Achieved Record First-Quarter Sales and Earnings per Share
OMAHA, Neb.--(BUSINESS WIRE)--Valmont Industries, Inc. (NYSE: VMI), a global leader that provides vital infrastructure and advances agricultural productivity while driving innovation through technology, today reported financial results for the first quarter ended March 26, 2022.
First Quarter 2022 Highlights (all metrics compared to First Quarter 2021 unless otherwise noted)
Key Financial Metrics
First Quarter 2022 |
GAAP |
|
Adjusted1 |
|||||||||||||||||||
(000's except per share amounts) |
03/26/2022 1Q 2022 |
|
03/27/2021 1Q 2021 |
vs. 1Q 2021 |
|
03/26/2022 1Q 2022 |
|
03/27/2021 1Q 2021 |
vs. 1Q 2021 |
|||||||||||||
Net Sales |
$ |
980,820 |
|
|
$ |
774,886 |
|
26.6 |
% |
|
$ |
980,820 |
|
|
$ |
774,886 |
|
26.6 |
% |
|||
Operating Income |
|
94,842 |
|
|
|
77,211 |
|
22.8 |
% |
|
|
98,985 |
|
|
|
77,211 |
|
28.2 |
% |
|||
Operating Income as a % of Net Sales |
|
9.7 |
% |
|
|
10.0 |
% |
|
|
|
10.1 |
% |
|
|
10.0 |
% |
|
|||||
Net Earnings |
|
62,311 |
|
|
|
55,014 |
|
13.3 |
% |
|
|
65,888 |
|
|
|
55,014 |
|
19.8 |
% |
|||
Diluted Earnings Per Share |
$ |
2.90 |
|
|
$ |
2.57 |
|
12.8 |
% |
|
$ |
3.07 |
|
|
$ |
2.57 |
|
19.5 |
% |
|||
Average Shares Outstanding |
|
21,492 |
|
|
|
21,429 |
|
|
|
|
21,492 |
|
|
|
21,429 |
|
|
"We delivered strong financial results in our first quarter, exceeding our expectations and achieving another quarter of record sales," said Stephen G. Kaniewski, President and Chief Executive Officer. "I am very pleased with our relentless focus on price management, operational excellence and the realization of increasing strong demand across the portfolio. Through these actions, we achieved first-quarter adjusted operating margins of 10.1% and record first-quarter adjusted earnings per share of $3.07. We are seeing strong demand across global infrastructure markets, especially in our key growth businesses including products and solutions for utility and telecommunications markets. Agricultural market conditions continue to be very favorable, which is leading to increasing demand for irrigation equipment and technology solutions globally. I want to recognize our Valmont teams around the world as they continue to drive our momentum and success. We continue executing on our strategy of creating sustainable growth initiatives across our businesses and long-term value for our shareholders."
Kaniewski continued, "During the quarter, we realigned our segment structure from four reportable segments to two, Infrastructure and Agriculture, to reflect how the businesses are managed, while elevating our focus on capital allocation, technology, talent development, and market growth strategies. In parallel with the segment realignment, we are also centralizing operations of our global manufacturing footprint across both segments to focus on improving productivity, increasing output, and driving efficient capital allocation. We remain committed to our tagline of Conserving Resources. Improving Life®. as we simplify our company structure to more effectively articulate our strategy and purpose."
First Quarter 2022 Segment Review
Infrastructure (69.1% of Net Sales)
Products and solutions to serve the infrastructure markets of utility, renewable energy, lighting, transportation and telecommunications, and coatings services to preserve and protect metal products
Sales of $680.7 million grew 23.8% year-over-year with sales growth across most product lines. Higher sales were driven by favorable pricing globally, primarily in the transmission, distribution, and substation (TD&S), and lighting and transportation (L&T) product lines, and higher volumes, primarily in telecommunications.
Operating Income improved 42.3% to $77.5 million or 11.4% of sales compared to $54.4 million or 9.9% of sales in 2021, driven by favorable pricing and improved fixed-cost leverage, including SG&A.
Agriculture (30.9% of Net Sales)
Center pivot and linear irrigation equipment for agricultural markets, including parts and tubular products; advanced technology solutions for precision agriculture
Sales of $306.6 million increased 33.5% year-over-year. Sales growth was led by higher average selling prices of irrigation equipment globally, higher volumes in North American markets and higher technology sales, partially offset by lower international project sales.
Operating Income was $37.5 million, or 12.2% of sales ($41.6 million or 13.7% adjusted1) compared to $38.7 million or 16.9% of sales in 2021. The benefit of higher average selling prices during the quarter was more than offset by higher SG&A, including incremental SG&A from the Prospera acquisition.
Realignment of Reporting Segments
On April 6, 2022, the Company announced that it had realigned its reporting segment structure beginning with its first quarter 2022 financial results. The new reporting segments are Infrastructure (includes the previous segments of Utility Support Structures, Engineered Support Structures and Coatings) and Agriculture (a renaming of the previous Irrigation segment). A recast of comparable prior-year segment financial information for 2020 and 2021 affected by the change is available in a summary presentation on the Investors page at Valmont.com. The Company's historical GAAP balance sheet, income statement and cash flows are not affected.
Balance Sheet, Liquidity and Capital Allocation
First quarter cash flows from operations were $2.7 million, primarily reflecting higher net working capital levels compared to year-end 2021, in support of strong customer demand. At the end of the first quarter, cash and cash equivalents were $149.7 million. During the quarter, Moody's reaffirmed the Company's Baa3/Stable credit rating.
Updating Full Year 2022 Financial Outlook and Key Assumptions
The Company is increasing its 2022 full-year net sales and diluted earnings per share outlook from the previous indications that were communicated last quarter, and is providing key assumptions for the year.
2022 Full Year Financial Outlook |
Previous Outlook |
|
|
Revised Outlook |
||
Net Sales Growth (vs. PY) |
9% to 14% |
|
|
11% to 17% |
||
GAAP Diluted EPS1 |
$11.55 to $12.30 |
|
|
$12.30 to $12.80 |
||
Adjusted Diluted EPS1 |
$12.25 to $13.00 |
|
|
$13.00 to $13.50 |
||
Tax Rate |
~ 25.0% |
|
|
~26.5% |
||
FX Translation Impact on Net Sales |
~ 1.0% |
|
|
0.0% |
Kaniewski added, "We are increasing our 2022 outlook due to several positive factors. We've had a very strong start to the year, as our teams have continued to execute from a position of strength to drive growth and performance, with significant momentum supported by strong, global market drivers across our businesses. We entered the second quarter with a record backlog of more than $1.8 billion, reflecting strong market demand and providing a solid line of sight for us through 2022. In the Infrastructure segment, the need for critical infrastructure investment globally gives us confidence in the long-term market growth trends. In Agriculture, favorable market trends globally are providing strong momentum. Across the portfolio, we continue to execute pricing strategies to manage broad-based inflation and leverage the strength of our organization and global supply chain to deliver value-added products and innovative solutions to our customers. Additionally, our balance sheet is strong and gives us flexibility to execute our long-term strategic plan. Our strategy remains focused on long-term profitable growth, with an organizational emphasis on ESG principles, return on invested capital, operational excellence and strengthening our organization for the future."
