VALMONT INDUSTRIES INC

For the period ended Sep 28, 2024. Filed Oct 30, 2024.

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.

Sep 28, 2024 · Filed Oct 30, 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

· ·
	PART I—FINANCIAL INFORMATION
Item 1.	Financial Statements
	Condensed Consolidated Statements of Operations for the thirteen and thirty-nine weeks ended September 28, 2024 and September 30, 2023		3
	Condensed Consolidated Statements of Comprehensive Income (Loss) for the thirteen and thirty-nine weeks ended September 28, 2024 and September 30, 2023		4
	Condensed Consolidated Balance Sheets as of September 28, 2024 and December 30, 2023		5
	Condensed Consolidated Statements of Cash Flows for the thirty-nine weeks ended September 28, 2024 and September 30, 2023		6
	Condensed Consolidated Statements of Shareholders’ Equity and Redeemable Noncontrolling Interests for the thirteen and thirty-nine weeks ended September 28, 2024 and September 30, 2023		7
	Notes to Condensed Consolidated Financial Statements		8
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations		23
Item 3.	Quantitative and Qualitative Disclosures About Market Risk		34
Item 4.	Controls and Procedures		34

	PART II—OTHER INFORMATION
Item 1.	Legal Proceedings		35
Item 1A.	Risk Factors		35
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds		35
Item 3.	Defaults Upon Senior Securities		35
Item 4.	Mine Safety Disclosures		35
Item 5.	Other Information		35
Item 6.	Exhibits		36

Signatures		37

PART I—FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS


· · Thirteen weeks ended · · Thirty-nine weeks ended
· · September 28, · · September 30, · · September 28, · · September 30,
· · 2024 · 2023 · 2024 · 2023
Product sales	$922,062	$949,217	$2,725,219	$2,853,098
Service sales	98,113	101,078	312,521	305,974
Net sales	1,020,175	1,050,295	3,037,740	3,159,072
Product cost of sales	659,805	669,472	1,916,751	2,002,675
Service cost of sales	58,677	65,712	192,798	203,304
Total cost of sales	718,482	735,184	2,109,549	2,205,979
Gross profit	301,693	315,111	928,191	953,093
Selling, general, and administrative expenses	175,958	194,277	523,595	580,060
Impairment of goodwill and other intangible assets	—	140,844	—	140,844
Realignment charges	—	4,180	—	4,180
Operating income (loss)	125,735	(24,190)	404,596	228,009
Other income (expenses):
Interest expense	(14,313)	(13,472)	(46,380)	(41,494)
Interest income	2,080	3,186	5,358	4,579
Gain (loss) on deferred compensation investments	1,160	(344)	3,116	1,791
Gain on divestiture	—	—	—	2,994
Other	(2,307)	165	(3,662)	(4,593)
Total other income (expenses)	(13,380)	(10,465)	(41,568)	(36,723)
Earnings (loss) before income taxes and equity in loss of nonconsolidated subsidiaries	112,355	(34,655)	363,028	191,286
Income tax expense (benefit):
Current	46,133	29,654	106,738	91,801
Deferred	(16,409)	(14,193)	(15,959)	(12,562)
Total income tax expense	29,724	15,461	90,779	79,239
Earnings (loss) before equity in loss of nonconsolidated subsidiaries	82,631	(50,116)	272,249	112,047
Equity in loss of nonconsolidated subsidiaries	(21)	(199)	(60)	(1,219)
Net earnings (loss)	82,610	(50,315)	272,189	110,828
Loss (earnings) attributable to redeemable noncontrolling interests	458	1,287	(1,583)	4,060
Net earnings (loss) attributable to Valmont Industries, Inc.	$83,068	$(49,028)	$270,606	$114,888
Net earnings (loss) attributable to Valmont Industries, Inc. per share:
Basic	$4.13	$(2.34)	$13.43	$5.45
Diluted	$4.11	$(2.34)	$13.34	$5.40

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.

About this filing

Table of Contents