Valmont Reports Record First Quarter 2023 Results and Raises Full-Year Guidance
Valmont Industries, Inc. (NYSE: VMI) reported strong first quarter results for 2023, highlighting record Net Sales and Operating Income. Net Sales reached $1.1 billion, an 8.3% increase year-over-year, while Operating Income rose 24.9% to $118.5 million. Diluted EPS also grew to $3.47, a 19.7% increase compared to the previous year. The company secured an $85 million order for agricultural projects in Africa, and reported a backlog of $1.6 billion. Additionally, Valmont announced a $400 million share repurchase plan and increased its quarterly dividend by 9%, from $0.55 to $0.60 per share. The company raised its full-year EPS outlook, highlighting strong market demand and operational excellence.
- Record first quarter Net Sales of $1.1 billion, up 8.3% year-over-year.
- Operating Income increased by 24.9% to $118.5 million.
- Diluted EPS rose to $3.47, an increase of 19.7%.
- Backlog reached $1.6 billion, indicating strong market demand.
- $85 million order secured for agricultural projects in Africa.
- $400 million share repurchase authorization reauthorized.
- 9% quarterly dividend increase from $0.55 to $0.60.
- Potential challenges in the Agriculture segment due to difficult sales comparisons and international project timing.
First Quarter 2023 Highlights (all metrics compared to First Quarter 2022 unless otherwise noted)
-
Achieved record first quarter
Net Sales , Operating Income and Diluted Earnings per Share (“EPS”)-
Net Sales of$1.1 billion 8.3% ; excluding 2022 “Other” segment,Net Sales increased10.4% 1 -
Operating Income increased
24.9% to$118.5 million 11.1% of net sales (increased23.4% to$122.1 million 11.5% adjusted1) compared to$94.8 million 9.7% of net sales ($99.0 million 10.1% adjusted1); excluding 2022 “Other” segment, Operating Income growth was similar -
Diluted EPS grew to
$3.47 $3.61 $2.90 $3.07
-
-
Generated seasonally strong operating cash flows of
$21.2 million $2.7 million -
Secured an
$85 million Africa -
Backlog of
$1.6 billion -
Announced a
$400 million 9% quarterly dividend increase, from$0.55 $0.60 $2.20 $2.40 $111.1 million -
Effective tax rate of
30.3% , driven by the geographic mix of earnings
1Please see Reg G reconciliation to GAAP measures at end of document
Key Financial Metrics
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First Quarter 2023 |
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GAAP |
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Adjusted1 |
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(000's except per share amounts) |
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Q1 2023 |
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Q1 2022 |
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vs. Q1 2022 |
|
|
Q1 2023 |
|
Q1 2022 |
|
vs. Q1 2022 |
|
||||||||
|
|
$ |
1,062,481 |
|
$ |
980,820 |
|
8.3 |
% |
|
$ |
1,062,481 |
|
$ |
962,166 |
|
10.4 |
% |
||||
Operating Income |
|
|
118,466 |
|
|
94,842 |
|
24.9 |
% |
|
|
122,125 |
|
|
98,985 |
|
23.4 |
% |
||||
Operating Income as a % of |
|
|
11.1 |
% |
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9.7 |
% |
|
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11.5 |
% |
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10.3 |
% |
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Net Earnings |
|
|
74,540 |
|
|
62,311 |
|
19.6 |
% |
|
|
77,653 |
|
|
65,888 |
|
17.9 |
% |
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Diluted Earnings Per Share |
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$ |
3.47 |
|
$ |
2.90 |
|
19.7 |
% |
|
$ |
3.61 |
|
$ |
3.07 |
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17.6 |
% |
||||
Average Shares Outstanding |
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21,512 |
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|
21,492 |
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|
21,512 |
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|
21,492 |
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“We delivered record results in our first quarter, demonstrating continued growth and outstanding performance as we provide innovative solutions to our customers,” said
First Quarter 2023 Segment Review
Infrastructure (
Products and solutions to serve the infrastructure markets of utility, solar, lighting, transportation, and telecommunications, and coatings services to preserve metal products
Sales of
Operating Income improved to
Agriculture (
Center pivot components and linear irrigation equipment for agricultural markets, including parts and tubular products; advanced technology solutions for precision agriculture
Sales of
Operating Income improved to
Other
Offshore wind energy structures business
As previously announced, the divestiture of the offshore wind energy structures business was completed in
Balance Sheet, Liquidity, and Capital Allocation
The Company generated strong first quarter 2023 operating cash flows of
Updating 2023 Full Year Financial Outlook and Key Assumptions
The Company is raising its full-year diluted earnings per share outlook from the previous indications that were communicated last quarter and is providing updated key assumptions for the year.
