VMI

Valmont Industries slipped 0.5% in Thursday trading, extending a softer few weeks for the stock, yet the latest Q3 2026 report landed with far more punch than that modest move suggests. Earnings per share reached US$6.29 on revenue of US$1.10b, with profitability across the trailing twelve months now materially higher than a year ago. The market is still trading the near term. The real story sits in the multiyear arc, where stronger margins, a 12.3% net profit level and a P/E of 16.4x against richer industry multiples frame a very different conversation about what Valmont might be worth over time. Like the look of Valmont Industries' 12.3% net profit margin and 16.4x P/E but want to compare it with peers that pair strong profitability with sturdier balance sheets and fundamentals? Line it up against our list of solid balance sheet and fundamentals stocks (25 results) - Revenue (Q3 2026 vs. Q3 2025): US$1,103.8m vs. US$1,046.0m (top line increased about 5.5%) - Net Income, Excl. Extra Items (Q3 2026 vs. Q3 2025): US$121.1m vs. US$99.0m (profit rose roughly 22%) - Basic EPS (Q3 2026 vs. Q3 2025): US$6.29 vs. US$5.02 (earnings per share improved about 25%) - Net Profit Margin (Trailing 12 Months vs. Prior Year): 12.3% vs. 5.7% (profitability roughly doubled as a share of revenue) Earnings grab the headlines, but the cash coming through Valmont Industries' operations is what valuation focused investors tend to study most closely. Profits can move around quarter to quarter, while cash generation helps anchor what you decide the shares might be worth. On cash flows alone, Valmont Industries could screen differently from the headline EPS story and the stock could be a solid 30% undervalued. The bullish view hangs on utility growth plus productivity tools turning capex into attractive incremental profit for Valmont Industries. "Expansion of North America utility manufacturing through brownfield and brownfield plus projects, combined with AI tools for scheduling and engineering that management expects to lift throughput by 3% to 5% and engineering productivity by about 15% over time, is already producing more than US$1 of annualized revenue for every US$1 of capex at mid 20s incremental margins." Q3 results back this up. Infrastructure revenue rose 9.1%, North America Utility climbed 23%, and operating margin reached 15.7% as utility backlog grew to about US$1.8b, indicating these projects are converting into higher quality earnings, not just volume. The bear side argues that input inflation and weaker telecom could chip away at that bullish utility story. "Raw material and freight costs have risen sharply in 2026, with steel up about 27% to 40%, zinc up about 35%, and diesel up about 45% to 85%, while there is a two quarter lag before Valmont Industries can fully recover these through pricing." Management confirmed this pressure. Steel indices are about 50% higher year over year and Q4 margins are expected to ease from Q3 levels. Telecom revenue already fell sharply earlier in 2026 and management still flags limited visibility, so not all parts of Valmont Industries are on the same trajectory as utility. Not everyone reads the same price the same way. → See the higher figure this Narrative lands on, and how it gets there. Valmont Industries just showed how a solid operational story can align with a muted share price reaction. The real opportunity is finding stocks that could be undervalued before the market reassesses them. - Company 1 - 46% below our estimate - executes major civil and military infrastructure contracts as a record pipeline of mega projects converts into active work. - Company 2 - 22% below our estimate - ties cloud services, workplace software and developer tools together so enterprises embed AI into daily workflows. - Company 3 - 36% below our estimate - connects large online platforms to local payment options as transaction volumes and higher margin services expand across emerging market channels. That is three of the list. See all 33 potentially undervalued companies → This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include VMI. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. - North America Utility growth of 23% is being driven by a multi-year investment cycle focused on grid modernization, capacity expansion, and resiliency against power demand growth. - Management attributes the 16% North America Agriculture growth to strong replacement activity following storms, highlighting the strategic value of the dealer network in capturing high-margin aftermarket business. - Infrastructure backlog reached $1.8 billion as alliance relationships converted long-term pipeline visibility into firm orders, particularly for high-voltage transmission projects. - North America Coatings demand is outpacing industry supply, supported by utility construction and data center projects, leading to a strategic shift of capacity toward internal volumes. - Telecom performance declined 33.8% as carriers shifted capital allocation priorities and delayed site modifications following the peak of the 5G build-out. - Operating margin expansion of 22 basis points was achieved despite higher material costs and capacity ramp-up expenses, aided by disciplined pricing and favorable mix in Agriculture. - Management is focused on throughput and meeting delivery commitments as lead times across the industry extend to 60-70 weeks due to supply-demand imbalances. - Management expects to double growth capital investment in 2027 compared to 2026 to support utility and coatings capacity expansion aligned with the 2029 strategic plan. - Earnings and margins are expected to moderate in Q4 due to accelerating input cost pressures, business mix shifts, and the absence of one-time benefits seen in Q3. - The company anticipates a 2 to 3 quarter lag for contractual price pass-throughs to fully offset recent steel and freight inflation, with margin stabilization expected once input costs moderate. - Shipments for a new $100 million North Africa food security project are expected to begin in the first half of 2027, spanning approximately 18 to 24 months. - Telecom market conditions are expected to remain soft in the near term, with potential recovery indicators not appearing until the latter half of 2027. - Agriculture operating income included $7 million in one-time benefits primarily related to recoveries in South America, which boosted segment margins to 17.9%. - Geopolitical conflict in the Middle East continues to disrupt operations and project timing, with high shipping costs further delaying a return to normal activity levels. - Steel prices on third-party indices used for contracts were approximately 50% above prior-year levels, creating a temporary margin squeeze before pricing adjustments catch up. - Valmont has commissioned approximately 20% of the incremental utility steel production capacity required to meet its 2029 financial objectives. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. - Management noted that while Q3 margin impacts were modest, Q4 will see increased pressure as inflation pace has accelerated since the last update. - Full price catch-up typically takes 2-3 quarters; even a moderation in the pace of inflation, rather than full stabilization, would support margin growth. - Management confirmed that double-digit pricing is expected to be sustained into 2027 to offset ongoing inflationary pressures. - They clarified that higher pricing is primarily a cost-offset mechanism and does not necessarily translate entirely to bottom-line expansion until costs stabilize. - Management stated the industry remains supply-constrained even with new capacity from competitors like Nucor, as demand continues to exceed total supply. - They emphasized that utility customers prioritize Valmont's engineering expertise and reliability over just manufacturing capacity to mitigate project risks. - Confidence in the $35 EPS target by 2029 has increased due to strengthening pipelines and customers committing to load growth for AI, EV infrastructure, and onshoring. - Lead times in the industry have extended to 60-70 weeks, and some customers are now sharing investment plans extending through 2032.

This article first appeared on GuruFocus. - Net Sales: $1.1 billion, up 5.5% year-over-year, driven by infrastructure growth, notably North America Utility and Coatings. - Operating Income: $172.8 million. - Operating Margin: 15.7%, expanded 220 basis points. - Tax Rate: Approximately 26%. - Diluted EPS: $6.24, up 25.3% year-over-year. - Infrastructure Segment Sales: $882.1 million, up 9.1% year-over-year. - North America Utility Sales: Up 23%, driven by higher pricing and volume growth. - North America Lighting & Transportation Sales: Down 2.2% due to lower volumes. - North America Coatings Sales: Up 13.8%, supported by infrastructure and data center demand. - North America Telecom Sales: Down 33.8% on lower carrier spending. - International Infrastructure Sales: Up 5.5%, driven by pricing actions and favorable FX. - Infrastructure Operating Income: $154.8 million, or 17.6% of net sales (vs. $143.4 million, or 17.8%). - Infrastructure Backlog: $1.8 billion. - Agriculture Segment Sales: $226 million, down 6.4% year-over-year. - North America Agriculture Sales: Up 15.8%, led by strong replacement orders and favorable pricing. - International Agriculture Sales: Down 25.3%, driven by lower Middle East and Brazil volumes. - Aftermarket Parts Sales: Up approximately 12%. - Technology Services Sales: Up 7%. - Agriculture Operating Income: $40.1 million, or 17.9% of net sales (vs. $23.2 million, or 9.7%). - Operating Cash Flow: $100.5 million, including $40 million of accelerated receivable collections. - Cash Balance: $122 million. - Net Debt Leverage: Approximately 0.9 times. - Capital Expenditures: Approximately $46 million in the quarter. - Shareholder Returns: $97 million total $82 million in share repurchases and $15 million in dividends. - Share Repurchase Authorization: Approximately $367 million remaining. - Full-Year Net Sales Outlook: Reaffirmed at $4.3 billion to $4.45 billion. - Full-Year Infrastructure Sales Outlook: Unchanged at $3.4 billion to $3.5 billion. - Full-Year Agriculture Sales Outlook: Unchanged at $900 million to $950 million. - Full-Year Adjusted Diluted EPS Guidance: Raised to $22.75 to $23.75. - Full-Year Capital Expenditure Outlook: Unchanged at $170 million to $200 million. - Warning! GuruFocus has detected 4 Warning Signs with UCB. - Is VMI fairly valued? Test your thesis with our free DCF calculator. Release Date: October 20, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. - Net sales increased 5.5% year-over-year to $1.1 billion, with operating margin expanding 220 basis points to 15.7% and diluted EPS rising 25.3% to $6.24. - North America Utility sales grew 23%, driven by volume growth and double-digit pricing, as customers modernize the grid and invest in resiliency. - Infrastructure backlog reached $1.8 billion, with a strengthening pipeline through 2029, supporting confidence in the long-term growth plan. - North America Coatings sales increased 13.8%, supported by healthy infrastructure and data center demand. - Agriculture operating income rose to $40.1 million (17.9% of net sales) from $23.2 million, helped by strong North America replacement demand and favorable pricing. - Valmont Industries Inc (NYSE:VMI) won a $100 million project in North Africa, with shipments starting in the first half of 2027, supporting food security and water efficiency. - The company reaffirmed its full-year net sales outlook and raised its adjusted diluted EPS guidance to $22.75 to $23.75. - Valmont