VALMONT INDUSTRIES INC
For the period ended Mar 30, 2024. Filed May 8, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 30, 2024 · Filed May 8, 2024
VMI$418.91+3.6%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Table of Contents
| · · | |||
|---|---|---|---|
| | PART I—FINANCIAL INFORMATION | | |
| Item 1. | Financial Statements (Unaudited): | | |
| | Condensed Consolidated Statements of Earnings for the thirteen weeks ended March 30, 2024 and April 1, 2023 | | 3 |
| | Condensed Consolidated Statements of Comprehensive Income for the thirteen weeks ended March 30, 2024 and April 1, 2023 | | 4 |
| | Condensed Consolidated Balance Sheets as of March 30, 2024 and December 30, 2023 | | 5 |
| | Condensed Consolidated Statements of Cash Flows for the thirteen weeks ended March 30, 2024 and April 1, 2023 | | 6 |
| | Condensed Consolidated Statements of Shareholders’ Equity and Redeemable Noncontrolling Interests for the thirteen weeks ended March 30, 2024 and April 1, 2023 | | 7 |
| | Notes to Condensed Consolidated Financial Statements | | 8 |
| Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | | 21 |
| Item 3. | Quantitative and Qualitative Disclosures About Market Risk | | 30 |
| Item 4. | Controls and Procedures | | 30 |
| | | | |
| | PART II—OTHER INFORMATION | | |
| Item 1. | Legal Proceedings | | 31 |
| Item 1A. | Risk Factors | | 31 |
| Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | | 31 |
| Item 3. | Defaults Upon Senior Securities | | 31 |
| Item 4. | Mine Safety Disclosures | | 31 |
| Item 5. | Other Information | | 32 |
| Item 6. | Exhibits | | 32 |
| | | | |
| Signatures | | 33 | |
PART I—FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
| · · · · · · | |||||
|---|---|---|---|---|---|
| · · Thirteen weeks ended | |||||
| · · March 30, · · April 1, | |||||
| · · 2024 · 2023 | |||||
| Product sales | | $874,678 | | $958,008 | |
| Service sales | | 103,150 | | 104,473 | |
| Net sales | | 977,828 | | 1,062,481 | |
| Product cost of sales | | 605,215 | | 681,790 | |
| Service cost of sales | | 66,397 | | 72,106 | |
| Total cost of sales | | 671,612 | | 753,896 | |
| Gross profit | | 306,216 | | 308,585 | |
| Selling, general, and administrative expenses | | 174,663 | | 190,119 | |
| Operating income | | 131,553 | | 118,466 | |
| Other income (expenses): | | | | | |
| Interest expense | | (16,221) | | (13,105) | |
| Interest income | | 1,779 | | 830 | |
| Gain on deferred compensation investments | | 1,431 | | 1,194 | |
| Other | | (105) | | (2,376) | |
| Total other income (expenses) | | (13,116) | | (13,457) | |
| Earnings before income taxes and equity in loss of nonconsolidated subsidiaries | | 118,437 | | 105,009 | |
| Income tax expense: | | | |||
| Current | | 19,644 | | 24,356 | |
| Deferred | | 10,344 | | 7,487 | |
| Total income tax expense | | 29,988 | | 31,843 | |
| Earnings before equity in loss of nonconsolidated subsidiaries | | 88,449 | | 73,166 | |
| Equity in loss of nonconsolidated subsidiaries | | (20) | | | (821) |
| Net earnings | | 88,429 | | 72,345 | |
| Loss (earnings) attributable to redeemable noncontrolling interests | | (607) | | 2,195 | |
| Net earnings attributable to Valmont Industries, Inc. | | $87,822 | | $74,540 | |
| Net earnings attributable to Valmont Industries, Inc. per share: | | | | ||
| Basic | | $4.35 | | $3.50 | |
| Diluted | | $4.32 | | $3.47 | |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.