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2023 Full Year Financial Outlook |
Previous Outlook |
Revised Outlook |
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Net Sales Growth (vs. PY) |
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No Change |
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GAAP Diluted Earnings per Share |
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Adjusted Diluted Earnings per Share1 |
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|
- 2022 sales include the offshore wind energy structures business which was divested at the end of fiscal 2022
-
Effective tax rate of
28% to29% , primarily due to expected geographic mix of earnings - Minimal expected foreign currency translation impact to net sales
-
Capital expenditures expected to be in the range of
$105 $125 million - Continued elevated inflation, raw material costs aligned with current price projections, and ongoing R&D investments
Kaniewski continued, “We are excited about the opportunity to support our customers and drive multi-year profitable growth by capitalizing on the strong market drivers across our businesses. These factors, along with our proven track record of execution and a backlog of
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About
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 the pandemic 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
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (Dollars in thousands, except per share amounts) (unaudited) |
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First Quarter |
||||||
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13 Weeks Ended |
||||||
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Net sales |
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$ |
1,062,481 |
|
|
$ |
980,820 |
|
Cost of sales |
|
|
753,896 |
|
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|
731,634 |
|
Gross profit |
|
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308,585 |
|
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|
249,186 |
|
Selling, general, and administrative expenses |
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190,119 |
|
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|
154,344 |
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Operating income |
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118,466 |
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|
94,842 |
|
Other income (expense) |
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Interest expense |
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(13,105 |
) |
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(11,263 |
) |
Interest income |
|
|
830 |
|
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|
227 |
|
Gain (loss) on investments - unrealized |
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1,194 |
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(1,063 |
) |
Other |
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(2,376 |
) |
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3,642 |
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Other income (expense), net |
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(13,457 |
) |
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(8,457 |
) |
Earnings before income taxes |
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|
105,009 |
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86,385 |
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Income tax expense |
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|
31,843 |
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23,121 |
|
Equity in loss of nonconsolidated subsidiaries |
|
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(821 |
) |
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(358 |
) |
Net earnings |
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|
72,345 |
|
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|
62,906 |
|
Less: Loss (earnings) attributable to non-controlling interests |
|
|
2,195 |
|
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(595 |
) |
Net earnings attributable to |
|
$ |
74,540 |
|
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$ |
62,311 |
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Average shares outstanding (000's) - Basic |
|
|
21,269 |
|
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|
21,279 |
|
Earnings per share - Basic |
|
$ |
3.50 |
|
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$ |
2.93 |
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Average shares outstanding (000's) - Diluted |
|
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21,512 |
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|
21,492 |
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Earnings per share - Diluted |
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$ |
3.47 |
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$ |
2.90 |
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Cash dividends per share |
|
$ |
0.60 |
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$ |
0.55 |
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SUMMARY OPERATING RESULTS (Dollars in thousands) (Unaudited) |
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First Quarter |
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13 Weeks Ended |
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Net sales |
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Infrastructure |
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$ |
736,106 |
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$ |
662,072 |
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Agriculture |
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|
332,163 |
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|
306,580 |
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Other |
|
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— |
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|
18,654 |
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Total |
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1,068,269 |
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|
987,306 |
|
Less: Intersegment sales |
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(5,788 |
) |
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(6,486 |
) |
Total |
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$ |
1,062,481 |
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$ |
980,820 |
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Operating Income (Loss) |
|
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Infrastructure |
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$ |
94,352 |
|
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$ |
78,316 |
|
Agriculture |
|
|
53,323 |
|
|
|
37,475 |
|
Other |
|
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— |
|
|
|
(809 |
) |
Corporate |
|
|
(29,209 |
) |
|
|
(20,140 |
) |
Total |
|
$ |
118,466 |
|
|
$ |
94,842 |
|
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 the infrastructure markets of utility, solar, lighting, transportation, and telecommunications, and coatings services to preserve metal products.
