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Midas Edge

VALMONT INDUSTRIES INC

For the period ended Jun 29, 2024. Filed Jul 31, 2024.

View on SEC.gov

About 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.

Jun 29, 2024 · Filed Jul 31, 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 exhibits
Contents

Table of Contents

​ · ​ · ​
​PART I—FINANCIAL INFORMATION​​
Item 1.Financial Statements (Unaudited):​​
​Condensed Consolidated Statements of Earnings for the thirteen and twenty-six weeks ended June 29, 2024 and July 1, 2023​3
​Condensed Consolidated Statements of Comprehensive Income for the thirteen and twenty-six weeks ended June 29, 2024 and July 1, 2023​4
​Condensed Consolidated Balance Sheets as of June 29, 2024 and December 30, 2023​5
​Condensed Consolidated Statements of Cash Flows for the twenty-six weeks ended June 29, 2024 and July 1, 2023​6
​Condensed Consolidated Statements of Shareholders’ Equity and Redeemable Noncontrolling Interests for the thirteen and twenty-six weeks ended June 29, 2024 and July 1, 2023​7
​Notes to Condensed Consolidated Financial Statements​8
Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations​22
Item 3.Quantitative and Qualitative Disclosures About Market Risk​31
Item 4.Controls and Procedures​31
​​​​
​PART II—OTHER INFORMATION​​
Item 1.Legal Proceedings​32
Item 1A.Risk Factors​32
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds​32
Item 3.Defaults Upon Senior Securities​32
Item 4.Mine Safety Disclosures​32
Item 5.Other Information​32
Item 6.Exhibits​33
​​​​
Signatures​34

PART I—FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

​​​​​​​​​​​​​
​ · ​ · Thirteen weeks ended · ​ · Twenty-six weeks ended
​ · ​ · June 29, · ​ · July 1, · ​ · June 29, · ​ · July 1,
​ · ​ · 2024 · 2023 · 2024 · 2023
Product sales​$928,479​$945,873​$1,803,157​$1,903,881
Service sales​111,258​100,423​214,408​204,896
Net sales​1,039,737​1,046,296​2,017,565​2,108,777
Product cost of sales​651,731​651,413​1,256,946​1,333,203
Service cost of sales​67,724​65,486​134,121​137,592
Total cost of sales​719,455​716,899​1,391,067​1,470,795
Gross profit​320,282​329,397​626,498​637,982
Selling, general, and administrative expenses​172,974​195,664​347,637​385,783
Operating income​147,308​133,733​278,861​252,199
Other income (expenses):​​​​​​​​
Interest expense​(15,846)​(14,917)​(32,067)​(28,022)
Interest income​1,499​563​3,278​1,393
Gain on deferred compensation investments​525​941​1,956​2,135
Gain on divestiture​​—​2,994​—​2,994
Other​(1,250)​(2,382)​(1,355)​(4,758)
Total other income (expenses)​(15,072)​(12,801)​(28,188)​(26,258)
Earnings before income taxes and equity in loss of nonconsolidated subsidiaries​132,236​120,932​250,673​225,941
Income tax expense (benefit):​​​​
Current​40,961​37,791​60,605​62,147
Deferred​(9,894)​(5,856)​450​1,631
Total income tax expense​31,067​31,935​61,055​63,778
Earnings before equity in loss of nonconsolidated subsidiaries​101,169​88,997​189,618​162,163
Equity in loss of nonconsolidated subsidiaries​(19)​​(199)​​(39)​​(1,020)
Net earnings​101,150​88,798​189,579​161,143
Loss (earnings) attributable to redeemable noncontrolling interests​(1,434)​578​(2,041)​2,773
Net earnings attributable to Valmont Industries, Inc.​$99,716​$89,376​$187,538​$163,916
Net earnings attributable to Valmont Industries, Inc. per share:​​​​​
Basic​$4.94​$4.25​$9.29​$7.75
Diluted​$4.91​$4.21​$9.24​$7.67

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Dollars in thousands)

​​​​​​​​​​​​​
​ · ​ · Thirteen weeks ended · ​ · Twenty-six weeks ended
​ · ​ · June 29, · ​ · July 1, · ​ · June 29, · ​ · July 1,
​ · ​ · 2024 · 2023 · 2024 · 2023
Net earnings​$101,150​$88,798​$189,579​$161,143
Other comprehensive income (loss), net of tax:​​​​
Foreign currency translation adjustments:​​​​
Unrealized translation gain (loss)​(18,768)​11,967​(40,186)​20,156
Hedging activities:​​​​
Unrealized loss on commodity hedges​(1,498)​(1,339)​(2,059)​(2,815)
Realized loss (gain) on commodity hedges included in earnings​298​925​(419)​3,797
Unrealized gain (loss) on cross currency swaps​​816​​(760)​​1,011​​(1,351)
Amortization cost included in interest expense​(12)​(12)​(24)​(28)
Total hedging activities​​(396)​​(1,186)​​(1,491)​​(397)
Net gain on defined benefit pension plan​381​95​762​186
Total other comprehensive income (loss), net of tax​(18,783)​10,876​(40,915)​19,945
Comprehensive income​82,367​99,674​148,664​181,088
Comprehensive loss (income) attributable to redeemable noncontrolling interests​(1,269)​233​(1,719)​2,135
Comprehensive income attributable to Valmont Industries, Inc.​$81,098​$99,907​$146,945​$183,223
ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.