A live audio discussion with Stephen G. Kaniewski, President and Chief Executive Officer, Aaron Schapper, Group President, Infrastructure, and Avner M. Applbaum, Executive Vice President and Chief Financial Officer, will be accessible by telephone on Thursday, April 21, 2022 at 8:00 a.m. CDT by dialing 1-877-407-6184 or 1-201-389-0877 (no Conference ID needed), or via webcast by pointing browsers to this link: Valmont Industries 1Q 2022 Earnings Conference Call. A slide presentation will simultaneously be available for download on the Investors page at valmont.com. A replay of the event can be accessed two hours after the call at the above link or by telephone at 1-877-660-6853 or 1-201-612-7415. Please use conference identification number 13728740. The replay will be available through 10:59 p.m. CDT on April 28, 2022.
About Valmont Industries, Inc.
For over 75 years, Valmont® has been a global leader in creating vital infrastructure and advancing agricultural productivity. Today, we remain committed to doing more with less by innovating through technology. Learn more about how we’re Conserving Resources. Improving Life.® at valmont.com.
Concerning Forward-Looking Statements
This release contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on assumptions that management has made in light of experience in the industries in which Valmont operates, as well as management’s perceptions of historical trends, current conditions, expected future developments and other factors believed to be appropriate under the circumstances. As you read and consider this release, you should understand that these statements are not guarantees of performance or results. They involve risks, uncertainties (some of which are beyond Valmont’s control) and assumptions. Although management believes that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect Valmont’s actual financial results and cause them to differ materially from those anticipated in the forward-looking statements. These factors include among other things, the continuing and developing effects of COVID-19 including the effects of the outbreak on the general economy and the specific economic effects on the Company’s business and that of its customers and suppliers, risk factors described from time to time in Valmont’s reports to the Securities and Exchange Commission, as well as future economic and market circumstances, industry conditions, company performance and financial results, operating efficiencies, availability and price of raw material, availability and market acceptance of new products, product pricing, domestic and international competitive environments, geopolitical risks, and actions and policy changes of domestic and foreign governments. The Company cautions that any forward-looking statement included in this press release is made as of the date of this press release and the Company does not undertake to update any forward-looking statement.
1 Please see Reg G reconciliation to GAAP measures at end of document |
VALMONT INDUSTRIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (Dollars in thousands, except per share amounts) (unaudited) |
||||||||
|
|
First Quarter |
||||||
|
|
13 Weeks Ended |
||||||
|
|
|
|
|||||
|
26-Mar-22 |
|
27-Mar-21 |
|||||
Net sales |
$ |
980,820 |
|
|
$ |
774,886 |
|
|
Cost of sales |
|
731,634 |
|
|
|
570,332 |
|
|
Gross profit |
|
249,186 |
|
|
|
204,554 |
|
|
Selling, general and administrative expenses |
|
154,344 |
|
|
|
127,343 |
|
|
Operating income |
|
94,842 |
|
|
|
77,211 |
|
|
Other income (expense) |
|
|
|
|||||
Interest expense |
|
(11,263 |
) |
|
|
(9,999 |
) |
|
Interest income |
|
227 |
|
|
|
311 |
|
|
Loss on investments (unrealized) |
|
(1,063 |
) |
|
|
(109 |
) |
|
Other |
|
3,642 |
|
|
|
3,449 |
|
|
Other income (expense), net |
|
(8,457 |
) |
|
|
(6,348 |
) |
|
Earnings before income taxes |
|
86,385 |
|
|
|
70,863 |
|
|
Income tax expense |
|
23,121 |
|
|
|
15,502 |
|
|
Equity in loss of nonconsolidated subsidiaries |
|
(358 |
) |
|
|
(360 |
) |
|
Net earnings |
|
62,906 |
|
|
|
55,001 |
|
|
Less: (earnings)/loss attributable to non-controlling interests |
|
(595 |
) |
|
|
13 |
|
|
Net earnings attributable to Valmont Industries, Inc. |
$ |
62,311 |
|
|
$ |
55,014 |
|
|
|
|
|
|
|||||
Average shares outstanding (000's) - Basic |
|
21,279 |
|
|
|
21,179 |
|
|
Earnings per share - Basic |
$ |
2.93 |
|
|
$ |
2.60 |
|
|
|
|
|
|
|||||
Average shares outstanding (000's) - Diluted |
|
21,492 |
|
|
|
21,429 |
|
|
Earnings per share - Diluted |
$ |
2.90 |
|
|
$ |
2.57 |
|
|
|
|
|
|
|||||
Cash dividends per share |
$ |
0.55 |
|
|
$ |
0.50 |
|
|
VALMONT INDUSTRIES, INC. AND SUBSIDIARIES SUMMARY OPERATING RESULTS (Dollars in thousands) (Unaudited) |
||||||||
|
|
First Quarter |
||||||
|
|
13 Weeks Ended |
||||||
|
|
26-Mar-22 |
|
27-Mar-21 |
||||
Net sales |
|
|
|
|||||
Infrastructure |
$ |
680,726 |
|
|
$ |
549,646 |
|
|
Agriculture |
|
306,580 |
|
|
|
229,664 |
|
|
Total |
|
987,306 |
|
|
|
779,310 |
|
|
Less: Intersegment sales |
|
(6,486 |
) |
|
|
(4,424 |
) |
|
Total |
$ |
980,820 |
|
|
$ |
774,886 |
|
|
|
|
|
|
|||||
Operating Income |
|
|
|
|||||
Infrastructure |
$ |
77,507 |
|
|
$ |
54,449 |
|
|
Agriculture |
|
37,475 |
|
|
|
38,748 |
|
|
Corporate |
|
(20,140 |
) |
|
|
(15,986 |
) |
|
Total |
$ |
94,842 |
|
|
$ |
77,211 |
|
Valmont has aggregated its business segments into two global reportable segments as follows.
Infrastructure: This segment consists of the manufacture and distribution of products and solutions to serve infrastructure markets of utility, renewable energy, lighting, transportation and telecommunications, and coatings services to preserve and protect metal products.
Agriculture: This segment consists of the manufacture of center pivot and linear irrigation equipment for agricultural markets, including parts and tubular products, and advanced technology solutions for precision agriculture.