Industries Inc (NYSE:VMI) maintains a strong balance sheet with net debt leverage of approximately 0.9 times and investment-grade credit ratings reaffirmed by S&P and Moody's. - Steel costs on the third-party index were approximately 50% above prior-year levels, creating price/cost timing pressure that is expected to worsen in the fourth quarter. - North America Telecom sales decreased 33.8% due to lower carrier spending, and market conditions are expected to remain soft in the near term. - Agriculture sales decreased 6.4% year-over-year to $226 million, with international sales down 25.3% due to lower Middle East and Brazil volumes. - Global agriculture market conditions remain challenged, with higher input costs, lower grain prices, and declining grower sentiment constraining capital spending. - The ongoing conflict in the Middle East continues to affect operations and delay customer projects, with no near-term return to normal activity expected. - Fourth-quarter earnings and margins are expected to moderate from third-quarter levels due to increasing input cost pressures, business mix effects, and the absence of certain third-quarter benefits. - North America Lighting & Transportation sales declined 2.2% due to lower volumes, and lighting continues to be affected by softer residential and commercial construction activity. - The company expects a more normal business mix in the fourth quarter, with less favorable North America storm-related demand and pricing, pressuring Agriculture margins. Q: Nathan Jones (Stifel) asked about the price/cost impact from steel and freight inflation how much it hurt Q3 margins, whether Q4 gets worse before it gets better, and how much margin upside exists once costs stabilize.A: CFO John Schwietz said the impact in Q3 was modest with no negative dollar impact, but margins were affected. He expects more pressure in Q4 because the pace of input cost inflation has accelerated since the last earnings call. Typically it takes two to three quarters for pricing mechanisms to fully flow through; margins should expand again even if costs merely moderate rather than fully stabilize. Q: Brian Drab (William Blair) asked whether Valmont's utility outlook has become more positive since Investor Day, whether visibility into the $6.7 billion revenue through 2029 has changed, and about overall sentiment.A: CEO Avner Applbaum said yes confidence in the 2029 goal has increased. Backlog grew, the pipeline behind the $6.7 billion has increased, and coverage through 2029 is better. Customers' own customers are committing to load growth and spend, with additional demand from AI, EV, onshoring and grid hardening/resiliency. Valmont is booking well into 2028, customer plans run through 2030-2032, and industry lead times have extended to 60-70 weeks. Q: Tomo Sano (JPMorgan) asked what is driving the increase in the $1.8 billion infrastructure backlog and about the competitive landscape.A: CEO Avner Applbaum said the majority of the increase is from utility customers, with the alliance pipeline also strengthening as opportunities convert to orders. The environment remains extremely robust, with customer spend rising and the pipeline through 2029 increasing over recent quarters. On competition, the industry is capacity-constrained and Valmont wins on decades-long engineering expertise, on-time delivery and reliability; customers are asking Valmont to secure capacity. Q: Tomo Sano (JPMorgan) asked to quantify volume versus price in the 23% North America Utility growth and how to think about Q4.A: CFO John Schwietz said volume was the majority driver in Q3, though price was also right at double digits. For the full year, Valmont expects mid-20s utility growth and to hit its target of double-digit volume growth. Q: Nathan Jones (Stifel) asked about the storm-driven 16% North America Agriculture growth and how much it contributed to revenue and earnings versus the underlying run rate.A: CEO Avner Applbaum said storm replacement demand substantially drove North America growth, with farmers choosing Valmont because dealers and operations could quickly get them back up and running. CFO John Schwietz said the 17.9% segment margin was exceptional and exceeded expectations; excluding about $7 million of one-time benefits (mainly South America recoveries), margin was just north of 14% above the low-teens expectation for the second half with the delta from storm-driven North America mix and better pricing. Q: Brent Thielman (Oppenheimer) asked whether double-digit utility pricing can sustain into 2027 given inflation.A: CFO John Schwietz answered simply: "Yes." Q: Brent Thielman (Oppenheimer) asked why Agriculture margins wouldn't carry over into Q4 given the strong 2026 performance.A: CFO John Schwietz said Q3 had an exceptional mix storm demand made North America unusually strong versus a typically strong international quarter, plus preferred pricing in those circumstances. Q4 should see a more normal North America/international mix, pressuring margins versus Q3. Q: Chris Moore (CJS Securities) asked whether, assuming steel pricing normalizes, incremental margin improvement could begin in Q2 2027 or more in the back half.A: CFO John Schwietz said the pace of margin expansion depends on how quickly costs accelerate or stabilize, and Q2 is too far out to call. Actions to expand margins are taking hold, including profitable scaling, operating leverage and SG&A leverage. CEO Avner Applbaum added that pricing actions mostly offset steel costs rather than dropping to the bottom line the current pressure is the price/cost dislocation, and margins stabilize as costs do. Q: Chris Moore (CJS Securities) asked about Nucor's new capacity additions and any impact on the infrastructure competitive landscape.A: CEO Avner Applbaum said Valmont monitors industry capacity, and even with all announced additions, demand still exceeds supply. Large utility customers choose Valmont for engineering expertise, reliability and on-time delivery not just capacity because they don't want to take risk. The industry remains well balanced with no concerns. Q: Brian Drab (William Blair) asked about timing, cadence and margins for the $100 million North Africa agriculture project.A: CEO Avner Applbaum said deliveries begin in the first half of 2027, with the project likely running 18 months to two years, supported by the Dubai facility and other global plants given regional demand for food security and water efficiency. CFO John Schwietz said intake was disciplined; the project's margin is slightly below baseline operating margin but not significantly, and not expected to materially impact results. Q: Brent Thielman (Oppenheimer) asked about telecom any customer signals on timing of a turnaround and potential catalysts.A: CEO Avner Applbaum said visibility is limited; carriers remain selective after the 5G peak, with some site modification and capital allocation pushed into 2027. Some indications point to recovery in the latter half of 2027, but carriers are waiting on technology and spectrum deployment. Valmont is focused on costs, new product development and private networks, and expects soft conditions at least through year-end. Q: Brent Thielman (Oppenheimer) asked about the overall 2026 headwind from Middle East issues, including the facility closure, to frame 2027.A: CFO John Schwietz said the biggest top-line delta versus last year is the lack of project revenue in agriculture, largely Middle East-related, plus soft market conditions with no line of sight yet to recovery. CEO Avner Applbaum added that the Middle East is the largest factor, Brazil remains soft, and North America appears to be "bumping along the bottom" with more upside opportunity than downside.

OMAHA, Neb., October 20, 2026--(BUSINESS WIRE)--Valmont® Industries, Inc. (NYSE: VMI), a global leader that provides products and solutions to support vital infrastructure and advance agricultural productivity, today reported financial results for the third quarter ended September 26, 2026. President and Chief Executive Officer Avner M. Applbaum commented, "We delivered another quarter of sales and earnings growth. Higher sales in North America Utility and Coatings reinforce our confidence in the strength and durability of the infrastructure market. To support continued infrastructure demand, we are focused on increasing capacity and improving throughput, with a continued focus on reliable delivery and disciplined execution. In Agriculture, we delivered sales growth in North America despite broader market softness. Our focus remains on deepening strategic customer relationships and expanding our higher-value aftermarket and technology solutions, positioning the business for stronger growth as market conditions improve. "Given our results, we are raising our adjusted earnings per share guidance range. As we finish 2026 and prepare for 2027, we are focused on turning our capacity investments into higher throughput and improved productivity across the Infrastructure segment. At the same time, we are taking pricing actions and applying contractual pass-throughs to recover higher steel and zinc costs. The pace of margin expansion depends in part on how quickly input costs stabilize. Strong customer demand in Utility and Coatings, together with our investments and operating improvements across Infrastructure and Agriculture support our confidence in the objectives presented at our 2026 Investor Day." Third Quarter 2026 Highlights (all metrics compared to Third Quarter 2025 unless otherwise noted) - Net sales increased 5.5% to $1.10 billion, compared to $1.05 billion - Operating income increased 22.2% to $172.8 million or 15.7% of net sales, compared to $141.5 million or 13.5% of net sales - Diluted earnings per share increased 25.3% to $6.24, compared to $4.98 - Generated operating cash flow of $100.5 million; cash and cash equivalents were $122.0 million and net leverage ratio1 was ~0.9x - Returned $97.2 million to shareholders through $82.3 million in share repurchases and $14.9 million in dividends - Invested $45.6 million in capital expenditures to primarily support growth-related capacity expansion in the North America Utility product line 1Please see Reg G reconciliation to GAAP measures at end of document Key Financial Metrics | | | | | | | | | | | | | | | | | | Third Quarter 2026 | | GAAP | | Adjusted1 | (In thousands, except per-share amounts) | | 9/26/2026 | | 9/27/2025 | | | | | 9/26/2026 | | 9/27/2025 | | | | | Q3 2026 | | Q3 2025 | | vs. Q3 2025 | | | Q3 2026 | | Q3 2025 | | vs. Q3 2025 | Net Sales | | $ | 1,103,801 | | $ | 1,045,980 | | 5.5% | | | $ | 1,103,801 | | $ | 1,045,980 | | 5.5% | Gross Profit | | | 331,384 | | | 318,246 | | 4.1% | | | | 331,384 | | | 318,246 | | 4.1% | Gross Profit as a % of Net Sales | | | 30.0% | | | 30.4% | | | | | | 30.0% | | | 30.4% | | | Operating Income | | | 172,834 | | | 141,456 | | 22.2% | | | | 172,834 | | | 141,456 | | 22.2% | Operating Income as a % of Net Sales | | | 15.7% | | | 13.5% | | | | | | 15.7% | | | 13.5% | | | Net Earnings Attributable to VMI | | | 121,053 | | | 99,031 | | 22.2% | | | | 121,053 | | | 99,031 | | 22.2% | Diluted Earnings per Share | | | 6.24 | | | 4.98 | | 25.3% | | | | 6.24 | | | 4.98 | | 25.3% | Weighted Average Shares Outstanding | | | 19,391 | | | 19,876 | | | | | | 19,391 | | | 19,876 | | | | | | | | | | | | | | | | | | | | | Year-to-Date 2026 | | GAAP | | Adjusted1 | (In thousands, except per-share amounts) | | 9/26/2026 | | 9/27/2025 | | | | | 9/26/2026 | | 9/27/2025 | | | | | YTD 2026 | | YTD 2025 | | vs. YTD 2025 | | | YTD 2026 | | YTD 2025 | | vs. YTD 2025 | Net Sales | | $ | 