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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Valmont Industries | NYSE:VMI | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-4.44 | -2.12% | 204.80 | 209.67 | 204.40 | 207.66 | 202,067 | 01:00:00 |
1-31429
|
47-0351813
|
(Commission File Number)
|
(IRS Employer Identification No.)
|
One Valmont Plaza
|
|
Omaha, NE
|
68154
|
(Address of Principal Executive Offices)
|
(Zip Code)
|
|
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
|
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
(d)
|
Exhibits.
|
99.1
|
Press Release dated April 22, 2015.
|
Valmont Industries, Inc.
|
|
Date: April 22, 2015
|
|
By: _/s/ Mark Jaksich___________________
|
|
Name: Mark Jaksich
|
|
Title: Chief Financial Officer
|
|
Exhibit No.
|
Description
|
|
99.1
|
Press release dated April 22, 2015.
|
·
|
Irrigation Segment’s operating income was a healthy 15.7% of sales despite reduced market demand.
|
·
|
Weak industrial and mining markets negatively affected our Australian businesses.
|
·
|
Utility Support Structures Segment continued to face market challenges in North America.
|
·
|
Foreign currency translation adversely impacted sales and operating income by $31 million and $2.3 million, respectively, in the first quarter.
|
·
|
Board of Directors approves a restructuring plan.
|
VALMONT INDUSTRIES, INC. AND SUBSIDIARIES
|
||||
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
|
||||
(Dollars in thousands, except per share amounts)
|
||||
(unaudited)
|
||||
First Quarter
|
||||
13 Weeks Ended
|
||||
28-Mar-15
|
29-Mar-14
|
|||
Net sales
|
$ 670,398
|
$ 751,740
|
||
Cost of sales
|
504,944
|
544,758
|
||
Gross profit
|
165,454
|
206,982
|
||
Selling, general and administrative expenses
|
107,771
|
108,134
|
||
Operating income
|
57,683
|
98,848
|
||
Other income (expense):
|
||||
Interest expense
|
(11,128)
|
(8,197)
|
||
Interest income
|
874
|
1,739
|
||
Other
|
1,016
|
(5,812)
|
||
(9,238)
|
(12,270)
|
|||
Earnings before income taxes
|
48,445
|
86,578
|
||
Income tax expense
|
16,938
|
30,015
|
||
Net earnings
|
31,507
|
56,563
|
||
Less: Earnings attributable to non-controlling interests
|
(768)
|
(583)
|
||
Net earnings attributable to Valmont Industries, Inc.
|
$ 30,739
|
$ 55,980
|
||
Average shares outstanding (000's) - Basic
|
23,868
|
26,715
|
||
Earnings per share - Basic
|
$ 1.29
|
$ 2.09
|
||
Average shares outstanding (000's) - Diluted
|
23,982
|
26,950
|
||
Earnings per share - Diluted
|
$ 1.28
|
$ 2.08
|
||
Cash dividends per share
|
$ 0.375
|
$ 0.250
|
||
VALMONT INDUSTRIES, INC. AND SUBSIDIARIES
|
||||
SUMMARY OPERATING RESULTS
|
||||
(Dollars in thousands)
|
||||
(unaudited)
|
||||
First Quarter
|
||||
13 Weeks Ended
|
||||
28-Mar-15
|
29-Mar-14
|
|||
Sales
|
||||
Engineered Infrastructure Products
|
$ 238,393
|
$ 228,462
|
||
Utility Support Structures
|
176,341
|
214,727
|
||
Coatings
|
74,360
|
82,171
|
||
Infrastructure products
|
489,094
|
525,360
|
||
Irrigation
|
154,476
|
212,733
|
||
Other
|
53,858
|
58,602
|
||
Less: Intersegment sales
|
