.
Financing Cash Flows – Cash used in financing activities totaled $17.0 million in the first quarter of fiscal 2025, as compared to $34.8 million in the same period of fiscal 2024. Our total interest-bearing debt was $756.1 million as of March 29, 2025 and $757.9 million as of December 28, 2024. Financing activities in the first quarter of fiscal 2025 primarily consisted of borrowings on the revolving credit facility and short-term notes of $62.8 million offset by principal payments on our long-term debt and short-term borrowings of $64.6 million, dividends paid of $12.0 million, and the net activity from stock option and incentive plans, including the associated withholding payments, of $3.5 million. Financing activities in the first quarter of fiscal 2024 primarily consisted of borrowings on the revolving credit facility and short-term notes of $4.0 million, offset by principal repayments on our long-term debt and short-term borrowings of $5.3 million, dividends paid of $12.1 million, the purchase of redeemable noncontrolling interests of $17.7 million, and the net activity from stock option and incentive plans, including the associated withholding payments, of $5.7 million.
Guarantor Summarized Financial Information
This information is provided in compliance with Rule 3-10 and Rule 13-01 of Regulation S-X, relating to our two tranches of senior unsecured notes. These senior notes are jointly, severally, fully, and unconditionally guaranteed—subject to certain customary release provisions, including the sale of the subsidiary guarantor or of all or substantially all of its assets—by certain of our current and future direct and indirect domestic and foreign subsidiaries (collectively, the “Guarantors”). The Parent serves as the Issuer of the notes and consolidates all Guarantors.
The financial information for the Issuer and Guarantors is presented on a combined basis, with intercompany balances and transactions between the Issuer and the Guarantors eliminated. Any amounts due to or from the Issuer or Guarantors, as well as transactions with non-guarantor subsidiaries, are disclosed separately.
28
The combined financial information for the thirteen weeks ended March 29, 2025 and March 30, 2024 was as follows:
| Thirteen weeks ended | |||||
March 29, | March 30, | |||||
Dollars in thousands |
| 2025 | 2024 | |||
Net sales | $ | 676,691 | $ | 682,162 | ||
Gross profit |
| 199,145 |
| 209,640 | ||
Operating income |
| 92,995 |
| 92,578 | ||
Net earnings attributable to Valmont Industries, Inc. |
| 59,986 |
| 59,469 | ||
The combined financial information as of March 29, 2025 and December 28, 2024 was as follows:
| March 29, | December 28, | ||||
Dollars in thousands | 2025 |
| 2024 | |||
Current assets | $ | 840,413 | $ | 805,713 | ||
Non-current assets |
| 808,417 |
| 835,197 | ||
Current liabilities |
| 429,473 |
| 470,652 | ||
Non-current liabilities |
| 1,103,790 |
| 1,091,773 | ||
As of March 29, 2025 and December 28, 2024, non-current assets included a receivable from non-guarantor subsidiaries of $67,723 and $90,938, respectively. As of March 29, 2025 and December 28, 2024, non-current liabilities included a payable to non-guarantor subsidiaries of $255,914 and $243,465, respectively.
Selected Financial Measures
The leverage ratio is a key financial metric we use to assess our maximum borrowing capacity. It is defined as the ratio of (a) interest-bearing debt, minus unrestricted cash in excess of $50.0 million (but not exceeding $500.0 million), to (b) Adjusted EBITDA. In the event of an acquisition or divestiture, Adjusted EBITDA is calculated on a pro forma basis, reflecting the transaction as if it had occurred on the first day of the period.
Our revolving credit facility requires us to maintain a leverage ratio of 3.50 or lower (or 3.75 or lower following certain material acquisitions) on a rolling four-fiscal-quarter basis, measured as of the last day of each fiscal quarter. Failure to comply with this financial covenant may result in higher financing costs or early debt repayment obligations.
The leverage ratio and Adjusted EBITDA are non-generally accepted accounting principles (“GAAP”) measures. As presented, these measures may not be directly comparable to similarly titled measures used by other companies. They should not be considered in isolation or as a substitute for net earnings, cash flows from operations, or other income or cash flow data prepared in accordance with GAAP. Additionally, they should not be interpreted as indicators of operating performance or liquidity.
The calculation of Adjusted EBITDA for the four fiscal quarters ended March 29, 2025 was as follows:
| Four fiscal quarters ended | ||
March 29, | |||
Dollars in thousands | 2025 | ||
Net cash flows from operating activities | $ | 614,476 | |
Interest expense |
| 52,616 | |
Income tax expense |
| 118,789 | |
Deferred income taxes |
| 24,560 | |
Redeemable noncontrolling interests |
| (1,160) | |
Net periodic pension cost |
| (740) | |
Contribution to defined benefit pension plan |
| 4,377 | |
Changes in assets and liabilities |
| (157,842) | |
Other |
| (12,699) | |
Pro forma divestitures adjustment | (1,548) | ||
Adjusted EBITDA | $ | 640,829 | |
29
Four fiscal quarters ended | |||
March 29, | |||
Dollars in thousands | 2025 | ||
Net earnings attributable to Valmont Industries, Inc. | $ | 347,698 | |
Interest expense |
| 52,616 | |
Income tax expense |
| 118,789 | |
Depreciation and amortization |
| 93,377 | |
Stock-based compensation |
| 29,897 | |
Pro forma divestitures adjustment | (1,548) | ||
Adjusted EBITDA | $ | 640,829 | |
The calculation of the leverage ratio as of March 29, 2025 was as follows:
| March 29, | ||
Dollars in thousands | 2025 | ||
Interest-bearing debt, excluding origination fees and discounts of $25,435 | $ | 756,138 | |
Less: Cash and cash equivalents in excess of $50,000 |
| 134,399 | |
Net indebtedness | $ | 621,739 | |
Adjusted EBITDA |
| 640,829 | |
Leverage ratio |
| 0.97 | |
FINANCIAL OBLIGATIONS AND COMMITMENTS
There were no material changes in the Company’s financial obligations and commitments during the thirteen weeks ended March 29, 2025. For additional information on the Company’s financial obligations and commitments, refer to the “Cash Uses” section in Part II, Item 7 of the Company’s Annual Report on Form 10-K for the fiscal year ended December 28, 2024.