VALMONT INDUSTRIES, INC. AND SUBSIDIARIES SUMMARY OPERATING RESULTS (Dollars in thousands) (Unaudited) |
|||||||||||||
|
|
Thirteen Weeks ended March 26, 2022 |
|||||||||||
|
|
Infrastructure |
|
Agriculture |
|
Intersegment Sales |
|
Consolidated |
|||||
Geographical market: |
|
|
|
|
|
|
|
||||||
North America |
$ |
505,980 |
|
$ |
198,109 |
$ |
(6,486 |
) |
|
$ |
697,603 |
||
International |
|
174,746 |
|
|
108,471 |
|
|
— |
|
|
|
283,217 |
|
Total |
$ |
680,726 |
|
$ |
306,580 |
|
$ |
(6,486 |
) |
|
$ |
980,820 |
|
|
|
|
|
|
|
|
|
||||||
Product line: |
|
|
|
|
|
|
|
||||||
Transmission, Distribution and Substation (TD&S) |
$ |
281,600 |
|
$ |
— |
|
$ |
— |
|
|
$ |
281,600 |
|
Lighting and Transportation (L&T) |
|
212,767 |
|
|
— |
|
|
— |
|
|
|
212,767 |
|
Coatings |
|
81,976 |
|
|
— |
|
(3,101 |
) |
|
|
78,875 |
||
Telecommunications |
|
61,396 |
|
|
— |
|
— |
|
|
|
61,396 |
||
Renewable Energy |
|
42,987 |
|
|
— |
|
— |
|
|
|
42,987 |
||
Irrigation Equipment and Parts, excluding Technology |
|
— |
|
|
278,034 |
|
|
(3,385 |
) |
|
|
274,649 |
|
Technology Products and Services |
|
— |
|
|
28,546 |
|
|
— |
|
|
|
28,546 |
|
Total |
$ |
680,726 |
|
$ |
306,580 |
|
$ |
(6,486 |
) |
|
$ |
980,820 |
|
Thirteen weeks ended March 27, 2021 |
||||||||||||
|
Infrastructure |
|
Agriculture |
|
Intersegment Sales |
|
Consolidated |
||||||
Geographical market: |
|
|
|
|
|
|
|
||||||
North America |
$ |
385,734 |
|
$ |
128,865 |
$ |
(4,424 |
) |
|
$ |
510,175 |
||
International |
|
163,912 |
|
|
100,799 |
|
|
— |
|
|
|
264,711 |
|
Total |
$ |
549,646 |
|
$ |
229,664 |
|
$ |
(4,424 |
) |
|
$ |
774,886 |
|
|
|
|
|
|
|
|
|
||||||
Product line: |
|
|
|
|
|
|
|
||||||
Transmission, Distribution and Substation (TD&S) |
$ |
208,444 |
|
$ |
— |
|
$ |
— |
|
|
$ |
208,444 |
|
Lighting and Transportation (L&T) |
|
176,516 |
|
|
— |
|
|
— |
|
|
|
176,516 |
|
Coatings |
|
74,793 |
|
|
— |
|
(3,201 |
) |
|
|
71,592 |
||
Telecommunications |
|
45,640 |
|
|
— |
|
— |
|
|
|
45,640 |
||
Renewable Energy |
|
44,253 |
|
|
— |
|
— |
|
|
|
44,253 |
||
Irrigation Equipment and Parts, excluding Technology |
|
— |
|
|
207,258 |
|
|
(1,223 |
) |
|
|
206,035 |
|
Technology Products and Services |
|
— |
|
|
22,406 |
|
|
— |
|
|
|
22,406 |
|
Total |
$ |
549,646 |
|
$ |
229,664 |
|
$ |
(4,424 |
) |
|
$ |
774,886 |
|
VALMONT INDUSTRIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Dollars in thousands) (unaudited) |
||||||
|
|
26-Mar-22 |
|
25-Dec-21 |
||
ASSETS |
|
|
|
|||
Current assets: |
|
|
|
|||
Cash and cash equivalents |
$ |
149,700 |
|
$ |
177,232 |
|
Accounts receivable, net |
|
616,538 |
|
|
571,593 |
|
Inventories |
|
807,471 |
|
|
728,834 |
|
Contract asset - costs and profits in excess of billings |
|
161,633 |
|
|
142,643 |
|
Prepaid expenses and other assets |
|
105,233 |
|
|
83,646 |
|
Refundable income taxes |
|
— |
|
|
8,815 |
|
Total current assets |
|
1,840,575 |
|
|
1,712,763 |
|
Property, plant and equipment, net |
|
610,218 |
|
|
598,605 |
|
Goodwill and other assets |
|
1,130,690 |
|
|
1,135,881 |
|
|
$ |
3,581,483 |
|
$ |
3,447,249 |
|
|
|
|
|
|||
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|||
Current liabilities: |
|
|
|
|||
Current installments of long-term debt |
$ |
4,226 |
|
$ |
4,884 |
|
Notes payable to banks |
|
8,380 |
|
|
13,439 |
|
Accounts payable |
|
404,410 |
|
|
347,841 |
|
Accrued expenses |
|
215,082 |
|
|
253,330 |
|
Contract liability - billings in excess of costs and earnings |
|
168,794 |
|
|
135,746 |
|
Dividend payable |
|
11,721 |
|
|
10,616 |
|
Total current liabilities |
|
818,687 |
|
|
765,856 |
|
Long-term debt, excluding current installments |
|
963,065 |
|
|
947,072 |
|
Operating lease liabilities |
|
146,493 |
|
|
147,759 |
|
Other long-term liabilities |
|
148,747 |
|
|
172,965 |
|
Shareholders' equity |
|
1,504,491 |
|
|
1,413,597 |
|
|
$ |
3,581,483 |
|
$ |
3,447,249 |
|
VALMONT INDUSTRIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Dollars in thousands) (unaudited) |
||||||||
|
|
First Quarter |
||||||
|
|
13 Weeks Ended |
||||||
|
|
26-Mar-22 |
|
27-Mar-21 |
||||
Cash flows from operating activities |
|
|
|
|||||
Net Earnings |
$ |
62,906 |
|
|
$ |
55,001 |
|
|
Depreciation and amortization |
|
23,884 |
|
|
|
21,031 |
|
|
Contribution to defined benefit pension plan |
|
— |
|
|
|
(964 |
) |
|
Change in working capital |
|
(91,929 |
) |
|
|
(54,500 |
) |
|
Other |
|
7,842 |
|
|
|
12,585 |
|
|
Net cash flows from operating activities |
|
2,703 |
|
|
|
33,153 |
|
|
|
|
|
|
|||||
Cash flows from investing activities |
|
|
|
|||||
Purchase of property, plant, and equipment |
|
(27,095 |
) |
|
|
(27,565 |
) |
|
Other |
|
(2,005 |
) |
|
|
(1,743 |
) |
|
Net cash flows from investing activities |
|
(29,100 |
) |
|
|
(29,308 |
) |
|
|
|
|
|
|||||
Cash flows from financing activities |
|
|
|
|||||
Proceeds from long-term borrowings |
|
97,000 |
|
|
|
4,181 |
|
|
Principal payments on long-term borrowings |
|
(82,529 |
) |
|
|
(712 |
) |
|
Net (payments)/proceeds on short-term borrowings |
|
(5,562 |
) |
|
|
3,975 |
|
|
Purchase of treasury shares |
|
— |
|
|
|
(11,131 |
) |
|
Dividends paid |
|
(10,616 |
) |
|
|
(9,556 |
) |
|
Other |
|
(1,814 |
) |
|
|
2,593 |
|
|
Net cash flows from financing activities |
|
(3,521 |
) |
|
|
(10,650 |
) |
|
Effect of exchange rates on cash and cash equivalents |
|
2,386 |
|
|
|
(2,463 |
) |
|
Net change in cash and cash equivalents |
|
(27,532 |
) |
|
|
(9,268 |
) |
|
Cash and cash equivalents - beginning of year |
|
177,232 |
|
|
|
400,726 |
|
|
Cash and cash equivalents - end of period |
$ |
149,700 |
|
|
$ |
391,458 |
|
|
VALMONT INDUSTRIES, INC. AND SUBSIDIARIES SUMMARY OF EFFECT OF SIGNIFICANT NON-RECURRING ITEMS ON REPORTED RESULTS REGULATION G RECONCILIATION (Dollars in thousands, except per share amounts) (unaudited)
The non-GAAP tables below disclose the impact of (1) intangible asset amortization (Prospera) and (2) stock-based compensation recognized for the Prospera employees. Amounts may be impacted by rounding. We believe the adjustments for Prospera allow for a better comparison of future Agriculture segment performance as compared to historical results. We believe it is useful when considering company performance for the non-GAAP adjusted net earnings and operating income to be taken into consideration by management and investors with the related reported GAAP measures.