3,251,687 | | $ | 3,065,842 | | 6.1% | | | $ | 3,251,687 | | $ | 3,065,842 | | 6.1% | Gross Profit | | | 989,079 | | | 930,515 | | 6.3% | | | | 989,079 | | | 932,109 | | 6.1% | Gross Profit as a % of Net Sales | | | 30.4% | | | 30.4% | | | | | | 30.4% | | | 30.4% | | | Operating Income | | | 494,571 | | | 299,046 | | 65.4% | | | | 494,571 | | | 411,126 | | 20.3% | Operating Income as a % of Net Sales | | | 15.2% | | | 9.8% | | | | | | 15.2% | | | 13.4% | | | Net Earnings Attributable to VMI2 | | | 349,004 | | | 156,029 | | 123.7% | | | | 349,004 | | | 283,490 | | 23.1% | Diluted Earnings per Share | | | 17.88 | | | 7.80 | | 129.2% | | | | 17.88 | | | 14.17 | | 26.2% | Weighted Average Shares Outstanding | | | 19,516 | | | 20,001 | | | | | | 19,516 | | | 20,001 | | | 2Fiscal 2025 net earnings attributable to Valmont Industries, Inc. including a change in redemption value of redeemable noncontrolling interests of $26,243 Third Quarter 2026 Segment Review (all metrics compared to Third Quarter 2025 unless otherwise noted) Infrastructure (79.7% of Net Sales) Products and solutions to serve the infrastructure markets of utility, lighting, transportation, and telecommunications, along with coatings services to protect metal products Sales increased 9.1% to $882.1 million, compared to $808.3 million. North America Utility sales increased 23.0%, driven by higher pricing and volumes, supported by strong market demand. North America Coatings sales grew 13.8%, supported by broader infrastructure demand. International sales increased primarily due to pricing actions and favorable foreign currency impacts. These increases were partially offset by significantly lower volumes in North America Telecommunications, reflecting lower carrier spend as customers shifted capital allocation priorities. Operating income increased to $154.8 million or 17.6% of net sales, compared to $143.4 million or 17.8% of net sales. Higher pricing and volumes in North America Utility and Coatings were partially offset by higher material costs, primarily steel and zinc, costs associated with ramping Utility capacity, and lower North America Telecom volumes. Agriculture (20.3% of Net Sales) Center pivot and linear irrigation equipment components for agricultural markets, including aftermarket parts and tubular products, and advanced technology solutions for precision agriculture Sales decreased 6.4% to $226.0 million, compared to $241.3 million. North America sales increased 15.8%, driven by higher volumes, including storm replacement activity and favorable pricing. International sales decreased 25.3%, primarily due to lower volumes in the Middle East and Brazil. Operating income increased to $40.1 million or 17.9% of net sales, compared to $23.2 million or 9.7% of net sales. Lower credit losses in Brazil and higher North America volumes contributed to the year-over-year increase, partially offset by lower international volumes. Full-Year 2026 Financial Outlook and Key Assumptions The Company is reaffirming its full-year 2026 net sales outlook and raising its adjusted diluted EPS outlook. Key assumptions have also been updated. Metric | Previous Outlook | Updated Outlook Net Sales | $4.3 to $4.45 billion | No change Infrastructure Net Sales | $3.4 to $3.5 billion | No change Agriculture Net Sales | $0.9 to $0.95 billion | No change Adjusted Diluted Earnings per Share | $22.25 to $23.50 | $22.75 to $23.75 Capital Expenditures | $170 to $200 million | No change Adjusted Effective Tax Rate | ~26.0% | No change Key Assumptions - Steel cost assumptions are aligned with markets as of October 16, 2026 - Foreign currency assumptions are based on FX rates as of October 16, 2026 - This outlook includes the current tariffs as of October 16, 2026 and assumes no material change to the current trade or tariff environment A live audio discussion with Avner M. Applbaum, President and Chief Executive Officer, and John Schwietz, Executive Vice President and Chief Financial Officer, will take place on Tuesday, October 20, 2026 at 8:00 a.m. CT. The discussion can be accessed by telephone at +1 877.407.6184 or +1 201.389.0877 (no Conference ID needed) or via webcast at the following link: Valmont Industries 3Q 2026 Earnings Conference Call. A slide presentation will be available for download on the Investors page of valmont.com during the webcast. A replay of the event will be accessible three hours after the call at the above link or by telephone at +1 877.660.6853 or +1 201.612.7415 using access code 13756346. The replay will be available until 10:59 p.m. CT on Tuesday, October 27, 2026. About Valmont Industries, Inc. For more than 80 years, Valmont has been a global leader that provides products and solutions to support vital infrastructure and advance agricultural productivity. We are committed to customer-focused innovation that delivers lasting value. 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 statements are based on assumptions made by management, considering its experience in the industries where Valmont operates, perceptions of historical trends, current conditions, expected future developments, and other relevant factors. It is important to note that these statements are not guarantees of future performance or results. They involve risks, uncertainties (some of which are beyond Valmont's control), and assumptions. Forward-looking statements may be accompanied by words such as "opportunities," "estimate," "outlook," "clear path," "target," "expect," "plan" and similar expressions. While management believes these forward-looking statements are based on reasonable assumptions as of the date made, numerous factors could cause actual results to differ materially from those anticipated. These factors include, among other things, risks described in Valmont's reports to the Securities and Exchange Commission ("SEC"), the Company's actual cash flows and net income, future economic and market circumstances, industry conditions, company performance and financial results, operational efficiencies, availability and price of raw materials, availability and market acceptance of new products, product pricing, domestic and international competitive environments, geopolitical risks, and actions and policy changes by domestic and foreign governments, including tariffs. The Company cautions that any forward-looking statements in this release are made as of its publication date and does not undertake to update these statements, except as required by law. The Company may provide certain non-GAAP financial measures (adjusted diluted earnings per share and adjusted effective tax rate) on a forward-looking basis from time to time. These measures are typically calculated by excluding the impact of items such as foreign exchange, acquisitions, divestitures, realignment or restructuring expenses, goodwill or intangible asset impairment, changes in tax laws or rates, change in redemption value of redeemable noncontrolling interests, and other non-recurring items. To the extent the Company provides forward-looking non-GAAP financial measures, reconciliations to the most directly comparable GAAP financial measures are not provided, as the Company cannot do so without unreasonable effort due to the inherent uncertainty and difficulty in predicting the timing and financial impact of such items. For the same reasons, the Company cannot assess the likely significance of unavailable information, which could be material to future results. Website and Social Media Disclosure The Company uses its website and social media channels, as identified on its website, to distribute company information. Posts on these channels may contain material information. Therefore, investors should monitor these channels alongside the Company's press releases, SEC filings, and public conference calls and webcasts. The contents of the Company's website and social media channels are not considered part of this press release. VALMONT INDUSTRIES, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF EARNINGS(Dollars and shares in thousands, except per-share amounts)(Unaudited) | | Thirteen weeks ended | | Thirty-nine weeks ended | | | September 26, | | September 27, | | September 26, | | September 27, | | | 2026 | | 2025 | | 2026 | | 2025 | Net sales | | $ | 1,103,801 | | | $ | 1,045,980 | | | $ | 3,251,687 | | | $ | 3,065,842 | | Cost of sales | | | 772,417 | | | | 727,734 | | | | 2,262,608 | | | | 2,135,327 | | Gross profit | | | 331,384 | | | | 318,246 | | | | 989,079 | | | | 930,515 | | Selling, general, and administrative expenses | | | 158,550 | | | | 176,790 | | | | 494,508 | | | | 531,248 | | Impairment of long-lived assets | | | — | | | | — | | | | — | | | | 91,337 | | Realignment charges | | | — | | | | — | | | | — | | | | 8,884 | | Operating income | | | 172,834 | | | | 141,456 | | | | 494,571 | | | | 299,046 | | Other income (expenses): | | | | | | | | | | | | | Interest expense | | | (9,306 | ) | | | (9,738 | ) | | | (28,147 | ) | | | (30,396 | ) | Interest income | | | 1,274 | | | | 1,588 | | | | 3,922 | | | | 6,550 | | Gain on deferred compensation investments | | | 793 | | | | 1,187 | | | | 3,021 | | | | 2,730 | | Other, net | | | (2,310 | ) | | | (2,956 | ) | | | (2,468 | ) | | | (9,361 | ) | Total other expenses | | | (9,549 | ) | | | (9,919 | ) | | | (23,672 | ) | | | (30,477 | ) | Earnings before income taxes and equity method investment loss | | | 163,285 | | | | 131,537 | | | | 470,899 | | | | 268,569 | | Income tax expense | | | 41,821 | | | | 30,424 | | | | 120,925 | | | | 83,503 | | Equity method investment loss | | | — | | | | (21 | ) | | | (264 | ) | | | (602 | ) | Net earnings | | | 121,464 | | | | 101,092 | | | | 349,710 | | | | 184,464 | | Earnings attributable to redeemable noncontrolling interests | | | (411 | ) | | | (2,061 | ) | | | (706 | ) | | | (2,192 | ) | Net earnings attributable to Valmont Industries, Inc. | | $ | 121,053 | | | $ | 99,031 | | | $ | 349,004 | | | $ | 182,272 | | | | | | | | | | | | | | | Weighted average shares outstanding - Basic | | | 19,232 | | | | 19,736 | | | | 19,357 | | | | 19,864 | | Earnings per share - Basic | | $ | 6.29 | | | $ | 5.02 | | | $ | 18.03 | | | $ | 7.85 | | 1 | | | | | | | | | | | | | Weighted average shares outstanding - Diluted | | | 19,391 | | | | 19,876 | | | | 19,516 | | | | 20,001 | | Earnings per share - Diluted | | $ | 6.24 | | | $ | 4.98 | | | $ | 17.88 | | | $ | 7.80 | | 1 | | | | | | | | | | | | | Cash dividends per share | | $ | 0.77 | | | $ | 0.68 | | | $ | 2.31 | | | $ | 2.04 | | 1Fiscal 2025 basic and diluted earnings per share include a change in redemption value of redeemable noncontrolling interests of $26,243 VALMONT INDUSTRIES, INC. AND SUBSIDIARIESSUMMARY OPERATING RESULTS(Dollars in thousands)(Unaudited) | | Thirteen weeks ended | | Thirty-nine weeks ended | | September 26, | | September 27, | | September 26, | | September 27, | | 2026 | | 2025 | | 2026 | | 2025 Infrastructure | | | | | | | | | | | | Net sales | | $ | 879,586 | | | $ | 806,562 | | | $ | 2,559,484 | | | $ | 2,273,145 | Gross profit | | | 255,371 | | | | 239,426 | | | | 764,202 | | | | 680,184 | as a percentage of net sales | | | 29.0 | % | | | 29.7 | % | | | 29.9 | % | | | 29.9 | % Selling, general, and administrative expenses | | | 100,532 | | | | 96,049 | | | | 311,964 | | | | 302,899 | as a percentage of net sales | | | 11.4 | % | | | 11.9 | % | | | 12.2 | % | | | 13.3 | % Impairment of long-lived assets | | | — | | | | — | | | | — | | | | 89,356 | Realignment charges | | | — | | | | — | | | | — | | | | 1,426 | Operating income | | | 154,839 | | | | 143,377 | | | | 452,238 | | | | 286,503 | as a percentage of net sales | | | 17.6 | % | | | 17.8 | % | | | 17.7 | % | | | 12.6 | % | | | | | | | | | | | | Agriculture | | | | | | | | | | | | Net sales | | $ | 224,215 | | | $ | 239,418 | | | $ | 692,203 | | | $ | 792,697 | Gross profit | | | 76,013 | | | | 78,820 | | | | 224,877 | | | | 250,331 | as a percentage of net sales | | | 33.9 | % | | | 32.9 | % | | | 32.5 | % | | | 31.6 | % Selling, general, and administrative expenses | | | 35,864 | | | | 55,631 | | | | 111,342 | | | | 149,987 | as a percentage of net sales | | | 16.0 | % | | | 23.2 | % | | | 16.1 | % | | | 18.9 | % Impairment of long-lived assets | | | — | | | | — | | | | — | | | | 1,981 | Realignment charges | | | — | | | | — | | | | — | | | | 2,886 | Operating income | | | 40,149 | | | | 23,189 | | | | 113,535 | | | | 95,477 | as a percentage of net sales | | | 17.9 | % | | | 9.7 | % | | | 16.4 | % | | | 12.0 | % | | | | | | | | | | | | Corporate | | | | | | | | | | | | Selling, general, and administrative expenses | | $ | 22,154 | | | $ | 25,110 | | | $ | 71,202 | | | $ | 78,362 | Realignment charges | | | — | | | | — | | | | — | | | | 4,572 | Operating loss | | | (22,154 | ) | | | (25,110 | ) | | | (71,202 | ) | | | (82,934 | ) VALMONT INDUSTRIES, INC. AND SUBSIDIARIESSUMMARY OPERATING RESULTS(Dollars in thousands)(Unaudited) In the first quarter of fiscal 2026, the Company revised its product line presentation to better reflect how the business is currently managed. Within the Infrastructure segment, product lines are now presented as North America Utility, North America Lighting and Transportation, North America Coatings, North America Telecommunications, and International Infrastructure and Solar, replacing the previous presentation of Utility, Lighting and Transportation, Coatings, Telecommunications, and Solar. Within the Agriculture segment, product lines are now presented as Agriculture, replacing the previous presentation of Irrigation Equipment and Parts and Technology Products and Services. The prior period product line amounts have been recast to conform to the current period presentation. | | | | | | | | | | | | | | Thirteen weeks ended September 26, 2026 | | Infrastructure | | Agriculture | | Intersegment | | Consolidated Geographical Market: | | | | | | | | | | | | North America | | $ | 721,751 | | | $ | 128,920 | | | $ | (4,285 | ) | | $ | 846,386 | International | | | 160,338 | | | | 97,077 | | | | — | | | | 257,415 | Total sales | | $ | 882,089 | | | $ | 225,997 | | | $ | (4,285 | ) | | $ | 1,103,801 | | | | | | | | | | | | | Product Line: | | | | | | | | | | | | North America Utility | | $ | 469,622 | | | $ | — | | | $ | — | | | $ | 469,622 | North America Lighting and Transportation | | | 127,471 | | | | — | | | | — | | | | 127,471 | North America Coatings | | | 69,713 | | | | — | | | | (2,503 | ) | | | 67,210 | North America Telecommunications | | | 54,885 | | | | — | | | | — | | | | 54,885 | International Infrastructure and Solar | | | 160,398 | | | | — | | | | — | | | | 160,398 | Agriculture | | | — | | | | 225,997 | | | | (1,782 | ) | | | 224,215 | Total sales | | $ | 882,089 | | | $ | 225,997 | | | $ | (4,285 | ) | | $ | 1,103,801 | | | | | | | | | | | | | | | Thirteen weeks ended September 27, 2025 | | Infrastructure | | Agriculture | | Intersegment | | Consolidated Geographical Market: | | | | | | | | | | | | North America | | $ | 656,285 | | | $ | 111,334 | | | $ | (3,638 | ) | | $ | 763,981 | International | | | 152,000 | | | | 130,004 | | | | (5 | ) | | | 281,999 | Total sales | | $ | 808,285 | | | $ | 241,338 | | | $ | (3,643 | ) | | $ | 1,045,980 | | | | | | | | | | | | | Product Line: | | | | | | | | | | | | North America Utility | | $ | 381,657 | | | $ | — | | | $ | — | | | $ | 381,657 | North America Lighting and Transportation | | | 130,369 | | | | — | | | | — | | | | 130,369 | North America Coatings | | | 61,251 | | | | — | | | | (1,718 | ) | | | 59,533 | North America Telecommunications | | | 82,926 | | | | — | | | | — | | | | 82,926 | International Infrastructure and Solar | | | 152,082 | | | | — | | | | (5 | ) | | | 152,077 | Agriculture | | | — | | | | 241,338 | | | | (1,920 | ) | | | 239,418 | Total sales | | $ | 808,285 | | | $ | 241,338 | | | $ | (3,643 | ) | | $ | 1,045,980 | VALMONT INDUSTRIES, INC. AND SUBSIDIARIESSUMMARY OPERATING RESULTS(Dollars in thousands)(Unaudited) | | Thirty-nine weeks ended September 26, 2026 | | Infrastructure | | Agriculture | | Intersegment | | Consolidated Geographical Market: | | | | | | | | | | | | North America | | $ | 2,103,093 | | | $ | 407,670 | | | $ | (11,956 | ) | | $ | 2,498,807 | International | | | 463,858 | | | | 289,022 | | | | — | | | | 752,880 | Total sales | | $ | 2,566,951 | | | $ | 696,692 | | | $ | (11,956 | ) | | $ | 3,251,687 | | | | | | | | | | | | | Product Line: | | | | | | | | | | | | North America Utility | | $ | 1,350,544 | | | $ | — | | | $ | — | | | $ | 1,350,544 | North America Lighting and Transportation | | | 376,625 | | | | — | | | | — | | | | 376,625 | North America Coatings | | | 201,884 | | | | — | | | | (7,467 | ) | | | 194,417 | North America Telecommunications | | | 173,374 | | | | — | | | | — | | | | 173,374 | International Infrastructure and Solar | | | 464,524 | | | | — | | | | — | | | | 464,524 | Agriculture | | | — | | | | 696,692 | | | | (4,489 | ) | | | 692,203 | Total sales | | $ | 2,566,951 | | | $ | 696,692 | | | $ | (11,956 | ) | | $ | 3,251,687 | | | | | | | | | | | | | | | Thirty-nine weeks ended September 27, 2025 | | Infrastructure | | Agriculture | | Intersegment | | Consolidated Geographical Market: | | | | | | | | | | | | North America | | $ | 1,849,918 | | | $ | 391,292 | | | $ | (12,079 | ) | | $ | 2,229,131 | International | | | 430,113 | | | | 406,737 | | | | (139 | ) | | | 836,711 | Total sales | | $ | 2,280,031 | | | $ | 798,029 | | | $ | (12,218 | ) | | $ | 3,065,842 | | | | | | | | | | | | | Product Line: | | | | | | | | | | | | North America Utility | | $ | 1,055,681 | | | $ | — | | | $ | — | | | $ | 1,055,681 | North America Lighting and Transportation | | | 388,257 | | | | — | | | | — | | | | 388,257 | North America Coatings | | | 176,143 | | | | — | | | | (6,747 | ) | | | 169,396 | North America Telecommunications | | | 224,063 | | | | — | | | | — | | | | 224,063 | International Infrastructure and Solar | | | 435,887 | | | | — | | | | (139 | ) | | | 435,748 | Agriculture | | | — | | | | 798,029 | | | | (5,332 | ) | | | 792,697 | Total sales | | $ | 2,280,031 | | | $ | 798,029 | | | $ | (12,218 | ) | | $ | 3,065,842 | VALMONT INDUSTRIES, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE SHEETS(Dollars in thousands)(Unaudited) | | September 26, | | December 27, | | 2026 | | 2025 ASSETS | | | | | | Current assets: | | | | | | Cash and cash equivalents | | $ | 122,045 | | | $ | 187,140 | Receivables, net | | | 651,738 | | | | 590,127 | Inventories | | | 644,813 | | | | 566,396 | Contract assets | | | 303,996 | | | | 266,922 | Prepaid expenses and other current assets | | | 112,744 | | | | 109,063 | Total current assets | | | 1,835,336 | | | | 1,719,648 | Property, plant, and equipment, net | | | 716,289 | | | | 673,863 | Goodwill and other non-current assets | | | 989,249 | | | | 975,818 | Total assets | | $ | 3,540,874 | | | $ | 3,369,329 | | | | | | | LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS, AND SHAREHOLDERS' EQUITY | | | | | | Current liabilities: | | | | | | Current installments of long-term debt | | $ | 152 | | | $ | 513 | Mandatorily redeemable financial instrument | | | — | | | | 8,922 | Accounts payable | | | 406,475 | | | | 359,539 | Accrued expenses | | | 265,392 | | | | 284,751 | Contract liabilities | | | 64,911 | | | | 52,013 | Income taxes payable | | | 9,306 | | | | 12,604 | Dividends payable | | | 14,737 | | | | 13,278 | Total current liabilities | | | 760,973 | | | | 731,620 | Long-term debt, excluding current installments | | | 756,141 | | | | 795,150 | Operating lease liabilities | | | 139,358 | | | | 130,007 | Other non-current liabilities | | | 115,545 | | | | 70,267 | Total liabilities | | | 1,772,017 | | | | 1,727,044 | Redeemable noncontrolling interests | | | 9,236 | | | | 9,498 | Shareholders' equity | | | 1,759,621 | | | | 1,632,787 | Total liabilities, redeemable noncontrolling interests, and shareholders' equity | | $ | 3,540,874 | | | $ | 3,369,329 | VALMONT INDUSTRIES, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(Dollars in thousands)(Unaudited) | | Thirty-nine weeks ended | | September 26, | | September 27, | | 2026 | | 2025 Cash flows from operating activities: | | | | | | Net earnings | | $ | 349,710 | | | $ | 184,464 | Depreciation and amortization | | | 72,860 | | | | 65,429 | Contribution to defined benefit pension plan | | | (886 | ) | | | (3,155 | ) Impairment of long-lived assets | | | 9,629 | | | | 91,337 | Changes in assets and liabilities | | | (127,397 | ) | | | (18,745 | ) Other, net | | | 48,159 | | | | 25,913 | Net cash flows from operating activities | | | 352,075 | | | | 345,243 | Cash flows from investing activities: | | | | | | Purchases of property, plant, and equipment | | | (116,077 | ) | | | (104,230 | ) Acquisitions, net of cash acquired | | | (11,470 | ) | | | — | Other, net | | | 5,676 | | | | (81 | ) Net cash flows from investing activities | | | (121,871 | ) | | | (104,311 | ) Cash flows from financing activities: | | | | | | Net repayments on short-term borrowings | | | — | | | | (1,652 | ) Proceeds from long-term borrowings | | | 120,665 | | | | 130,000 | Principal repayments on long-term borrowings | | | (160,590 | ) | | | (130,531 | ) Dividends paid | | | (43,091 | ) | | | (39,085 | ) Purchases of redeemable noncontrolling interests | | | (8,922 | ) | | | (14,624 | ) Repurchases of common stock | | | (199,859 | ) | | | (125,839 | ) Other, net | | | (4,210 | ) | | | (4,438 | ) Net cash flows from financing activities | | | (296,007 | ) | | | (186,169 | ) Effect of exchange rates on cash and cash equivalents | | | 708 | | | | 7,029 | Net change in cash and cash equivalents | | | (65,095 | ) | | | 61,792 | Cash and cash equivalents—beginning of period | | | 187,140 | | | | 164,315 | Cash and cash equivalents—end of period | | $ | 122,045 | | | $ | 226,107 | VALMONT INDUSTRIES, INC. AND SUBSIDIARIES USE OF NON-GAAP FINANCIAL MEASURES Management utilizes non-GAAP financial measures to assess the Company's historical and prospective financial performance, evaluate operational profitability on a consistent basis, factor into executive compensation decisions, and enhance transparency for the investment community. These non-GAAP measures are intended to supplement, not replace, the Company's reported financial results prepared in accordance with GAAP. It is important to note that other companies may calculate these measures differently, which can limit their usefulness for comparison across organizations. The following non-GAAP measures may be included in financial releases and other financial communications: - Adjusted Gross Profit, Adjusted Gross Margin, Adjusted Operating Income, Adjusted Operating Margin, Adjusted Net Earnings, Adjusted Diluted EPS, and Adjusted Effective Tax Rate: These metrics provide meaningful supplemental insights into the Company's operating performance by excluding items that are not considered part of core operating results. This approach enhances comparability across reporting periods. Adjustments may include costs or benefits associated with acquisitions, divestitures, expenses related to realignment or restructuring programs, goodwill or intangible asset impairment, significant expenses or benefits from changes in tax laws or rates, cumulative effects of changes in accounting standards, refinancing-related