Agriculture: This segment consists of the manufacture of center pivot components and linear irrigation equipment for agricultural markets, including parts and tubular products, and advanced technology solutions for precision agriculture.
In addition to these two reportable segments, the Company had a business and related activities in 2022 that were not more than
SUMMARY OPERATING RESULTS (Dollars in thousands) (Unaudited) |
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Thirteen weeks ended |
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Intersegment |
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|
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Infrastructure |
|
Agriculture |
|
Other |
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Sales |
|
Consolidated |
||||||
Geographical market: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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$ |
584,083 |
|
$ |
182,869 |
|
$ |
— |
|
$ |
(5,374 |
) |
|
$ |
761,578 |
International |
|
|
152,023 |
|
|
149,294 |
|
|
— |
|
|
(414 |
) |
|
|
300,903 |
Total |
|
$ |
736,106 |
|
$ |
332,163 |
|
$ |
— |
|
$ |
(5,788 |
) |
|
$ |
1,062,481 |
|
|
|
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|
|
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|
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Product line: |
|
|
|
|
|
|
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|
|
|
|
|
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|
|
Transmission, Distribution, and Substation |
|
$ |
314,820 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
|
$ |
314,820 |
Lighting and Transportation |
|
|
229,136 |
|
|
— |
|
|
— |
|
|
— |
|
|
|
229,136 |
Coatings |
|
|
90,114 |
|
|
— |
|
|
— |
|
|
(3,552 |
) |
|
|
86,562 |
Telecommunications |
|
|
68,137 |
|
|
— |
|
|
— |
|
|
— |
|
|
|
68,137 |
Solar |
|
|
33,899 |
|
|
— |
|
|
— |
|
|
(414 |
) |
|
|
33,485 |
Irrigation Equipment and Parts, excluding Technology |
|
|
— |
|
|
299,181 |
|
|
— |
|
|
(1,822 |
) |
|
|
297,359 |
Technology Products and Services |
|
|
— |
|
|
32,982 |
|
|
— |
|
|
— |
|
|
|
32,982 |
Total |
|
$ |
736,106 |
|
$ |
332,163 |
|
$ |
— |
|
$ |
(5,788 |
) |
|
$ |
1,062,481 |
|
|
Thirteen weeks ended |
||||||||||||||
|
|
|
|
|
|
|
|
|
|
Intersegment |
|
|
|
|||
|
|
Infrastructure |
|
Agriculture |
|
Other |
|
Sales |
|
Consolidated |
||||||
Geographical market: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
505,980 |
|
$ |
182,255 |
|
$ |
— |
|
$ |
(6,486 |
) |
|
$ |
681,749 |
International |
|
|
156,092 |
|
|
124,325 |
|
|
18,654 |
|
|
— |
|
|
|
299,071 |
Total |
|
$ |
662,072 |
|
$ |
306,580 |
|
$ |
18,654 |
|
$ |
(6,486 |
) |
|
$ |
980,820 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product line: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transmission, Distribution, and Substation |
|
$ |
281,600 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
|
$ |
281,600 |
Lighting and Transportation |
|
|
212,767 |
|
|
— |
|
|
— |
|
|
— |
|
|
|
212,767 |
Coatings |
|
|
81,976 |
|
|
— |
|
|
— |
|
|
(3,101 |
) |
|
|
78,875 |
Telecommunications |
|
|
61,396 |
|
|
— |
|
|