|
Thirteen |
|
Diluted |
||||
|
weeks ended |
|
earnings per |
||||
|
March 26, 2022 |
|
share |
||||
Net earnings attributable to Valmont Industries, Inc. - as reported |
$ |
62,311 |
|
|
$ |
2.90 |
|
Prospera intangible asset amortization |
|
1,645 |
|
|
|
0.08 |
|
Stock-based compensation - Prospera |
|
2,498 |
|
|
|
0.12 |
|
Total Adjustments, pre-tax1 |
|
4,143 |
|
|
|
0.19 |
|
Tax effect of adjustments2 |
|
(566 |
) |
|
|
(0.03 |
) |
Net earnings attributable to Valmont Industries, Inc. - Adjusted1 |
$ |
65,888 |
|
|
$ |
3.07 |
|
Average shares outstanding (000’s) - Diluted |
|
|
|
21,492 |
|
||
1Earnings per share includes rounding |
|||||||
2The tax effect of adjustments is calculated based on the income tax rate in each applicable jurisdiction. |
|
Thirteen weeks ended March 26, 2022 |
|||||||||||||||
Operating Income Reconciliation |
|
Infrastructure |
|
Agriculture |
|
Corporate |
|
Valmont |
||||||||
Operating income - as reported |
|
$ |
77,507 |
|
|
$ |
37,475 |
|
|
$ |
(20,140 |
) |
|
$ |
94,842 |
|
Stock-based compensation - Prospera |
|
|
— |
|
|
|
2,498 |
|
|
|
— |
|
|
|
2,498 |
|
Prospera intangible asset amortization |
|
|
— |
|
|
|
1,645 |
|
|
|
— |
|
|
|
1,645 |
|
Adjusted Operating Income |
|
$ |
77,507 |
|
|
$ |
41,618 |
|
|
$ |
(20,140 |
) |
|
$ |
98,985 |
|
Net Sales - as reported |
|
|
677,625 |
|
|
|
303,195 |
|
|
|
NM |
|
|
|
980,820 |
|
|
|
|
|
|
|
|
|
|
||||||||
Operating Income as a % of Sales |
|
|
11.4 |
% |
|
|
12.4 |
% |
|
|
NM |
|
|
|
9.7 |
% |
Adjusted Operating Income as a % of Sales |
|
|
11.4 |
% |
|
|
13.7 |
% |
|
|
NM |
|
|
|
10.1 |
% |
|
|
|
|
|
|
|
|
|
VALMONT INDUSTRIES, INC. AND SUBSIDIARIES
REGULATION G RECONCILIATION OF FORECASTED GAAP AND ADJUSTED EARNINGS (Dollars in thousands, except per share amounts)
The non-GAAP tables below disclose the impact on the range of estimated diluted earnings per share of the (1) amortization of the intangible asset (Prospera) and (2) stock-based compensation for Prospera employees. We believe the adjustments for Prospera allow for a better comparison of future Agriculture segment performance as compared to historical results. We believe it is useful when considering company performance for the non-GAAP adjusted net earnings to be taken into consideration by management and investors with the related reported GAAP measures.
|
|
|
|
|
|
|||||
Reconciliation of Range of Net Earnings - 2022 Guidance |
Low End |
|
High End |
|
Adjustments |
|||||
Estimated net earnings - GAAP |
$ |
266,000 |
|
$ |
277,000 |
|
|
|||
Prospera intangible asset (proprietary technology) amortization, pre-tax |
|
|
|
|
|
6,800 |
|
|||
Stock-based compensation - Prospera, pre-tax |
|
|
|
|
|
10,000 |
|
|||
Total pre-tax adjustments |
|
|
|
|
|
16,800 |
|
|||
Estimated tax benefit from above expenses* |
|
|
|
|
|
(2,200 |
) |
|||
|
|
|
|
|
|
|||||
Total Adjustments, after-tax |
|
|
|
|
$ |
14,600 |
|
|||
Estimated net earnings - Adjusted |
$ |
280,600 |
|
$ |
291,600 |
|
|
|||
Diluted Earnings Per Share Range - GAAP |
$ |
12.30 |
|
$ |
12.80 |
|
|
|||
Diluted Earnings Per Share Range - Adjusted |
$ |
13.00 |
|
$ |
13.50 |
|
|
|||
_______________ | ||||||||||
* The tax effect of adjustments is calculated based on the income tax rate in each applicable jurisdiction. |
Достигнуты Рекордные продажи в первом квартале и прибыль на акцию
ОМАХА, НЕБРАСКА -- (BUSINESS WIRE)--Valmont Industries, Inc. (NYSE: VMI), мировой лидер, который обеспечивает жизненно важную инфраструктуру и повышает производительность сельского хозяйства, одновременно внедряя инновации с помощью технологий, сегодня отчиталась о финансовых результатах за первый квартал, закончившийся 26 марта 2022 года.
Основные показатели первого квартала 2022 года (все показатели по сравнению с Первым кварталом 2021 года, если не указано иное)
Ключевые Финансовые показатели
First Quarter 2022 |
GAAP |
|
Adjusted1 |
|||||||||||||||||||
(000's except per share amounts) |
03/26/2022 1Q 2022 |
|
03/27/2021 1Q 2021 |
vs. 1Q 2021 |
|
03/26/2022 1Q 2022 |
|
03/27/2021 1Q 2021 |
vs. 1Q 2021 |
|||||||||||||
Net Sales |
$ |
980,820 |
|
|
$ |
774,886 |
|
26.6 |
% |
|
$ |
980,820 |
|
|
$ |
774,886 |
|
26.6 |
% |
|||
Operating Income |
|
94,842 |
|
|
|
77,211 |
|
22.8 |
% |
|
|
98,985 |
|
|
|
77,211 |
|
28.2 |
% |
|||
Operating Income as a % of Net Sales |
|
9.7 |
% |
|
|
10.0 |
% |
|
|
|
10.1 |
% |
|
|
10.0 |
% |
|
|||||
Net Earnings |
|
62,311 |
|
|
|
55,014 |
|
13.3 |
% |
|
|
65,888 |
|
|
|
55,014 |
|
19.8 |
% |
|||
Diluted Earnings Per Share |
$ |
2.90 |
|
|
$ |
2.57 |
|
12.8 |
% |
|
$ |
3.07 |
|
|
$ |
2.57 |
|
19.5 |
% |
|||
Average Shares Outstanding |
|
21,492 |
|
|
|
21,429 |
|
|
|
|
21,492 |
|
|
|
21,429 |
|
|
"Мы добились высоких финансовых результатов в первом квартале, превзойдя наши ожидания и достигнув еще одного квартала рекордных продаж", - сказал Стивен Г. Каневский, президент и главный исполнительный директор. "Я очень доволен нашим неустанным вниманием к управлению ценами, операционному совершенству и реализации растущего высокого спроса по всему портфелю. Благодаря этим действиям мы достигли скорректированной операционной прибыли за первый квартал в размере 10,1% и рекордной скорректированной прибыли на акцию за первый квартал в размере 3,07 доллара США. Мы наблюдаем высокий спрос на глобальных рынках инфраструктуры, особенно в наших ключевых растущих отраслях, включая продукты и решения для коммунальных и телекоммуникационных рынков. Условия на сельскохозяйственном рынке по-прежнему остаются очень благоприятными, что приводит к росту спроса на ирригационное оборудование и технологические решения во всем мире. Я хочу выразить признательность нашим командам Valmont по всему миру за то, что они продолжают развивать наш импульс и успех. Мы продолжаем реализовывать нашу стратегию создания инициатив по устойчивому росту во всех наших компаниях и долгосрочной ценности для наших акционеров".
