Valmont: First Quarter Up 14%

Valmont Industries, Inc., Valley, NE reported first quarter sales of $819.6 million compared with $717.4 million for the same period of 2012. First quarter 2013 operating income was $118.2 million versus $82.8 million in 2012. First quarter net income was $77.6 million versus $52.3 million in 2012, which resulted in an increase in quarterly diluted earnings per share from $1.96 in 2012 to $2.89 in 2013.

During the quarter, Valmont divested a non-consolidated South African subsidiary. As a consequence, a $3.2 million benefit, was realized due to the release of certain deferred tax liabilities and corresponding reduction in tax expense.

This reduced the first quarter corporate tax rate to 31.0%. On February 4, 2013, the company acquired Australian based Locker Group, a manufacturer of perforated and expanded metal and access systems.

In addition, the first full quarter of results from the December 2012 acquisition of Pure Metal, a Canadian galvanizing operation, were realized during the quarter. Management estimates the positive collective impact of the above items on first quarter revenue and diluted earnings per share were approximately $19.8 million.

Valmont, Association member since 1965; valmont.com.