expenses, a loss or a gain from a partial or full settlement of the U.K. defined benefit pension plan obligation, losses from natural disasters, change in redemption value of redeemable noncontrolling interests, and other non-recurring items. - Adjusted EBITDA: This metric is a key component of a financial ratio included in the covenants of our major debt agreements. It is calculated as net earnings before interest, taxes, depreciation, amortization, stock-based compensation, and other adjustments as outlined in the applicable debt agreements. This metric offers investors and analysts valuable insights into the Company's core operating performance. Adjusted EBITDA margin is also used to evaluate profitability. - Leverage Ratio: This ratio is calculated by taking the sum of interest-bearing debt, minus unrestricted cash in excess of $50.0 million (but not exceeding $500.0 million), and dividing it by Adjusted EBITDA. This is a key financial ratio included in the covenants of our major debt agreements and is calculated on a rolling four-fiscal-quarter basis. The revolving credit facility requires us to maintain a financial leverage ratio of 3.50 or lower, measured as of the last day of each fiscal quarter. - Free Cash Flow: Calculated as net cash provided by operating activities minus capital expenditures, free cash flow serves as an indicator of the Company's financial strength. However, this measure does not fully reflect the Company's ability to deploy cash freely, as it has obligations such as debt repayments and other fixed commitments. - Backlog: This operating measure is used to evaluate future potential sales revenue. An order is included in the backlog upon receipt of a customer purchase order or the execution of a sales order contract. Backlog is particularly relevant to the Infrastructure segment due to the longer-term nature of its projects. However, backlog is not a term defined under U.S. GAAP and does not measure contract profitability. It should not be viewed as the sole indicator of future revenue, as many projects with short lead times book-and-bill within the same reporting period and are not included in the backlog. - ROIC: Return on invested capital ("ROIC") and adjusted ROIC are key operating ratios that enable investors to assess our operating performance relative to the investment needed to generate operating profit. ROIC is calculated as after-tax operating income divided by the average of beginning and ending invested capital. Adjusted ROIC is calculated as after-tax adjusted operating income divided by the average of beginning and ending invested capital. Invested capital represents total assets minus total liabilities (excluding interest-bearing debt and redeemable noncontrolling interests). VALMONT INDUSTRIES, INC. AND SUBSIDIARIESSUMMARY OF EFFECT OF SIGNIFICANT NON-RECURRING ITEMS ON REPORTED RESULTSREGULATION G RECONCILIATION(Dollars in thousands)(Unaudited) | | Thirteen weeks ended September 27, 2025 Gross Profit Reconciliation | | Infrastructure | | Agriculture | | Corporate | | Consolidated Gross profit - as reported | | $ | 239,426 | | | $ | 78,820 | | | $ | — | | | $ | 318,246 | Adjusted gross profit | | $ | 239,426 | | | $ | 78,820 | | | $ | — | | | $ | 318,246 | Net sales - as reported | | | 806,562 | | | | 239,418 | | | | — | | | | 1,045,980 | | | | | | | | | | | | | Gross profit as a % of net sales | | | 29.7 | % | | | 32.9 | % | | | NM | | | | 30.4 | % Adjusted gross profit as a % of net sales | | | 29.7 | % | | | 32.9 | % | | | NM | | | | 30.4 | % | | | | | | | | | | | | | | Thirty-nine weeks ended September 27, 2025 Gross Profit Reconciliation | | Infrastructure | | Agriculture | | Corporate | | Consolidated Gross profit - as reported | | $ | 680,184 | | | $ | 250,331 | | | $ | — | | | $ | 930,515 | Realignment charges | | | 910 | | | | — | | | | — | | | | 910 | Other non-recurring charges | | | — | | | | 684 | | | | — | | | | 684 | Adjusted gross profit | | $ | 681,094 | | | $ | 251,015 | | | $ | — | | | $ | 932,109 | Net sales - as reported | | | 2,273,145 | | | | 792,697 | | | | — | | | | 3,065,842 | | | | | | | | | | | | | Gross profit as a % of net sales | | | 29.9 | % | | | 31.6 | % | | | NM | | | | 30.4 | % Adjusted gross profit as a % of net sales | | | 30.0 | % | | | 31.7 | % | | | NM | | | | 30.4 | % VALMONT INDUSTRIES, INC. AND SUBSIDIARIESSUMMARY OF EFFECT OF SIGNIFICANT NON-RECURRING ITEMS ON REPORTED RESULTSREGULATION G RECONCILIATION(Dollars in thousands)(Unaudited) | | Thirteen weeks ended September 27, 2025 Operating Income (Loss) Reconciliation | | Infrastructure | | Agriculture | | Corporate | | Consolidated Operating income (loss) - as reported | | $ | 143,377 | | | $ | 23,189 | | | $ | (25,110 | ) | | $ | 141,456 | Adjusted operating income (loss) | | $ | 143,377 | | | $ | 23,189 | | | $ | (25,110 | ) | | $ | 141,456 | Net sales - as reported | | | 806,562 | | | | 239,418 | | | | — | | | | 1,045,980 | | | | | | | | | | | | | Operating income (loss) as a % of net sales | | | 17.8 | % | | | 9.7 | % | | | NM | | | | 13.5 | % Adjusted operating income (loss) as a % of net sales | | | 17.8 | % | | | 9.7 | % | | | NM | | | | 13.5 | % | | | | | | | | | | | | | | Thirty-nine weeks ended September 27, 2025 Operating Income (Loss) Reconciliation | | Infrastructure | | Agriculture | | Corporate | | Consolidated Operating income (loss) - as reported | | $ | 286,503 | | | $ | 95,477 | | | $ | (82,934 | ) | | $ | 299,046 | Impairment of long-lived assets | | | 89,356 | | | | 1,981 | | | | — | | | | 91,337 | Realignment charges | | | 2,336 | | | | 2,886 | | | | 4,572 | | | | 9,794 | Other non-recurring charges | | | 7,031 | | | | 3,918 | | | | — | | | | 10,949 | Adjusted operating income (loss) | | $ | 385,226 | | | $ | 104,262 | | | $ | (78,362 | ) | | $ | 411,126 | Net sales - as reported | | | 2,273,145 | | | | 792,697 | | | | — | | | | 3,065,842 | | | | | | | | | | | | | Operating income (loss) as a % of net sales | | | 12.6 | % | | | 12.0 | % | | | NM | | | | 9.8 | % Adjusted operating income (loss) as a % of net sales | | | 16.9 | % | | | 13.2 | % | | | NM | | | | 13.4 | % VALMONT INDUSTRIES, INC. AND SUBSIDIARIESSUMMARY OF EFFECT OF SIGNIFICANT NON-RECURRING ITEMS ON REPORTED RESULTSREGULATION G RECONCILIATION(Dollars in thousands)(Unaudited) | | Thirteen | | | | Thirty-nine | | | | | weeks ended | | Diluted | | weeks ended | | Diluted | | September 27, | | earnings | | September 27, | | earnings | | 2025 | | per share1 | | 2025 | | per share1 Net earnings attributable to Valmont Industries, | | | | | | | | | | | | Inc. including change in redemption value of | | | | | | | | | | | | redeemable noncontrolling interests - as reported | | $ | 99,031 | | | $ | 4.98 | | | $ | 156,029 | | | $ | 7.80 | Less: Change in redemption value of redeemable | | | | | | | | | | | | noncontrolling interests | | | — | | | | — | | | | 26,243 | | | | 1.31 | Net earnings attributable to Valmont Industries, Inc. | | | 99,031 | | | | 4.98 | | | | 182,272 | | | | 9.11 | Impairment of long-lived assets3 | | | — | | | | — | | | | 91,337 | | | | 4.57 | Realignment charges4 | | | — | | | | — | | | | 9,794 | | | | 0.49 | Other non-recurring charges5 | | | — | | | | — | | | | 10,949 | | | | 0.55 | Total adjustments, pre-tax | | | — | | | | — | | | | 112,080 | | | | 5.60 | Tax effect of adjustments2 | | | — | | | | — | | | | (10,862 | ) | | | (0.54 | ) Net earnings attributable to Valmont Industries, Inc. - | | | | | | | | | | | | adjusted | | $ | 99,031 | | | $ | 4.98 | | | $ | 283,490 | | | $ | 14.17 | Average shares outstanding - diluted | | | | | | 19,876 | | | | | | | 20,001 | 1Diluted earnings per share includes rounding. 2The tax effect of adjustments is calculated based on the income tax rate in each applicable jurisdiction. 3The Company recorded non-cash impairment charges of $71.1 million for goodwill and certain intangible assets in the Solar and Access Systems businesses and recorded $20.2 million for other long-lived assets that will no longer be utilized. 4The Company took realignment actions resulting in pre-tax charges of $9.8 million, primarily severance-related. 5Other non-recurring charges consist of costs to fulfill contractually required payments for system licenses no longer needed and asset valuation adjustments for a joint venture ag solar business. VALMONT INDUSTRIES, INC. AND SUBSIDIARIESREGULATION G RECONCILIATION OF ADJUSTED EBITDA(Dollars in thousands)(Unaudited) | | Four fiscal quarters ended | | September 26, | | 2026 Net cash flows from operating activities | | $ | 463,316 | Interest expense | | | 38,293 | Income tax expense | | | 61,286 | Impairment of long-lived assets | | | (9,629 | ) Deferred income taxes | | | (4,458 | ) Redeemable noncontrolling interests | | | (1,929 | ) Net periodic pension cost | | | (3,481 | ) Contribution to defined benefit pension plan | | | 890 | Changes in assets and liabilities | | | 191,076 | Other, net | | | (255 | ) Impairment of long-lived assets | | | 9,629 | Realignment activities | | | 6,272 | Pro forma acquisition adjustment | | | 2,030 | Adjusted EBITDA | | $ | 753,040 | | | | Net earnings attributable to Valmont Industries, Inc. | | $ | 517,005 | Interest expense | | | 38,293 | Income tax expense | | | 61,286 | Depreciation and amortization | | | 95,940 | Stock-based compensation | | | 22,585 | Impairment of long-lived assets | | | 9,629 | Realignment activities | | | 6,272 | Pro forma acquisition adjustment | | | 2,030 | Adjusted EBITDA | | $ | 753,040 | VALMONT INDUSTRIES, INC. AND SUBSIDIARIESREGULATION G RECONCILIATION OF LEVERAGE RATIO(Dollars in thousands)(Unaudited) | | September 26, | | 2026 Interest-bearing debt, excluding origination fees and discounts of $24,335 | | $ | 780,628 | Less: Cash and cash equivalents in excess of $50,000 | | | 72,045 | Net indebtedness | | $ | 708,583 | Adjusted EBITDA | | | 753,040 | Leverage ratio | | | 0.94 | VALMONT INDUSTRIES, INC. AND SUBSIDIARIESBACKLOG(Dollars in millions)(Unaudited) | | September 26, | | December 27, | | 2026 | | 2025 Infrastructure | | $ | 1,808.2 | | | $ | 1,548.3 | Agriculture | | | 199.6 | | | | 105.4 | Total backlog | | $ | 2,007.8 | | | $ | 1,653.7 | View source version on businesswire.com: https://www.businesswire.com/news/home/20261020569835/en/ Contacts Renee Campbell [email protected]

Valmont Industries (VMI) came out with quarterly earnings of $6.24 per share, beating the Zacks Consensus Estimate of $5.7 per share. This compares to earnings of $4.98 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +9.47%. A quarter ago, it was expected that this infrastructure equipment maker would post earnings of $5.76 per share when it actually produced earnings of $6.14, delivering a surprise of +6.6%. Over the last four quarters, the company has surpassed consensus EPS estimates three times. Valmont, which belongs to the Zacks Steel - Pipe and Tube industry, posted revenues of $1.1 billion for the quarter ended September 2026, missing the Zacks Consensus Estimate by 1.15%. This compares to year-ago revenues of $1.05 billion. The company has topped consensus revenue estimates two times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Valmont shares have added about 12.4% since the beginning of the year versus the S&P 500's gain of 12.4%. While Valmont has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Valmont was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $5.67 on $1.11 billion in revenues for the coming quarter and $23.03 on $4.37 billion in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Steel - Pipe and Tube is currently in the top 41% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. One other stock from the broader Zacks Industrial Products sector, SiteOne Landscape (SITE), is yet to report results for the quarter ended September 2026. The results are expected to be released on October 28. This company is expected to post quarterly earnings of $1.50 per share in its upcoming report, which represents a year-over-year change of +14.5%. The consensus EPS estimate for the quarter has been revised 6.3% higher over the last 30 days to the current level. SiteOne Landscape's revenues are expected to be $1.3 billion, up 2.9% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Valmont Industries, Inc. (VMI) : Free Stock Analysis Report SiteOne Landscape Supply, Inc. (SITE) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