Каневский продолжил: "В течение квартала мы изменили структуру нашего сегмента с четырех отчетных сегментов до двух, Инфраструктуры и сельского хозяйства, чтобы отразить, как управляются предприятия, одновременно повышая наше внимание к распределению капитала, технологиям, развитию талантов и стратегиям роста рынка. Параллельно с реорганизацией сегмента мы также централизуем операции нашего глобального производственного присутствия в обоих сегментах, чтобы сосредоточиться на повышении производительности, увеличении объема производства и эффективном распределении капитала. Мы по-прежнему привержены нашему девизу экономии ресурсов. Улучшение жизни®. поскольку мы упрощаем структуру нашей компании, чтобы более эффективно формулировать нашу стратегию и цели".
Обзор сегмента за Первый квартал 2022 года
Инфраструктура (69,1% от чистых продаж)
Продукты и решения для обслуживания инфраструктурных рынков коммунальных услуг, возобновляемых источников энергии, освещения, транспорта и телекоммуникаций, а также услуг по нанесению покрытий для сохранения и защиты металлических изделий
Объем продаж в размере 680,7 млн долларов вырос на 23,8% в годовом исчислении при росте продаж по большинству продуктовых линеек. Рост продаж был обусловлен благоприятными ценами во всем мире, в первую очередь в линейках продуктов для передачи, распределения и подстанций (TD&S), освещения и транспорта (L&T), а также увеличением объемов, в первую очередь в телекоммуникациях.
Операционная прибыль увеличилась на 42,3% до 77,5 млн долларов, или 11,4% от продаж, по сравнению с 54,4 млн долларов, или 9,9% от продаж в 2021 году, благодаря выгодным ценам и улучшению левереджа с фиксированными затратами, включая SG&A.
Сельское хозяйство (30,9% от чистых продаж)
Центральное поворотное и линейное ирригационное оборудование для сельскохозяйственных рынков, включая детали и трубную продукцию; передовые технологические решения для точного земледелия
Объем продаж в размере 306,6 млн долларов увеличился на 33,5% в годовом исчислении. Росту продаж способствовали более высокие средние отпускные цены на ирригационное оборудование по всему миру, более высокие объемы на рынках Северной Америки и более высокие продажи технологий, что частично компенсировалось снижением продаж международных проектов.
Операционная прибыль составила 37,5 млн долларов, или 12,2% от продаж (41,6 млн долларов, или 13,7% с поправкой на 1) по сравнению с 38,7 млн долларов, или 16,9% от продаж в 2021 году. Выгода от более высоких средних отпускных цен в течение квартала была более чем компенсирована более высокими SG &A, включая дополнительные SG &A от приобретения Prospera.
Реорганизация отчетных сегментов
6 апреля 2022 года Компания объявила, что изменила структуру своего отчетного сегмента, начиная с финансовых результатов за первый квартал 2022 года. Новыми отчетными сегментами являются Инфраструктура (включает предыдущие сегменты Инженерных Вспомогательных сооружений, Инженерных Вспомогательных сооружений и Покрытий) и Сельское хозяйство (переименование предыдущего сегмента ирригации). Пересмотр сопоставимой финансовой информации по сегментам за предыдущий год за 2020 и 2021 годы, на которую повлияли изменения, доступен в сводной презентации на странице инвесторов по адресу Valmont.com . Это не влияет на исторический баланс Компании по ОПБУ, отчет о прибылях и убытках и движение денежных средств.
Баланс, Ликвидность и Распределение капитала
Денежные потоки от операционной деятельности в первом квартале составили 2,7 миллиона долларов, что в первую очередь отражает более высокий уровень чистого оборотного капитала по сравнению с концом 2021 года в поддержку высокого потребительского спроса. На конец первого квартала денежные средства и их эквиваленты составили 149,7 миллиона долларов. В течение квартала Moody's подтвердило кредитный рейтинг Компании Baa3/Стабильный.
Обновление Финансовых прогнозов на весь 2022 год и ключевых допущений
Компания повышает прогноз чистых продаж и разводненной прибыли на акцию на весь 2022 год по сравнению с предыдущими показателями, которые были опубликованы в прошлом квартале, и предоставляет ключевые допущения на год.
2022 Full Year Financial Outlook |
Previous Outlook |
|
|
Revised Outlook |
||
Net Sales Growth (vs. PY) |
9% to 14% |
|
|
11% to 17% |
||
GAAP Diluted EPS1 |
$11.55 to $12.30 |
|
|
$12.30 to $12.80 |
||
Adjusted Diluted EPS1 |
$12.25 to $13.00 |
|
|
$13.00 to $13.50 |
||
Tax Rate |
~ 25.0% |
|
|
~26.5% |
||
FX Translation Impact on Net Sales |
~ 1.0% |
|
|
0.0% |
Каневский добавил: "Мы увеличиваем наш прогноз на 2022 год из-за нескольких позитивных факторов. У нас было очень сильное начало года, поскольку наши команды продолжали действовать с позиции силы, чтобы стимулировать рост и производительность, при этом значительный импульс поддерживался сильными факторами глобального рынка во всех наших компаниях. Мы вошли во второй квартал с рекордным отставанием в размере более 1,8 миллиарда долларов, что отражает высокий рыночный спрос и обеспечивает нам надежную перспективу до 2022 года. В сегменте инфраструктуры потребность в инвестициях в критически важную инфраструктуру во всем мире дает нам уверенность в долгосрочных тенденциях роста рынка. В сельском хозяйстве благоприятные рыночные тенденции во всем мире обеспечивают сильный импульс. По всему портфелю мы продолжаем применять ценовые стратегии для управления масштабной инфляцией и использования сильных сторон нашей организации и глобальной цепочки поставок для предоставления нашим клиентам продуктов с добавленной стоимостью и инновационных решений. Кроме того, наш баланс является сильным и дает нам гибкость для выполнения нашего долгосрочного стратегического плана. Наша стратегия по-прежнему сосредоточена на долгосрочном прибыльном росте с организационным акцентом на принципы ESG, рентабельность вложенного капитала, операционное совершенство и укрепление нашей организации на будущее".