— |
|
|
— |
|
|
|
61,396 |
Solar |
|
|
24,333 |
|
|
— |
|
|
18,654 |
|
|
— |
|
|
|
42,987 |
Irrigation Equipment and Parts, excluding Technology |
|
|
— |
|
|
278,034 |
|
|
— |
|
|
(3,385 |
) |
|
|
274,649 |
Technology Products and Services |
|
|
— |
|
|
28,546 |
|
|
— |
|
|
— |
|
|
|
28,546 |
Total |
|
$ |
662,072 |
|
$ |
306,580 |
|
$ |
18,654 |
|
$ |
(6,486 |
) |
|
$ |
980,820 |
CONDENSED CONSOLIDATED BALANCE SHEETS (Dollars in thousands) (unaudited) |
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|
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ASSETS |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
172,948 |
|
$ |
185,406 |
Accounts receivable, net |
|
|
650,041 |
|
|
604,181 |
Inventories |
|
|
725,360 |
|
|
728,762 |
Contract assets |
|
|
159,785 |
|
|
174,539 |
Prepaid expenses and other assets |
|
|
107,365 |
|
|
87,697 |
Total current assets |
|
|
1,815,499 |
|
|
1,780,585 |
Property, plant, and equipment, net |
|
|
598,848 |
|
|
595,578 |
|
|
|
1,190,145 |
|
|
1,180,833 |
|
|
$ |
3,604,492 |
|
$ |
3,556,996 |
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Current installments of long-term debt |
|
$ |
1,165 |
|
$ |
1,194 |
Notes payable to banks |
|
|
11,436 |
|
|
5,846 |
Accounts payable |
|
|
368,576 |
|
|
360,312 |
Accrued expenses |
|
|
211,112 |
|
|
248,320 |
Contract liabilities |
|
|
156,333 |
|
|
172,915 |
Income taxes payable |
|
|
20,093 |
|
|
3,664 |
Dividends payable |
|
|
12,634 |
|
|
11,742 |
Total current liabilities |
|
|
781,349 |
|
|
803,993 |
Long-term debt, excluding current installments |
|
|
985,636 |
|
|
870,935 |
Operating lease liabilities |
|
|
151,219 |
|
|
155,469 |
Other long-term liabilities |
|
|
87,888 |
|
|
84,887 |
Shareholders' equity |
|
|
1,598,400 |
|
|
1,641,712 |
|
|
$ |
3,604,492 |
|
$ |
3,556,996 |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Dollars in thousands) (unaudited) |
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|
|
|
|
|
|
|
||
|
|
13 Weeks Ended |
|
13 Weeks Ended |
||||
|
|
|
|
|
||||
Cash flows from operating activities |
|
|
|
|
|
|
||
Net earnings |
|
$ |
72,345 |
|
|
$ |
62,906 |
|
Depreciation and amortization |
|
|
24,558 |
|
|
|
23,884 |
|
Contribution to defined benefit pension plan |
|
|
(15,259 |
) |
|
|
— |
|
Change in working capital |
|
|
(83,206 |
) |
|
|
(91,929 |
) |
Other |
|
|
22,761 |
|
|
|
7,842 |
|
Net cash flows provided by operating activities |
|
|
21,199 |
|
|
|
2,703 |
|
|
|
|
|
|
|
|
||
Cash flows from investing activities |
|
|
|
|
|
|
||
Purchase of property, plant, and equipment |
|
|
(22,361 |
) |
|
|
(27,095 |
) |
Other |
|
|
572 |
|
|
|
(2,005 |
) |
Net cash flows used in investing activities |
|
|
(21,789 |
) |
|
|
(29,100 |
) |
|
|
|
|
|
|
|
||
Cash flows from financing activities |
|
|
|
|
|
|
||
Proceeds from long-term borrowings |
|
|
125,000 |
|
|
|
97,000 |
|
Principal payments on long-term borrowings |
|
|
(10,796 |
) |
|
|
(82,529 |
) |
Net proceeds (payments) on short-term borrowings |
|
|
5,302 |
|
|
|
(5,562 |
) |
Purchase of treasury shares |
|
|
(111,115 |
) |
|
|
— |
|
Dividends to noncontrolling interests |
|
|
(654 |
) |
|
|