For the quarter ended September 2026, Valmont Industries (VMI) reported revenue of $1.1 billion, up 5.5% over the same period last year. EPS came in at $6.24, compared to $4.98 in the year-ago quarter. The reported revenue represents a surprise of -1.15% over the Zacks Consensus Estimate of $1.12 billion. With the consensus EPS estimate being $5.70, the EPS surprise was +9.47%. While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health. Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance. Here is how Valmont performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts: - Total Sales by Product Line- North America Utility: $469.62 million versus $476.05 million estimated by two analysts on average. - Total Sales by Product Line- North America Lighting and Transportation: $127.47 million versus the two-analyst average estimate of $131.5 million. - Total Sales by Product Line- International Infrastructure and Solar: $160.4 million versus the two-analyst average estimate of $159.3 million. - Total Sales by Product Line- North America Telecommunications: $54.89 million compared to the $56.5 million average estimate based on two analysts. - Total Sales by Product Line- North America Coatings: $67.21 million versus the two-analyst average estimate of $70.75 million. - Total Sales- Intersegment: $-3.64 million versus the two-analyst average estimate of $-3.23 million. The reported number represents a year-over-year change of 0%. - Net Sales- Agriculture: $224.22 million versus the two-analyst average estimate of $225.47 million. The reported number represents a year-over-year change of -6.4%. - Total Sales- Infrastructure: $808.29 million compared to the $886.55 million average estimate based on two analysts. The reported number represents a change of 0% year over year. - Total Sales- Agriculture: $241.34 million versus $227.21 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a 0% change. - Net Sales- Infrastructure: $879.59 million compared to the $899.49 million average estimate based on two analysts. The reported number represents a change of +9.1% year over year. - Operating income- Corporate: $-22.15 million compared to the $-26.97 million average estimate based on four analysts. - Operating income- Infrastructure: $154.84 million compared to the $159.52 million average estimate based on four analysts. View all Key Company Metrics for Valmont here>>> Shares of Valmont have returned -3.6% over the past month versus the Zacks S&P 500 composite's +0.7% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Valmont Industries, Inc. (VMI) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Image source: The Motley Fool. Tuesday, Oct. 20, 2026 - Senior Vice President, Capital Markets and Risk - Renee Campbell - President and Chief Executive Officer - Avner Applbaum - Executive Vice President and Chief Financial Officer - John L. Schwietz - Chief Accounting Officer - Eric Johnson - Vice President, Treasury and Investor Relations - Casey Meyer Operator: Greetings, and welcome to the Valmont Industries, Inc. Third Quarter 26 Earnings Conference Call. At this time, all participants are in a listen-only mode. During which we ask that you please limit yourself to 1 question and 1 brief follow-up question, and return to the queue. Please press 0 on your telephone keypad. Please note that this conference is being recorded. I will now turn the conference over to your host, Renee Campbell, Senior Vice President, Capital Markets and Risk. Miss Campbell, you may begin. Renee Campbell: Good morning, everyone, and thank you for joining us. With me today are Avner Applbaum, President and Chief Executive Officer John L. Schwietz, Executive Vice President and Chief Financial Officer Eric Johnson, Chief Accounting Officer and Casey Meyer, Vice President, Treasury and Investor Relations. Earlier this morning, we issued a press release announcing our third quarter 26 results. Both the release and the presentation for today's webcast are available on the Investor page of our website at valmont.com. A replay of the webcast will be available later this morning. To stay updated with Valmont's latest news releases and information, please sign up for email alerts on our Investor site. We will begin today's call with prepared remarks and then open it up for questions. A reminder that today's presentation and Q&A include forward-looking statements about Valmont's expectations, plans, and future performance. Actual results may differ materially from those expressed or implied. Important factors that could cause those differences are described under Forward Looking Statements which is outlined on Slide 2 of today's presentation and in the risk disclosures in our most recent Form 10 and subsequent Forms 10-Q available on our Investor Relations website and sec.gov. With that, I would now like to turn the call over to Avner. Avner Applbaum: Thank you, Renee. Good morning, everyone, and thank you for joining us. Turning to Slide 4. I would like to start by highlighting 3 important takeaways from the quarter. First, we delivered another quarter of sales and earnings growth. Net sales increased 5.5% and operating margin expanded 22 basis points. Earnings per share rose 25.3%. The progress we are making reinforces our confidence in achieving our long-term financial objective. Second, infrastructure growth continues to be anchored by markets where we have strong positions and see significant long-term opportunity. North America utility sales increased 23% as customers are modernizing the grid, adding capacity, and improving resiliency as power demand grows. North America coating sales grew 14% supported by utility construction projects including data centers. These businesses are delivering on our Investor Day priority to capture above market growth in Utility. Finally, North America agriculture sales increased 16% a notable result given the challenging broader market. When storms disrupted growers' operations during their peak season, our Valley dealers and teams were ready to help get their systems back up and running as quickly as possible. Strong replacement activity contributed to the quarter's growth and demonstrated the value of the dealer network. These relationships also support our strategy to grow aftermarket parts and technology strengthening the business even before a broader market recovery. Turning to slide 5. I will review our infrastructure businesses starting with North America Utility. Demand is exceptionally strong, Our alliance relationships, give us visibility into customers multi year plans before projects become firm orders and enter the backlog. That pipeline continues to strengthen. This quarter, more of those opportunities converted into orders bringing the infrastructure backlog to $1.8 billion The projects ahead and orders in hand support our confidence in utility growth behind our path to $35 in earnings per share by the end of 29. My recent conversations with key utility customers reinforce our view that we are still early in a multi-year investment cycle. 1 customer told me it has tripled its project management and field teams over the past 2 years to support its expanding investment program. That same company asked us to evaluate structural alternatives and total installation costs for a higher voltage transmission project. Customers rely on our engineering expertise to make informed decisions early in their projects. They have also made clear that dependable delivery is essential to their construction schedules. that is why we are focused on not just adding capacity but also on improving throughput and meeting delivery commitments. Through the third quarter, we have installed and commissioned approximately 20% of the incremental utility steel production capacity required to support our 2029 plan. Lead times across the industry have extended as demand grows and new capacity ramps up. To support utility and coatings, we are increasing our expansion and expect to double our growth capital investment in 2027 compared with this year. These investments are aligned with visible customer demand in our capital framework presented at Investor Day. North America Coatings is also benefiting from the infrastructure investment supporting utility, and other end markets. With 1 of the largest galvanizing networks in the industry, our coatings business plays an important role in improving the durability and life cycle performance of critical steel infrastructure. With galvanizing demand outpacing industry supply, we expect to shift more of our existing capacity towards growing internal volumes as we bring expansion projects online. This will help us maintain reliable delivery for utility customers. In lighting and transportation, transportation markets are healthy, while lighting continues to be affected by softer residential and commercial construction activity. We are pursuing targeted growth including expanding our presence in Texas. Our work with utilities and municipalities is translating into new orders and product approvals supporting our growth in this important market. Our priorities remain improving on time delivery, manufacturing reliability, and overall operating performance. In telecom, carrier capital deployment remains selective. Following the peak of the 5G build-out, several carriers are delaying site modification work to align with future technology and spectrum deployment. This impacted demand this quarter. And we expect market conditions to remain soft in the near term. This does not change our view of the long-term need for network investment. We are well positioned to support long-term growth in data consumption and network capacity needs. Across our international infrastructure markets, we are advancing initiatives to strengthen commercial execution and operational performance across these businesses. A good example this quarter is in Europe, where we secured a new contract to supply distribution poles to a major utility expanding our participation in grid investment. Turning to agriculture on slide 6. Global ag-market conditions remain challenged. In North America, higher input costs and lower grain prices continue to pressure farm economics and constrain capital spending. Recent industry reports indicated a decline in growth sentiment, and capital investment expectations reinforcing our view that this quarter sales growth does not suggest a broader market recovery. The landscape is similar in Brazil. Interest rates and input costs remain elevated, and grain prices have not kept pace. We remain confident in the long-term fundamentals of the Brazilian market. In The Middle East, the ongoing conflict in the region continues to affect our operations and the timing of certain customer projects. With high shipping costs, adding to the delays, we do not expect a near term return to normal activity in the region and recovery will take time. At the same time, we are very pleased