Прямая аудиозапись дискуссии со Стивеном Г. Каневски, Президентом и Главным исполнительным директором, Аароном Шаппером, президентом Группы по инфраструктуре, и Авнером М. Эплбаумом, Исполнительным вице-президентом и финансовым директором, будет доступна по телефону в четверг, 21 апреля 2022 года, в 8:00 утра по восточному времени, набрав 1-877-407-6184 или 1-201-389-0877 (идентификатор конференции не требуется), или через веб-трансляцию, указав браузеры на эту ссылку: Valmont Industries 1Q 2022 Earnings Conference Call. Слайд-презентация будет одновременно доступна для скачивания на странице инвесторов по адресу valmont.com . К воспроизведению события можно получить доступ через два часа после звонка по указанной выше ссылке или по телефону 1-877-660-6853 или 1-201-612-7415. Пожалуйста, используйте идентификационный номер конференции 13728740. Повтор будет доступен до 10:59 вечера по Гринвичу 28 апреля 2022 года.
О компании Valmont Industries, Inc.
Уже более 75 лет Valmont® является мировым лидером в создании жизненно важной инфраструктуры и повышении производительности сельского хозяйства. Сегодня мы по-прежнему стремимся делать больше с меньшими затратами, внедряя инновации с помощью технологий. Узнайте больше о том, как мы экономим Ресурсы. Улучшение Жизни.® в valmont.com .
Относительно Прогнозных заявлений
Этот релиз содержит прогнозные заявления по смыслу Закона о реформе судебных разбирательств по частным ценным бумагам 1995 года. Эти прогнозные заявления основаны на предположениях, сделанных руководством в свете опыта работы в отраслях, в которых работает Valmont, а также на восприятии руководством исторических тенденций, текущих условий, ожидаемого будущего развития событий и других факторов, которые, по мнению руководства, уместны в данных обстоятельствах. Когда вы читаете и рассматриваете этот выпуск, вы должны понимать, что эти заявления не являются гарантией производительности или результатов. Они связаны с рисками, неопределенностями (некоторые из которых находятся вне контроля Valmont) и допущениями. Хотя руководство считает, что эти прогнозные заявления основаны на разумных предположениях, вы должны знать, что многие факторы могут повлиять на фактические финансовые результаты Valmont и привести к их существенному отличию от ожидаемых в прогнозных заявлениях. Эти факторы включают, среди прочего, продолжающиеся и развивающиеся последствия COVID-19, включая последствия вспышки для экономики в целом и конкретные экономические последствия для бизнеса Компании, а также для бизнеса ее клиентов и поставщиков, факторы риска, время от времени описываемые в отчетах Valmont по ценным бумагам и биржам Комиссии, а также будущие экономические и рыночные условия, условия в отрасли, результаты деятельности и финансовые результаты компании, эффективность работы, доступность и цены на сырье, доступность и принятие рынком новых продуктов, ценообразование на продукцию, внутренняя и международная конкурентная среда, геополитические риски, а также действия и изменения политики отечественных и иностранных правительств. Компания предупреждает, что любое прогнозное заявление, включенное в настоящий пресс-релиз, сделано на дату настоящего пресс-релиза, и Компания не обязуется обновлять какое-либо прогнозное заявление.
1 Please see Reg G reconciliation to GAAP measures at end of document |
Valmont Industries, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (Dollars in thousands, except per share amounts) (unaudited) |
||||||||
|
|
First Quarter |
||||||
|
|
13 Weeks Ended |
||||||
|
|
|
|
|||||
|
26-Mar-22 |
|
27-Mar-21 |
|||||
Net sales |
$ |
980,820 |
|
|
$ |
774,886 |
|
|
Cost of sales |
|
731,634 |
|
|
|
570,332 |
|
|
Gross profit |
|
249,186 |
|
|
|
204,554 |
|
|
Selling, general and administrative expenses |
|
154,344 |
|
|
|
127,343 |
|
|
Operating income |
|
94,842 |
|
|
|
77,211 |
|
|
Other income (expense) |
|
|
|
|||||
Interest expense |
|
(11,263 |
) |
|
|
(9,999 |
) |
|
Interest income |
|
227 |
|
|
|
311 |
|
|
Loss on investments (unrealized) |
|
(1,063 |
) |
|
|
(109 |
) |
|
Other |
|
3,642 |
|
|
|
3,449 |
|
|
Other income (expense), net |
|
(8,457 |
) |
|
|
(6,348 |
) |
|
Earnings before income taxes |
|
86,385 |
|
|
|
70,863 |
|
|
Income tax expense |
|
23,121 |
|
|
|
15,502 |
|
|
Equity in loss of nonconsolidated subsidiaries |
|
(358 |
) |
|
|
(360 |
) |
|
Net earnings |
|
62,906 |
|
|
|
55,001 |
|
|
Less: (earnings)/loss attributable to non-controlling interests |
|
(595 |
) |
|
|
13 |
|
|
Net earnings attributable to Valmont Industries, Inc. |
$ |
62,311 |
|
|
$ |
55,014 |
|
|
|
|
|
|
|||||
Average shares outstanding (000's) - Basic |
|
21,279 |
|
|
|
21,179 |
|
|
Earnings per share - Basic |
$ |
2.93 |
|
|
$ |
2.60 |
|
|
|
|
|
|
|||||
Average shares outstanding (000's) - Diluted |
|
21,492 |
|
|
|
21,429 |
|
|
Earnings per share - Diluted |
$ |
2.90 |
|
|
$ |
2.57 |
|
|
|
|
|
|
|||||
Cash dividends per share |
$ |
0.55 |
|
|
$ |
0.50 |
|
|
Valmont Industries, INC. AND SUBSIDIARIES SUMMARY OPERATING RESULTS (Dollars in thousands) (Unaudited) |
||||||||
|
|
First Quarter |
||||||
|
|
13 Weeks Ended |
||||||
|
|
26-Mar-22 |
|
27-Mar-21 |
||||
Net sales |
|
|
|
|||||
Infrastructure |
$ |
680,726 |
|
|
$ |
549,646 |
|
|
Agriculture |
|
306,580 |
|
|
|
229,664 |
|
|
Total |
|
987,306 |
|
|
|
779,310 |
|
|
Less: Intersegment sales |
|
(6,486 |
) |
|
|
(4,424 |
) |
|
Total |
$ |
980,820 |
|
|
$ |
774,886 |
|
|
|
|
|
|
|||||
Operating Income |
|
|
|
|||||
Infrastructure |
$ |
77,507 |
|
|
$ |
54,449 |
|
|
Agriculture |
|
37,475 |
|
|
|
38,748 |
|
|
Corporate |
|
(20,140 |
) |
|
|
(15,986 |
) |
|
Total |
$ |
94,842 |
|
|
$ |
77,211 |
|
Valmont объединила свои бизнес-сегменты в два глобальных отчетных сегмента следующим образом.