— |
|
Dividends paid |
|
|
(11,742 |
) |
|
|
(10,616 |
) |
Other |
|
|
(9,004 |
) |
|
|
(1,814 |
) |
Net cash flows used in financing activities |
|
|
(13,009 |
) |
|
|
(3,521 |
) |
Effect of exchange rates on cash and cash equivalents |
|
|
1,141 |
|
|
|
2,386 |
|
Net change in cash and cash equivalents |
|
|
(12,458 |
) |
|
|
(27,532 |
) |
Cash and cash equivalents - beginning of year |
|
|
185,406 |
|
|
|
177,232 |
|
Cash and cash equivalents - end of period |
|
$ |
172,948 |
|
|
$ |
149,700 |
|
SUMMARY OF EFFECT OF ITEMS ON REPORTED RESULTS
REGULATION G RECONCILIATION
(Dollars in thousands, except per share amounts)
(unaudited)
The non-GAAP tables below disclose the impact of intangible asset amortization (Prospera) and stock-based compensation recognized for the Prospera employees on fiscal 2023 and 2022 results. We believe the adjustments for Prospera allow for a better investor understanding of Agriculture segment performance related to traditional segment products. Amounts may be impacted by rounding. 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 |
||||
|
|
|
|
share |
||||
Net earnings attributable to |
|
$ |
74,540 |
|
|
$ |
3.47 |
|
Prospera intangible asset amortization |
|
|
1,645 |
|
|
|
0.08 |
|
Stock-based compensation - Prospera |
|
|
2,014 |
|
|
|
0.09 |
|
Total Adjustments, pre-tax1 |
|
|
3,659 |
|
|
|
0.17 |
|
Tax effect of adjustments2 |
|
|
(546 |
) |
|
|
(0.03 |
) |
Net earnings attributable to |
|
$ |
77,653 |
|
|
$ |
3.61 |
|
Average shares outstanding (000’s) - Diluted |
|
|
|
|
|
21,512 |
|
|
|
|
|
|
|
|
|
||
|
|
Thirteen |
|
Diluted |
||||
|
|
weeks ended |
|
earnings per |
||||
|
|
|
|
share |
||||
Net earnings attributable to |
|
$ |
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 |
|
$ |
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. |
||||||||
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 intangible asset amortization (Prospera) and stock-based compensation recognized for the Prospera employees on fiscal 2023 and 2022 results. We believe the adjustments for Prospera allow for a better investor understanding of Agriculture segment performance related to traditional segment products. Amounts may be impacted by rounding. 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 weeks ended |
|
||||||||||||||||
Operating Income Reconciliation |
|
Infrastructure |
|
Agriculture |
|
Other |
|
Corporate |
|
Valmont |
|||||||||
Operating income - as reported |
|
$ |
94,352 |
|
$ |
53,323 |
|
$ |
— |
|
$ |
(29,209 |
) |
|
$ |
118,466 |
|
||
Prospera intangible asset amortization |
|
|
— |
|
|
1,645 |
|
|
— |
|
|
— |
|
|
|
1,645 |
|
||
Stock-based compensation - Prospera |
|
|
— |
|
|
2,014 |
|
|
— |
|
|
— |
|
|
|
2,014 |
|
||
Adjusted Operating Income |
|
$ |
94,352 |
|
$ |
56,982 |
|
$ |
— |
|
$ |
(29,209 |
) |
|
$ |
122,125 |
|
||
|
|
|
732,140 |
|
|
330,341 |
|
|
— |
|
|
— |
|
|
|
1,062,481 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Operating Income as a % of |
|
|
12.9 |
% |
|
16.1 |
% |
|
NM |
|
|
NM |
|
|
|
11.1 |
% |
||
Adj. Operating Income as a % of |
|
|
12.9 |
% |
|
17.2 |
% |
|
NM |
|
|
NM |
|
|
|
11.5 |
% |
||
|