to have been awarded a $100 million project in North Africa supporting food security in the region. The project includes our full suite of technology and water management solutions, to improve farm productivity, and water efficiency. We expect shipments to begin in the first half of 27 and our diverse global manufacturing footprint provides the flexibility to reliably serve this customer. While the underlying dynamics differ across regions, we expect the overall operating environment for ag to persist through year end. We are investing in higher value aftermarket and technology solutions to help growers improve productivity. These areas continue to gain traction and strengthen the quality and resilience of the business through the cycle. Across Valmont, our priorities as we look ahead are clear. Efficiently ramp the capacity we are adding, align our operations with demand across the portfolio, and recover higher input costs through disciplined pricing. I will now turn the call over to John to review our third quarter financial results and updated 2026 outlook. John L. Schwietz: Thank you, Avner, and good morning, everyone. Turning to slide 8. I will begin with our consolidated results. Net sales of $1.1 billion increased 5.5% year over year driven by growth in infrastructure, notably North America Utility and Coatings. Operating income increased to $172.8 million and operating margin expanded 22 basis points to 15.7%. Our tax rate was approximately 26%. Diluted earnings per share was $6.24, a 25.3% increase from prior year. Moving to our segment results on slide 9. Beginning with Infrastructure, Sales of $882.1 million grew 9.1% year over year. North America utility sales increased 23% driven by higher pricing and volume growth supported by a robust market environment. Sales in North America Lighting and Transportation declined 2.2% due to lower volumes. North America coating sales increased 13.8% supported by healthy infrastructure and data center demand. North America telecom sales decreased 33.8% reflecting lower carrier spending as customers shifted capital allocation priorities. International sales increased 5.5% driven by pricing actions and favorable foreign exchange impacts. Operating income increased to $154.8 million or 17.6% of net sales. Compared to $143.4 million or 17.8% of net sales. Higher pricing and volumes in Utility and Coatings helped offset higher material costs, the costs of ramping utility capacity, and lower telecom contribution. We are addressing the margin pressure through contractual pass throughs and broader pricing actions. As capacity ramps, we are focused on strategic sourcing, productivity enhancements, and improving material flow. Let me provide some context on the price cost timing we are experiencing. Average steel prices on the third party index we use for contractual pass throughs were approximately 50% above prior year levels. This increase is visible in the chart we have in the appendix. Because of the size and duration of our utility backlog, these costs affect results. Before the related pricing adjustments reach revenue. When input costs stabilize, we expect pricing will catch up and support infrastructure margin expansion. This usually takes 2 to 3 quarters to fully realize. These near term pressures do not change our view of the long term earnings potential of this business. Turning to slide 10. Third quarter agriculture sales decreased 6.4% year over year to $226 million North America sales increased 15.8%, led by storm replacement orders and favorable pricing. International sales decreased 25.3%, driven primarily by Lower Middle East and Brazil volumes. We also saw continued growth in our higher value offerings with aftermarket parts sales increasing approximately 12% and technology services growing 7%. Despite softer equipment demand. Operating income increased to $40.1 million or 17.9% of net sales. Compared to $23.2 million or 9.7% of net sales. Lower credit losses and certain recoveries in Brazil and higher North America volumes contributed to the year over year increase, which was partially offset by lower international volumes. Moving to slide 11, for cash, liquidity, and capital allocation. Operating cash flow was $100.5 million. This includes $40 million of accelerated receivable collections. Working capital increased during the quarter, driven in part by increased sales volume and raw material inflation. We remain focused on improving cash conversion. We ended the quarter with $122 million of cash, and net debt leverage of approximately 0.9 times. The strength of our balance sheet continues to be reflected in our investment grade credit ratings. with S&P reaffirming our BBB+ rating during the quarter and Moody's reaffirming our Baa2 rating subsequent to quarter end. Turning to capital deployment. During the quarter, we invested approximately $46 million in capital expenditures primarily to support utility capacity expansion. We returned $97 million to shareholders through $82 million of share repurchases. and $15 million of dividends. At quarter end, approximately $367 million remained available under our current share repurchase authorization. This balanced deployment of capital reflects our focus on investing in the highest return growth opportunities, while maintaining financial flexibility and returning capital to shareholders. Turning to our full year outlook on slide 12. We are reaffirming our net sales outlook of $4.3 billion to 4.45 billion and raising our adjusted diluted earnings per share guidance. Our infrastructure sales outlook is unchanged at $3.4 billion to $3.5 billion. It reflects favorable pricing and volume growth in North America utility and coatings and continued softness in telecom. Our agriculture sales outlook is also unchanged at $900 million to $950 million as current market conditions remain broadly consistent with our prior assumptions. Looking to the fourth quarter, we expect earnings and margins to moderate from third quarter levels, Our outlook reflects increasing input cost pressures, business mix effects, and the absence of certain third quarter benefits. Following the strong third quarter performance, we now expect full year adjusted diluted earnings per share of $22.75 to $23.75. Finally, our capital expenditure outlook remains unchanged at $170 million to $200 million. With that, I will now turn the call over to Renee. Renee Campbell: Thank you, John. At this time, the operator will open up the call for questions. Operator: Thank you. At this time, we will be conducting a question and answer session. If you would like to ask a question, please press 1 on your telephone keypad. You may press 2 if you would like to remove your question from the queue. It may be necessary to pick up your handset before pressing the star keys. To allow for as many questions as possible, please limit yourselves to 1 question and 1 follow-up. Thank you. Our first question comes from the line of Nathan Jones with Stifel. Please proceed with your question. Nathan Jones: Good morning, everyone. Avner Applbaum: Morning. Nathan Jones: I guess I will start on price cost. I am sure it is going to get a lot of attention. You know, there is obviously been significant steel inflation freight cost inflation, all of that kind of stuff. I wonder if you would be able to just talk about what the impact to margins or what the impact to earnings was for that. Does it get worse in 4Q before it gets better as you start to catch up on price cost? I know we have seen this movie before with Valmont, We know there is a lag between the cost and the price catch up. Just any more color you can give us around what the impact in the quarter was what you would expect it to be next quarter and how much margin upside there is assuming costs stabilize at some point. Thanks. John L. Schwietz: Thank you, Nathan, for the question. So I will not go through the movie as we have seen it before. As we said, But the answer is there was impact to the margins here in Q3. They were modest impacts. There was no, let's say, negative dollar impact to it, but there were impacts to the margins. As we look to Q4, we expect that to get a little more pressured. So what we have seen since the last earnings call is that the pace of the inflation in our input costs have accelerated. So we expect more pressure in Q4 on the margin side If we look further out, as you know, it usually takes 2 to 3 quarters to sort of fully pull through our price mechanisms to results. In a stable environment. I would say even if it moderates, we will see some growth again in margins. You know, we do not need a full stabilization, but some moderation of the pace of input costs. Nathan Jones: Okay. that is helpful. I guess the other 1 I will ask is there. Is on the ag side. Obviously, the 16% North American growth is something influenced by the storm. Revenue, and the margins there are also impacted by storm revenue. it is it is much higher margin, I know. Can you talk about the impact that, that had to the quarter Maybe what it contributed to earnings? If you can break it down that far just so we kind of have a better idea of what the underlying run rate was. Avner Applbaum: Yeah. Perfect. So, Nathan, I will start off, then I will hand it over to John For some more detail. So I think it is important to understand that you know, when these storms occur, our farmers have choices. And they chose to come to Valmont for several reasons. 1, it is critical time for our farmers to be able to get back up and running And our operations team are able to manufacture and support with manufacturing these pivots. Our dealers are ready to support our customers. And able to get them back into Valmont's ecosystem with our technology and other offerings. So we are very pleased with our ability to support our farmers and. Which contributed strongly to our results. And maybe, John, you could add little bit more color there. John L. Schwietz: Yep. Sure. To your question about the impact to revenue growth and then also the margins, On the revenue side in North America, that was substantially responsible for the growth. In North America that we saw in Q3. If we go through the margins so 17.9% was exceptional and exceeded our expectations. So sort of 2 areas to touch on. As we mentioned in the prepared remarks, we did have some onetime benefits in ag. It amounted to about $7 million. Those were mainly related to recoveries that we made in South America. If we take the impact of those onetime items out, we are just north of 14% for the operating margin. And, really, that was above what we had discussed in terms of low-teen expectations for the second half of the year. And that delta really is the effect of the storm, is the effect that it is a higher mix with regards to North America, better accretive, and then also better pricing as well. Nathan Jones: Thanks for taking my questions. Operator: Thank you. Our next question comes from the line of Tomohiko Sano with JPMorgan. Please proceed with your question. Tomohiko Sano: Good morning, everyone. Avner Applbaum: Morning. How are you? Tomohiko Sano: Thank you for taking my questions. If you could talk about infrastructure backlog has increased, to $1.8 billion Could you break down what is driving the increase across customers and if you could talk about, competitive landscape as well from the current environment. Thank you. Avner Applbaum: Sure. So, for the majority of the increase, majority of the backlog is related to our utility customers. Now it is important to understand the entire context. The backlog is part of the equation. We also monitor our pipeline. And our pipeline