Инфраструктура: Этот сегмент включает производство и дистрибуцию продуктов и решений для обслуживания инфраструктурных рынков коммунальных услуг, возобновляемых источников энергии, освещения, транспорта и телекоммуникаций, а также услуг по нанесению покрытий для сохранения и защиты металлических изделий.
Сельское хозяйство: Этот сегмент включает производство центропланного и линейного ирригационного оборудования для сельскохозяйственных рынков, включая детали и трубчатые изделия, а также передовые технологические решения для точного земледелия.
Valmont Industries, INC. AND SUBSIDIARIES SUMMARY OPERATING RESULTS (Dollars in thousands) (Unaudited) |
|||||||||||||
|
|
Thirteen Weeks ended March 26, 2022 |
|||||||||||
|
|
Infrastructure |
|
Agriculture |
|
Intersegment Sales |
|
Consolidated |
|||||
Geographical market: |
|
|
|
|
|
|
|
||||||
North America |
$ |
505,980 |
|
$ |
198,109 |
$ |
(6,486 |
) |
|
$ |
697,603 |
||
International |
|
174,746 |
|
|
108,471 |
|
|
— |
|
|
|
283,217 |
|
Total |
$ |
680,726 |
|
$ |
306,580 |
|
$ |
(6,486 |
) |
|
$ |
980,820 |
|
|
|
|
|
|
|
|
|
||||||
Product line: |
|
|
|
|
|
|
|
||||||
Transmission, Distribution and Substation (TD&S) |
$ |
281,600 |
|
$ |
— |
|
$ |
— |
|
|
$ |
281,600 |
|
Lighting and Transportation (L&T) |
|
212,767 |
|
|
— |
|
|
— |
|
|
|
212,767 |
|
Coatings |
|
81,976 |
|
|
— |
|
(3,101 |
) |
|
|
78,875 |
||
Telecommunications |
|
61,396 |
|
|
— |
|
— |
|
|
|
61,396 |
||
Renewable Energy |
|
42,987 |
|
|
— |
|
— |
|
|
|
42,987 |
||
Irrigation Equipment and Parts, excluding Technology |
|
— |
|
|
278,034 |
|
|
(3,385 |
) |
|
|
274,649 |
|
Technology Products and Services |
|
— |
|
|
28,546 |
|
|
— |
|
|
|
28,546 |
|
Total |
$ |
680,726 |
|
$ |
306,580 |
|
$ |
(6,486 |
) |
|
$ |
980,820 |
|
Thirteen weeks ended March 27, 2021 |
||||||||||||
|
Infrastructure |
|
Agriculture |
|
Intersegment Sales |
|
Consolidated |
||||||
Geographical market: |
|
|
|
|
|
|
|
||||||
North America |
$ |
385,734 |
|
$ |
128,865 |
$ |
(4,424 |
) |
|
$ |
510,175 |
||
International |
|
163,912 |
|
|
100,799 |
|
|
— |
|
|
|
264,711 |
|
Total |
$ |
549,646 |
|
$ |
229,664 |
|
$ |
(4,424 |
) |
|
$ |
774,886 |
|
|
|
|
|
|
|
|
|
||||||
Product line: |
|
|
|
|
|
|
|
||||||
Transmission, Distribution and Substation (TD&S) |
$ |
208,444 |
|
$ |
— |
|
$ |
— |
|
|
$ |
208,444 |
|
Lighting and Transportation (L&T) |
|
176,516 |
|
|
— |
|
|
— |
|
|
|
176,516 |
|
Coatings |
|
74,793 |
|
|
— |
|
(3,201 |
) |
|
|
71,592 |
||
Telecommunications |
|
45,640 |
|
|
— |
|
— |
|
|
|
45,640 |
||
Renewable Energy |
|
44,253 |
|
|
— |
|
— |
|
|
|
44,253 |
||
Irrigation Equipment and Parts, excluding Technology |
|
— |
|
|
207,258 |
|
|
(1,223 |
) |
|
|
206,035 |
|
Technology Products and Services |
|
— |
|
|
22,406 |
|
|
— |
|
|
|
22,406 |
|
Total |
$ |
549,646 |
|
$ |
229,664 |
|
$ |
(4,424 |
) |
|
$ |
774,886 |
|
Valmont Industries, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Dollars in thousands) (unaudited) |
||||||
|
|
26-Mar-22 |
|
25-Dec-21 |
||
ASSETS |
|
|
|
|||
Current assets: |
|
|
|
|||
Cash and cash equivalents |
$ |
149,700 |
|
$ |
177,232 |
|
Accounts receivable, net |
|
616,538 |
|
|
571,593 |
|
Inventories |
|
807,471 |
|
|
728,834 |
|
Contract asset - costs and profits in excess of billings |
|
161,633 |
|
|
142,643 |
|
Prepaid expenses and other assets |
|
105,233 |
|
|
83,646 |
|
Refundable income taxes |
|
— |
|
|
8,815 |
|
Total current assets |
|
1,840,575 |
|
|
1,712,763 |
|
Property, plant and equipment, net |
|
610,218 |
|
|
598,605 |
|
Goodwill and other assets |
|
1,130,690 |
|
|
1,135,881 |
|
|
$ |
3,581,483 |
|
$ |
3,447,249 |
|
|
|
|
|
|||
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|||
Current liabilities: |
|
|
|
|||
Current installments of long-term debt |
$ |
4,226 |
|
$ |
4,884 |
|
Notes payable to banks |
|
8,380 |
|
|
13,439 |
|
Accounts payable |
|
404,410 |
|
|
347,841 |
|
Accrued expenses |
|
215,082 |
|
|
253,330 |
|
Contract liability - billings in excess of costs and earnings |
|
168,794 |
|
|
135,746 |
|
Dividend payable |
|
11,721 |
|
|
10,616 |
|
Total current liabilities |
|
818,687 |
|
|
765,856 |
|
Long-term debt, excluding current installments |
|
963,065 |
|
|
947,072 |
|
Operating lease liabilities |
|
146,493 |
|
|
147,759 |
|
Other long-term liabilities |
|
148,747 |
|
|
172,965 |
|
Shareholders' equity |
|
1,504,491 |
|
|
1,413,597 |
|
|
$ |
3,581,483 |
|
$ |
3,447,249 |
|
Valmont Industries, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Dollars in thousands) (unaudited) |
||||||||
|
|
First Quarter |
||||||
|
|
13 Weeks Ended |
||||||
|
|
26-Mar-22 |
|
27-Mar-21 |
||||
Cash flows from operating activities |
|
|
|
|||||
Net Earnings |
$ |
62,906 |
|
|
$ |
55,001 |
|
|
Depreciation and amortization |
|
23,884 |
|
|
|
21,031 |
|
|
Contribution to defined benefit pension plan |
|
— |
|
|
|
(964 |
) |
|
Change in working capital |
|
(91,929 |
) |
|
|
(54,500 |
) |
|
Other |
|
7,842 |
|
|
|
12,585 |
|
|
Net cash flows from operating activities |
|
2,703 |
|
|
|
33,153 |
|
|
|
|
|
|
|||||
Cash flows from investing activities |
|
|
|
|||||
Purchase of property, plant, and equipment |
|
(27,095 |
) |
|
|
