Valmont Industries, Inc. (NYSE: VMI) is a global leader in designing and manufacturing poles, towers and structures for lighting and traffic, wireless communication and utility markets, and a provider of protective coating services. Valmont also leads the world in mechanized irrigation equipment for agriculture, enhancing food production while conserving and protecting natural water resources. In addition, Valmont produces a wide variety of tubing for commercial and industrial applications.
Valmont currently operates from 43 facilities located in fourteen countries around the world. The Company is headquartered in Omaha, Nebraska, and employs over 5,600 highly trained personnel worldwide, with approximately 1,500 located in Nebraska.
Throughout its long manufacturing history, Valmont has consistently sought the best ways to apply advancing technology to products and processes alike. "We will remain focused on what we do best," said Mogens C. Bay, Valmont's Chairman and Chief Executive Officer. "We see ample opportunities to expand our businesses globally and in North America and, over time, we expect our investments around the world to further accelerate our growth. Our performance is the direct result of the skills, dedication and hard work of each member of the Valmont team.
Wherever you live, whatever you do, chances are Valmont is part of your life. Lighting and traffic poles guide your way. Utility poles bring power to your home and business. Communication poles and towers enable your wireless communications. Irrigation equipment brings much-needed water to cropland while conserving fresh water resources. And our long-lasting finishes improve products around the world every day.
Valmont provides competitive compensation packages and excellent benefits that may include comprehensive medical, dental, and vision insurance, life insurance, disability, 401(k) and other benefits.
October 17, 2007
Valmont Reports Third Quarter Results
Third Quarter Highlights:
- Net sales rose 20%.
- Operating income rose 30% and was 10.1% of net sales.
- Net earnings increased 72%.
- Effective tax rate was 22.1% due to the expiration of certain tax contingencies, other tax benefits and the mix of international sales.
Omaha, NE - Valmont Industries, Inc. (NYSE: VMI), a leading global manufacturer of engineered support structures for infrastructure, mechanized irrigation equipment for agriculture, and a provider of coating services and tubular products, reported third quarter sales of $372.0 million compared with $310.9 million for the same period of 2006. Net earnings for the third quarter were $25.9 million, or 99 cents per diluted share, versus third quarter 2006 net earnings of $15.1 million, or 58 cents per diluted share. Included in the results for the third quarter of 2006 were a $0.7 million after-tax gain from the sale of property and a $2.1 million after-tax charge at a non-consolidated subsidiary. The most significant reason for a lower effective tax rate was approximately $1.4 million in income tax benefits related to activities in prior tax years that were recognized during the quarter.
For the first nine months of 2007, sales were $1,115.0 million versus $953.3 million in 2006. Valmont’s nine month net earnings were $71.6 million, or $2.74 per diluted share, compared with 2006 nine month net earnings of $45.4 million, or $1.76 per diluted share.
Valmont Industries, Inc. is an equal opportunity employer and we take affirmative action in our recruitment of Women, Minorities, the Disabled, and Veterans.