1-31429
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47-0351813
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(Commission File Number)
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(IRS Employer Identification No.)
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One Valmont Plaza
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Omaha, NE
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68154
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(Address of Principal Executive Offices)
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(Zip Code)
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o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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(d)
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Exhibits.
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99.1
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Press Release dated October 18, 2012.
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Valmont Industries, Inc.
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Date: October 18, 2012
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By: /s/ Terry J. McClain
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Name: Terry J. McClain
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Title: Senior Vice President and
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Chief Financial Officer
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Exhibit No.
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Description
|
|
99.1
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Press release dated October 18, 2012.
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News Release
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For Immediate Release
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Contact: Jeff Laudin
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October 18, 2012
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Phone: 402-963-1158
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Fax: 402-963-1198
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·
|
Net earnings increased 35% on a 9% increase in sales.
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·
|
Third quarter results driven by substantial increase in Utility Support Structures Segment sales and operating income.
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·
|
Record third quarter sales in all reportable segments.
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·
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Total operating income as a percent of sales increased from 10.7% to 12.4%.
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CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(Dollars in thousands, except per share amounts)
(unaudited)
|
|||||||
Third Quarter
13 Weeks Ended
|
Year-to-Date
39 Weeks Ended
|
||||||
29-Sep-12
|
24-Sep-11
|
29-Sep-12
|
24-Sep-11
|
||||
Net sales
|
$ 729,839
|
$ 672,192
|
$ 2,214,504
|
$ 1,908,750
|
|||
Cost of sales
|
537,437
|
504,802
|
1,636,393
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1,436,885
|
|||
Gross profit
|
192,402
|
167,390
|
578,111
|
471,865
|
|||
Selling, general and administrative expenses
|
102,020
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95,357
|
307,559
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285,912
|
|||
Operating income
|
90,382
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72,033
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270,552
|
185,953
|
|||
Other income (expense):
|
|||||||
Interest expense
|
(8,429)
|
(7,671)
|
(23,657)
|
(26,715)
|
|||
Interest income
|
2,093
|
3,141
|
6,081
|
6,919
|
|||
Other
|
1,307
|
(1,671)
|
907
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(776)
|
|||
(5,029)
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(6,200)
|
(16,669)
|
(20,572)
|
||||
Earnings before income taxes and equity in
|
|||||||
earnings of nonconsolidated subsidiaries
|
85,353
|
65,833
|
253,883
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165,381
|
|||
Income tax expense
|
28,447
|
23,773
|
87,005
|
50,612
|
|||
Earnings before equity in earnings of
|
|||||||
nonconsolidated subsidiaries
|
56,906
|
42,060
|
166,878
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114,769
|
|||
Equity in earnings of nonconsolidated subsidiaries
|
1,536
|
2,354
|
5,311
|
4,509
|
|||
Net earnings
|
58,442
|
44,414
|
172,189
|
119,278
|
|||
Less: Earnings attributable to non-controlling interests
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(1,711)
|
(2,273)
|
(3,153)
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(5,701)
|
|||
Net earnings attributable to Valmont Industries, Inc.