(27,565 |
) |
|
Other |
|
(2,005 |
) |
|
|
(1,743 |
) |
|
Net cash flows from investing activities |
|
(29,100 |
) |
|
|
(29,308 |
) |
|
|
|
|
|
|||||
Cash flows from financing activities |
|
|
|
|||||
Proceeds from long-term borrowings |
|
97,000 |
|
|
|
4,181 |
|
|
Principal payments on long-term borrowings |
|
(82,529 |
) |
|
|
(712 |
) |
|
Net (payments)/proceeds on short-term borrowings |
|
(5,562 |
) |
|
|
3,975 |
|
|
Purchase of treasury shares |
|
— |
|
|
|
(11,131 |
) |
|
Dividends paid |
|
(10,616 |
) |
|
|
(9,556 |
) |
|
Other |
|
(1,814 |
) |
|
|
2,593 |
|
|
Net cash flows from financing activities |
|
(3,521 |
) |
|
|
(10,650 |
) |
|
Effect of exchange rates on cash and cash equivalents |
|
2,386 |
|
|
|
(2,463 |
) |
|
Net change in cash and cash equivalents |
|
(27,532 |
) |
|
|
(9,268 |
) |
|
Cash and cash equivalents - beginning of year |
|
177,232 |
|
|
|
400,726 |
|
|
Cash and cash equivalents - end of period |
$ |
149,700 |
|
|
$ |
391,458 |
|
|
Valmont Industries, INC. И ДОЧЕРНИЕ КОМПАНИИ КРАТКОЕ ИЗЛОЖЕНИЕ ВЛИЯНИЯ СУЩЕСТВЕННЫХ РАЗОВЫХ СТАТЕЙ НА ОТЧЕТНЫЕ РЕЗУЛЬТАТЫ ПОЛОЖЕНИЕ G СВЕРКА (В тысячах долларов, за исключением сумм на акцию) (неаудировано)
Приведенные ниже таблицы, не относящиеся к GAAP, раскрывают влияние (1) амортизации нематериальных активов (Prospera) и (2) компенсации на основе акций, признанной для сотрудников Prospera. На суммы может повлиять округление. Мы считаем, что корректировки для Prospera позволяют лучше сравнивать будущие показатели сельскохозяйственного сегмента по сравнению с историческими результатами. Мы считаем, что при рассмотрении результатов деятельности компании руководству и инвесторам полезно учитывать скорректированную чистую прибыль и операционный доход, не относящиеся к GAAP, с учетом соответствующих показателей, отраженных в отчетности по GAAP.
|
Thirteen |
|
Diluted |
||||
|
weeks ended |
|
earnings per |
||||
|
March 26, 2022 |
|
share |
||||
Net earnings attributable to Valmont Industries, Inc. - as reported |
$ |
62,311 |
|
|
$ |
2.90 |
|
Prospera intangible asset amortization |
|
1,645 |
|
|
|
0.08 |
|
Stock-based compensation - Prospera |
|
2,498 |
|
|
|
0.12 |
|
Total Adjustments, pre-tax1 |
|
4,143 |
|
|
|
0.19 |
|
Tax effect of adjustments2 |
|
(566 |
) |
|
|
(0.03 |
) |
Net earnings attributable to Valmont Industries, Inc. - Adjusted1 |
$ |
65,888 |
|
|
$ |
3.07 |
|
Average shares outstanding (000’s) - Diluted |
|
|
|
21,492 |
|
||
1Earnings per share includes rounding |
|||||||
2The tax effect of adjustments is calculated based on the income tax rate in each applicable jurisdiction. |
|
Thirteen weeks ended March 26, 2022 |
|||||||||||||||
Operating Income Reconciliation |
|
Infrastructure |
|
Agriculture |
|
Corporate |
|
Valmont |
||||||||
Operating income - as reported |
|
$ |
77,507 |
|
|
$ |
37,475 |
|
|
$ |
(20,140 |
) |
|
$ |
94,842 |
|
Stock-based compensation - Prospera |
|
|
— |
|
|
|
2,498 |
|
|
|
— |
|
|
|
2,498 |
|
Prospera intangible asset amortization |
|
|
— |
|
|
|
1,645 |
|
|
|
— |
|
|
|
1,645 |
|
Adjusted Operating Income |
|
$ |
77,507 |
|
|
$ |
41,618 |
|
|
$ |
(20,140 |
) |
|
$ |
98,985 |
|
Net Sales - as reported |
|
|
677,625 |
|
|
|
303,195 |
|
|
|
NM |
|
|
|
980,820 |
|
|
|
|
|
|
|
|
|
|
||||||||
Operating Income as a % of Sales |
|
|
11.4 |
% |
|
|
12.4 |
% |
|
|
NM |
|
|
|
9.7 |
% |
Adjusted Operating Income as a % of Sales |
|
|
11.4 |
% |
|
|
13.7 |
% |
|
|
NM |
|
|
|
10.1 |
% |
|
|
|
|
|
|
|
|
|
Valmont Industries, inc. и дочерние компании
ПОЛОЖЕНИЕ G СВЕРКА ПРОГНОЗИРУЕМЫХ ОПБУ И СКОРРЕКТИРОВАННОЙ ПРИБЫЛИ (В тысячах долларов, за исключением сумм на акцию)
Приведенные ниже таблицы, не относящиеся к ОПБУ, раскрывают влияние на диапазон предполагаемой разводненной прибыли на акцию (1) амортизации нематериального актива (Prospera) и (2) вознаграждения сотрудников Prospera, основанного на акциях. Мы считаем, что корректировки для Prospera позволяют лучше сравнивать будущие показатели сельскохозяйственного сегмента по сравнению с историческими результатами. Мы считаем, что при рассмотрении результатов деятельности компании руководству и инвесторам полезно учитывать скорректированную чистую прибыль, не связанную с GAAP, вместе с соответствующими отчетными показателями GAAP.
|
|
|
|
|
|
|||||
Reconciliation of Range of Net Earnings - 2022 Guidance |
Low End |
|
High End |
|
Adjustments |
|||||
Estimated net earnings - GAAP |
$ |
266,000 |
|
$ |
277,000 |
|
|
|||
Prospera intangible asset (proprietary technology) amortization, pre-tax |
|
|
|
|
|
6,800 |
|
|||
Stock-based compensation - Prospera, pre-tax |
|
|
|
|
|
10,000 |
|
|||
Total pre-tax adjustments |
|
|
|
|
|
16,800 |
|
|||
Estimated tax benefit from above expenses* |
|
|
|
|
|
(2,200 |
) |
|||
|
|
|
|
|
|
|||||
Total Adjustments, after-tax |
|
|
|
|
$ |
14,600 |
|
|||
Estimated net earnings - Adjusted |
$ |
280,600 |
|
$ |
291,600 |
|
|
|||
Diluted Earnings Per Share Range - GAAP |
$ |
12.30 |
|
$ |
12.80 |
|
|
|||
Diluted Earnings Per Share Range - Adjusted |
$ |
13.00 |
|
$ |
13.50 |
|
|
|||
_______________ | ||||||||||
* The tax effect of adjustments is calculated based on the income tax rate in each applicable jurisdiction. |