|
Thirteen weeks ended |
|
||||||||||||||||||
Operating Income Reconciliation |
|
Infrastructure |
|
Agriculture |
|
Other |
|
Corporate |
|
Valmont |
|||||||||||
Operating income - as reported |
|
$ |
78,316 |
|
$ |
37,475 |
|
$ |
(809 |
) |
|
$ |
(20,140 |
) |
|
$ |
94,842 |
|
|||
Prospera intangible asset amortization |
|
|
— |
|
|
1,645 |
|
|
— |
|
|
|
— |
|
|
|
1,645 |
|
|||
Stock-based compensation - Prospera |
|
|
— |
|
|
2,498 |
|
|
— |
|
|
|
— |
|
|
|
2,498 |
|
|||
Adjusted Operating Income |
|
$ |
78,316 |
|
$ |
41,618 |
|
$ |
(809 |
) |
|
$ |
(20,140 |
) |
|
$ |
98,985 |
|
|||
|
|
|
658,971 |
|
|
303,195 |
|
|
18,654 |
|
|
|
— |
|
|
|
980,820 |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating Income as a % of |
|
|
11.9 |
% |
|
12.4 |
% |
|
(4.3 |
) |
% |
|
NM |
|
|
|
9.7 |
% |
|||
Adj. Operating Income as a % of |
|
|
11.9 |
% |
|
13.7 |
% |
|
(4.3 |
) |
% |
|
NM |
|
|
|
10.1 |
% |
|||
VALMONT INDUSTRIES, INC. AND SUBSIDIARIES
REGULATION G RECONCILIATION OF EXCLUDING OTHER SEGMENT
(Dollars in thousands, except per share amounts)
(unaudited)
Excluding Other segment net sales from the first quarter of fiscal 2022, which we refer to in this reconciliation as “Adjusted Net Sales” is a non-GAAP measure. The Other segment net sales were generated by the wind energy structures business which was divested in
|
|
13 Weeks Ended |
|
13 Weeks Ended |
|
|
|
|||
|
|
|
|
|
|
% Change |
||||
Net sales |
|
$ |
1,062,481 |
|
$ |
980,820 |
|
|
|
|
Other segment net sales |
|
|
— |
|
|
18,654 |
|
|
NM |
|
Adjusted net sales |
|
$ |
1,062,481 |
|
$ |
962,166 |
|
|
|
|
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 investor understanding of Agriculture segment performance related to traditional segment products. 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 - 2023 Guidance |
|
Low End |
|
High End |
|
Adjustments |
||||
Estimated net earnings - GAAP |
|
$ |
318,250 |
|
$ |
330,050 |
|
|
|
|
Prospera intangible asset (proprietary technology) amortization, pre-tax |
|
|
|
|
|
|
|
|
6,600 |
|
Stock-based compensation - Prospera, pre-tax |
|
|
|
|
|
|
|
|
9,800 |
|
Total pre-tax adjustments |
|
|
|
|
|
|
|
|
16,400 |
|
Estimated tax benefit from above expenses1 |
|
|
|
|
|
|
|
|
(2,450 |
) |
|
|
|
|
|
|
|
|
|
|
|
Total Adjustments, after-tax |
|
|
|
|
|
|
|
$ |
13,950 |
|
Estimated net earnings - Adjusted |
|
$ |
332,200 |
|
$ |
344,000 |
|
|
|
|
|
|
$ |
14.80 |
|
$ |
15.35 |
|
|
|
|
|
|
$ |
15.45 |
|
$ |
16.00 |
|
|
|
|
| _______________ | ||||||||||
1 The tax effect of adjustments is calculated based on the estimated income tax rate in each applicable jurisdiction. 2 Assumes weighted average shares outstanding of 21.5M, and includes rounding |
||||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20230420005917/en/
renee.campbell@valmont.com
Source:
FAQ
What are Valmont Industries' first quarter 2023 financial results?
What is the diluted EPS for Valmont Industries in Q1 2023?
What is the backlog figure for Valmont Industries as of Q1 2023?
Did Valmont Industries announce any share repurchase plans?
What is the updated full-year EPS outlook for Valmont Industries?