(27,030)
|
(44,955)
|
||
Total
|
$ 670,398
|
$ 751,740
|
||
Operating Income
|
||||
Engineered Infrastructure Products
|
$ 11,982
|
$ 13,709
|
||
Utility Support Structures
|
15,357
|
32,757
|
||
Coatings
|
11,000
|
13,886
|
||
Infrastructure products
|
38,339
|
60,352
|
||
Irrigation
|
24,302
|
43,146
|
||
Other
|
6,598
|
8,550
|
||
Corporate
|
(11,556)
|
(13,200)
|
||
Total
|
$ 57,683
|
$ 98,848
|
||
VALMONT INDUSTRIES, INC. AND SUBSIDIARIES
|
||||||
CONDENSED CONSOLIDATED BALANCE SHEETS
|
||||||
(Dollars in thousands)
|
||||||
(unaudited)
|
||||||
28-Mar-15
|
29-Mar-14
|
|||||
ASSETS
|
||||||
Current assets:
|
||||||
Cash and cash equivalents
|
$ 318,366
|
$ 488,195
|
||||
Accounts receivable, net
|
503,649
|
529,693
|
||||
Inventories
|
379,514
|
424,825
|
||||
Prepaid expenses
|
48,344
|
57,913
|
||||
Refundable and deferred income taxes
|
53,032
|
57,935
|
||||
Total current assets
|
1,302,905
|
1,558,561
|
||||
Property, plant and equipment, net
|
586,746
|
612,203
|
||||
Goodwill and other assets
|
694,479
|
715,102
|
||||
$ 2,584,130
|
$ 2,885,866
|
|||||
LIABILITIES AND SHAREHOLDERS' EQUITY
|
||||||
Current liabilities:
|
||||||
Current installments of long-term debt
|
$ 1,070
|
$ 188
|
||||
Notes payable to banks
|
14,459
|
14,860
|
||||
Accounts payable
|
189,349
|
234,218
|
||||
Accrued expenses
|
169,824
|
177,437
|
||||
Income taxes payable
|
-
|
9,967
|
||||
Dividend payable
|
8,889
|
6,721
|
||||
Total current liabilities
|
383,591
|
443,391
|
||||
Long-term debt, excluding current installments
|
765,762
|
479,141
|
||||
Other long-term liabilities
|
290,912
|
343,531
|
||||
Shareholders' equity
|
1,143,865
|
1,619,803
|
||||
$ 2,584,130
|
$ 2,885,866
|
|||||
VALMONT INDUSTRIES, INC. AND SUBSIDIARIES
|
||||||
SUMMARY OF EFFECT OF SIGNIFICANT NON-RECURRING ITEMS ON REPORTED RESULTS
|
||||||
REGULATION G RECONCILIATION
|
||||||
(Dollars in thousands)
|
||||||
(unaudited)
|
||||||
The schedule below details the fair value adjustments of the Company's Delta EMD Pty. Ltd (Delta EMD) shares to its quoted market price at each quarter-end and the restructuring expense incurred in 2015. Earnings per share for each item are calculated separately. Therefore the sum of earnings per share amounts for each item below may not agree with the total. We believe it is useful for the non-GAAP adjusted net earnings to be taken into consideration with the reported GAAP measure which is net earnings.
|
||||||
Quarter ended March 28, 2015
|
Diluted earnings per share
|
Quarter ended March 29, 2014
|
Diluted earnings per share
|
|||
Net earnings attributable to Valmont Industries, Inc. - as reported
|
$ 30,739
|
$ 1.28
|
$ 55,980
|
$ 2.08
|
||
Restructuring expenses (pre-tax $785 in 2015)
|
510
|
0.02
|
-
|
-
|
||
Fair market value adjustment, Delta EMD - after-tax and net of received dividends ($5,000 in 2015 and $0 in 2014)
|
(600)
|
(0.02)
|
3,386
|
0.13
|
||
Net earnings attributable to Valmont Industries, Inc. - Adjusted
|
$ 30,649
|
$ 1.28
|
$ 59,366
|
$ 2.20
|
||
-end-
|
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