|
$ 56,731
|
$ 42,141
|
$ 169,036
|
$ 113,577
|
|||
Average shares outstanding (000's) - Basic
|
26,502
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26,351
|
26,455
|
26,318
|
|||
Earnings per share - Basic
|
$ 2.14
|
$ 1.60
|
$ 6.39
|
$ 4.32
|
|||
Average shares outstanding (000's) - Diluted
|
26,806
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26,579
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26,748
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26,567
|
|||
Earnings per share - Diluted
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$ 2.12
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$ 1.59
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$ 6.32
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$ 4.28
|
|||
Cash dividends per share
|
$ 0.225
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$ 0.180
|
$ 0.630
|
$ 0.525
|
|||
VALMONT INDUSTRIES, INC. AND SUBSIDIARIES
SUMMARY OPERATING RESULTS
(Dollars in thousands)
(unaudited)
|
|||||||
Third Quarter
13 Weeks Ended
|
Year-to-Date
39 Weeks Ended
|
||||||
29-Sep-12
|
24-Sep-11
|
29-Sep-12
|
24-Sep-11
|
||||
Sales
|
|||||||
Engineered Infrastructure Products
|
$ 229,310
|
$ 222,243
|
$ 652,991
|
$ 597,590
|
|||
Utility Support Structures
|
217,495
|
159,815
|
620,964
|
422,022
|
|||
Coatings
|
83,713
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80,806
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251,397
|
238,417
|
|||
Irrigation
|
156,452
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150,618
|
547,214
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485,367
|
|||
Other
|
72,500
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88,870
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245,757
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246,977
|
|||
Total
|
759,470
|
702,352
|
2,318,323
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1,990,373
|
|||
Intersegment sales
|
|||||||
Engineered Infrastructure Products
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(9,978)
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(6,611)
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(37,062)
|
(18,035)
|
|||
Utility Support Structures
|
(625)
|
(4,480)
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(3,072)
|
(6,739)
|
|||
Coatings
|
(12,313)
|
(11,852)
|
(38,262)
|
(34,283)
|
|||
Irrigation
|
(67)
|
-
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(498)
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(8)
|
|||
Other
|
(6,648)
|
(7,217)
|
(24,925)
|
(22,558)
|
|||
Total
|
(29,631)
|
(30,160)
|
(103,819)
|
(81,623)
|
|||
Net sales
|
|||||||
Engineered Infrastructure Products
|
219,332
|
215,632
|
615,929
|
579,555
|
|||
Utility Support Structures
|
216,870
|
155,335
|
617,892
|
415,283
|
|||
Coatings
|
71,400
|
68,954
|
213,135
|
204,134
|
|||
Irrigation
|
156,385
|
150,618
|
546,716
|
485,359
|
|||
Other
|
65,852
|
81,653
|
220,832
|
224,419
|
|||
Total
|
$ 729,839
|
$ 672,192
|
$ 2,214,504
|
$ 1,908,750
|
|||
Operating Income
|
|||||||
Engineered Infrastructure Products
|
$ 18,715
|
$ 17,189
|
$ 40,907
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$ 30,907
|
|||
Utility Support Structures
|
30,223
|
14,731
|
81,901
|
41,214
|
|||
Coatings
|
18,542
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14,238
|
54,571
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39,600
|
|||
Irrigation
|
27,140
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23,765
|
103,155
|
80,623
|
|||
Other
|
9,743
|
12,607
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33,413
|
32,901
|
|||
Corporate
|
(13,981)
|
(10,497)
|
(43,395)
|
(39,292)
|
|||
Total
|
$ 90,382
|
$ 72,033
|
$ 270,552
|
$ 185,953
|
|||
VALMONT INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
(unaudited)
|
|||
29-Sep-12
|
24-Sep-11
|
||
ASSETS
|
|||
Current assets:
|
|||
Cash and cash equivalents
|
$ 427,080
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$ 336,908
|
|
Accounts receivable, net
|
470,240
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449,431
|
|
Inventories
|
432,689
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377,525
|
|
Prepaid expenses
|
30,106
|
28,832
|
|
Refundable and deferred income taxes
|
49,692
|
35,216
|
|
Total current assets
|
1,409,807
|
1,227,912
|
|
Property, plant and equipment, net
|
475,991
|
437,139
|
|
Goodwill and other assets
|
608,662
|
544,126
|
|
$ 2,494,460
|
$ 2,209,177
|
||
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|||
Current liabilities:
|
|||
Current installments of long-term debt
|
$ 226
|
$ 236
|
|
Notes payable to banks
|
15,730
|
11,022
|
|
Accounts payable
|
217,688
|
221,909
|
|
Accrued expenses
|
173,698
|
158,236
|
|
Dividend payable
|
5,991
|
4,760
|
|
Total current liabilities
|
413,333
|
396,163
|
|
Long-term debt, excluding current installments
|
473,227
|
494,775
|
|
Other long-term liabilities
|
220,006
|
254,990
|
|
Shareholders' equity
|
1,387,894
|
1,063,249
|
|
$ 2,494,460
|
$ 2,209,177
|
||