Valmont Reports Q4 and Fiscal Year Earnings

Valmont Industries, Inc. has reported financial results for the fourth quarter and fiscal year ended December 31, 2022.

Fourth Quarter 2022 Highlights

Net Sales of $1.1 billion increased 17.5%, a fourth quarter record
Operating Income increased 116.2% to $109.7 million, or 9.7% of net sales (increased 32.9% to $113.7 million or 10.1% adjusted1) compared to $50.8 million or 5.3% of net sales ($85.6 million or 8.9% adjusted1)
Diluted Earnings per Share (“EPS”) of $1.86 ($3.57 adjusted1) compared to $1.25 ($2.73 adjusted1)

Record Net Sales of $4.3 billion, an increase of 24.1%
- Strong sales growth as Infrastructure grew to a record $2.9 billion and Agriculture grew to a record $1.3 billion, including 17.6% growth in agriculture technology products and services
Operating Income increased 51.1% to $433.2 million, or 10.0% of net sales (increased 34.6% to $449.7 million or 10.3% adjusted1) compared to $286.8 million or 8.2% of net sales ($334.0 million or 9.5% adjusted1)
- Higher operating income was led by favorable pricing and volume growth in both Infrastructure and Agriculture
Generated strong operating cash flows of $326.3 million, a significant improvement compared to 2021, driven by higher net earnings and improvements in working capital performance
Capital expenditures were $93.3 million, including approximately $30.0 million for strategic investments including a new concrete utility structures facility in Bristol, Indiana and irrigation capacity expansions in Brazil and Dubai

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