CRITICAL ACCOUNTING ESTIMATES
There were no material changes in the Company’s critical accounting estimates during the thirteen weeks ended March 29, 2025. For additional information on the Company’s critical accounting estimates, refer to the “Critical Accounting Estimates” section in Part II, Item 7 of the Company’s Annual Report on Form 10-K for the fiscal year ended December 28, 2024.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
There were no material changes in the Company’s market risk during the thirteen weeks ended March 29, 2025. For additional information on the Company’s market risk, refer to Part II, Item 7A of the Company’s Annual Report on Form 10-K for the fiscal year ended December 28, 2024.
ITEM 4. CONTROLS AND PROCEDURES
Disclosure Controls and Procedures
The Company, under the supervision and with the participation of management—including the Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”)—conducted an evaluation of the effectiveness of the design and operation of its disclosure controls and procedures, as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended.
Based on this evaluation, the CEO and CFO concluded that, as of the end of the period covered by this report, the Company’s disclosure controls and procedures are effective in providing reasonable assurance that the information required to be disclosed by the Company in its reports under the Securities Exchange Act of 1934 is (1) accumulated and communicated to management, including the CEO and CFO, to enable timely decisions regarding required disclosures and (2) recorded, processed, summarized, and reported within the periods specified by the Commission’s rules and forms.
30
Internal Control Over Financial Reporting
There were no changes in the Company’s internal control over financial reporting during the fiscal quarter covered by this report that have materially affected, or are reasonably likely to affect materially, the Company’s internal control over financial reporting.
31
PART II—OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
There were no material changes in the Company’s legal proceedings during the thirteen weeks ended March 29, 2025. For additional information on the Company’s legal proceedings, refer to Part I, Item 3 of the Company’s Annual Report on Form 10-K for the fiscal year ended December 28, 2024.
ITEM 1A. RISK FACTORS
There were no material changes in the Company’s risk factors during the thirteen weeks ended March 29, 2025. For additional information on the Company’s risk factors, refer to Part I, Item 1A of the Company’s Annual Report on Form 10-K for the fiscal year ended December 28, 2024.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
Not applicable.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None.
ITEM 4. MINE SAFETY DISCLOSURES
Not applicable.
ITEM 5. OTHER INFORMATION
Submission of Matters to a Vote of Security Holders
Valmont’s annual meeting of stockholders was held on April 28, 2025. The stockholders elected three directors to serve three-year terms, approved, on an advisory basis, the compensation paid to Valmont’s named executive officers, and ratified the appointment of Deloitte & Touche LLP as independent auditors for fiscal 2025. For the annual meeting, there were 20,070,905 shares outstanding and eligible to vote of which 18,396,196 were present at the meeting in person or by proxy. The tabulation for each matter voted upon at the meeting was as follows:
Election of Directors:
For | Withheld | Broker Non-Votes | ||||
James B. Milliken | 14,709,151 | 2,689,843 | 997,202 | |||
Catherine James Paglia | 15,690,879 | 1,708,115 | 997,202 | |||
Deborah H. Caplan | 17,224,335 | 174,659 | 997,202 |
Advisory vote on executive compensation:
For | 16,755,541 | |||||
Against | 593,993 | |||||
Abstain | 49,460 | |||||
Broker non-votes | 997,202 |
Ratification of appointment of independent auditors:
For | 17,454,709 | |||||
Against | 899,717 | |||||
Abstain | 41,770 | |||||
Broker non-votes | 0 |
32
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Valmont reorganizes and reallocates its executive offices and functions from time to time as it aims to better align its organizational structure with its strategic objectives.
On April 29, 2025, Valmont eliminated the positions of Group President, Infrastructure, and Executive Vice President, Global Operations. The responsibilities and functions of these executive offices were reassigned to other corporate offices and functions within Valmont, streamlining operations and enhancing efficiency across Valmont’s global business units.
J. Timothy Donahue, who previously served as Group President, Infrastructure, and Diane M. Larkin, who previously served as Executive Vice President, Global Operations, have transitioned to non-executive advisor roles with Valmont.
ITEM 6. EXHIBITS
Exhibit No. |
| Description |
10.1* | ||
22.1 | ||
31.1* | ||
31.2* | ||
32.1* | ||
101 | The following financial information from Valmont’s Quarterly Report on Form 10-Q for the quarter ended March 29, 2024, formatted in Inline XBRL (eXtensible Business Reporting Language): (i) the Condensed Consolidated Statements of Earnings, (ii) the Condensed Consolidated Statements of Comprehensive Income, (iii) the Condensed Consolidated Balance Sheets, (iv) the Condensed Consolidated Statements of Cash Flows, (v) the Condensed Consolidated Statements of Shareholders’ Equity and Redeemable Noncontrolling Interests, (vi) Notes to Condensed Consolidated Financial Statements and (vii) document and entity information. | |
104 | Cover Page Interactive File (formatted as Inline XBRL and contained in Exhibit 101) |
* Filed herewith
33
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf and by the undersigned thereunto duly authorized.
VALMONT INDUSTRIES, INC. | |
/s/ THOMAS LIGUORI | |
Thomas Liguori | |
Executive Vice President and Chief Financial Officer |
Dated the 29th day of April 2025.
34