with our alliance customers have actually strengthened as well. And the backlog represents those orders converting from the pipeline to our backlog. The environment continues to be extremely robust. Our customers are strengthening their orders. They are increasing their spend. Our pipeline through 2029 has increased. Over the last several quarters. So the market continues to be extremely strong. As it relates to the competitive landscape, the industry is constrained. And being the leaders in this industry, with the engineers and the relationship that go over for many decades. I visited. As I mentioned, I visited some of our customers, and it is clear that they come to us for our engineering expertise, for our on time delivery, for the reliability overall, we continue to win in this space. We are booking well into 2028, and our customers are looking for us to secure our capacity. So we are continuing to see robustness in this industry. Tomohiko Sano: Thank you, Avner. And then just 1 quick follow-up on North America utility was up 23% in Q3. Could you quantify the contribution from volume versus price? And how should we think about Q4 in your guidance? Thank you. John L. Schwietz: Thank you for the question. So 23% was a result we were pleased with. So the majority of the driving factor there was volume in this case. For Q3. Although it is noteworthy that price was right at double digits as well, so both contributed. If we look at the full year, we are expecting mid twenties in terms of growth rates for utility. And we are expecting to hit our target of double digit volume growth for the full year. Tomohiko Sano: Thank you, John. John L. Schwietz: Yep. Thank you. Operator: Our next question comes from the line of Brian Drab with William Blair. Please proceed with your question. Brian Drab: First on the project in North Africa, congratulations on that win. Can you talk a little bit more specifically on the timing of revenue recognition there? And the cadence of that? And also the margins you know, relative to typical ag margins. Avner Applbaum: Yeah. Sure. So overall, right now, we are expecting to start delivery on that project. In the first half of 27. it is going to be like an 18-month, you know, up to 2 years project. But maybe just take a step back. I mean, in this environment, we are very pleased on our ability to win a project in the region as well as to support it with our global footprint we are able to support it from our Dubai facility as well as from other facilities around the world. Which allows us to continue to support that region with. Which has strong demand for food security and water scarcity. So that is that is a good win for the team. And so, overall, I to just summarize, Probably go over 24 months, and, John, maybe share a little bit about the margin profile. John L. Schwietz: Sure. So on the margin side, we are, of course, very disciplined in our intake process as it relates to these projects. This particular project, like most large projects, is slightly below baseline operating profit margin. But not significantly and not expected to really make an impact necessarily. Brian Drab: Okay. Thank you. And then just switching to utility. I mean, you guys sounded, of course, very positive on the utility outlook at the Investor Day. You sound to me maybe even more positive now. I was a little surprised just now to hear that volume accounted for more than half of the growth in the quarter given what is going on with price. But has your outlook become more positive even just since the recent Investor Day? And do you have more visibility now You talked about visibility to $6.7 billion in revenue through 2029. How has that number maybe changed? Avner Applbaum: And you know, just the overall sentiment The answer is yes. We are more confident now in our goal, and that is based on several factors. 1, we are actually seeing the spend. We saw our backlog increase. The pipeline we spoke about for the $6.7 billion that number now, of course— we are shipping against that as well. Has increased. So we are getting better coverage through our 2029. And the confidence is driven based on our conversations with our customers it is with our customer spend. it is their customers committing to them for load growth and committing to, you know, spend within seeing more in the industry around additional spend in areas like AI. We are seeing even areas that we do not talk about that much, but we are seeing that the EV spend has also increased. We are seeing more energy out of that area. As well as all the other factors of onshoring, manufacturing. Unfortunately, we have seen some storms. Over the last several weeks. Which just emphasize the point that we need to keep on focusing on grid hardening and resiliency. So we keep our eye on the market. We are booking well into 2028. The utilities have plans going through 2030 and some of our conversations with the customers, our plans are going through 2032. And we have also seen that in the industry that, you know, the lead times are expanding. And we are seeing now they are going well beyond the year where they are going to 60 and 70 weeks. So it just shows the entire strength in the market, and we are very pleased with how we are adding our capacity, supporting our customers, and looking pretty positive for us. Brian Drab: Thanks very much. Operator: Our next question comes from the line of Brent Thielman with Oppenheimer and Company. Please proceed with your question. Brent Thielman: Brent. Thanks. Avner or John, just back on North American utility would you expect pricing to sustain at a double digit run rate as we go into 2027, just considering all this inflation? It seems to be a pretty significant factor to your growth rate. For that business next year. John L. Schwietz: Brent? The answer is yes. Okay. Brent Thielman: Okay. And then, I guess, just in terms of the telecom you know, obviously, utility is outgrowing. But any sense from customers when we might see a change? I know you mentioned that through this year, I mean, any sort of inklings and you are hearing next year and what could be some catalysts to turn the business around? Avner Applbaum: At telecom, we do not have great visibility into the market. Of course, we do talk to our customers and we are seeing that they are being more selective around their spend following the peak of the 5G rollout. And some of the site modification or capital allocation moved out into 2027, So right now, we are looking to, you know, continue same environment going into 2027. We do know that they are going to spend more on the spectrum. They are waiting for some technology advancement. But, overall, they need to continue their build. So we know it is coming. it is just a matter of timing. For some indications that we see some coming back more towards the latter half of 2027. But, again, we do not have great visibility So right now, what we are doing is we are focusing on our cost. We are focusing on new product development with our customers. We are looking into other spaces like private networks. Overall, you know, we are working on what we could control but expect that these conditions to remain at least through the end of the year. Brent Thielman: Okay. Thank you. Operator: Thank you. Our next question comes from the line of Chris Moore with CJS Securities. Please proceed with your question. Chris Moore: Hey. Good morning. Thanks for taking a couple. So maybe just 1 more on the steel catch up. So obviously, Q3 was a little bit of pressure. Q4 is going to be a little bit more Double digit pricing is going to continue into 2027. From where you sit today, assuming some normalization of steel pricing, would that imply that we start to see kind of a little bit incremental margin improvement in Q2? Or is that more back half? John L. Schwietz: Thanks for the question. So the pace of margin expansion really will be defined in part by how quickly these costs continue to accelerate or stabilize. So Q2 is a bit far for us to really tell where these costs are going to.the trajectory of these costs. What we can say is that the actions that we are taking to expand margins are taking hold. And so, as you know, our focus on scaling profitably, on improving operating leverage, You can see improving leverage over SG&A. You can see that in the SG&A number that we posted here this year and in this quarter. Those things we will continue to be working on to try to offset any price/costs, any sort of price/cost pressure that we have. Avner Applbaum: No. I just wanna add 1 point, which I think you know this, but you know, as we are talking about the dislocation, which has an impact on our on our margins in the short term. But as we look forward, right, the pricing actions we take are mostly to offset the cost. Of course, there is some margin there, but, you know, as we get into next year and we see higher pricing, that does not necessarily mean, you know, that is all dropping to the bottom line. that is really offsetting some of the steel cost. So the pressure right now is more of the dislocation, and as they stabilize, that. that is when our margins stabilize as well. Chris Moore: Got it. No. That makes sense. And maybe just 1 more within the competitive landscape within an infrastructure. Obviously, demand is you know, off the charts at this point in time. Just specifically, you know, Nucor is a relatively new entrant here. Just near term, perhaps long term, any do you see that as any impact on the infrastructure kind of landscape at all from where you guys are sitting at this stage? Avner Applbaum: Yeah. So we monitor capacity industry consistently, and your point. Nucor just announced that they are going to add capacity. Even with all the capacity adds, there is still more demand than supply in the industry. So we feel very comfortable with our ability to continue to support our customers, without having the industry at full capacity. But it is also important to understand that our customers and the large utility customers, they come to Valmont not because, you know, we have 4 walls and press breaks. They come to us because of our engineering expertise, for our reliability, on time delivery, and the fact that they do not want to take risks, and they come to Valmont. that is 1 area that they do not have to take. So, of course, we have our eyes and competitors, but we feel very good that this industry continues to be well in balance, and we do not have any concerns. On that element. Chris Moore: Sounds good. I will leave it there. I appreciate it, guys. Thank you. Operator: Our next question is a follow-up. From the line of Brent Thielman with Oppenheimer and Company. Please proceed with your question. Brent Thielman: Hey, thanks. Maybe just 1 follow-up on ag. The margins have been outstanding. This year, and I know there is some mixed factors to that. But why would not we see a carryover benefit to margins in that segment into the fourth quarter? From what you saw in 3Q? John L. Schwietz: Yes, great question. Thanks, Brent. So we really, the story here is the mix between North America and international. So Q3, you are very familiar with, is usually a very strong international quarter. And as you saw, because of the storm demand that we had that was exceptional, it was much stronger on the North America side. And then also with that, the preferred pricing that we get, in those in those circumstances. So that really drove a much better business mix in Q3. If we look to Q4 to your point, it is that we are expecting sort of a more normal return to the business mix between North America and that will put some pressures on the margins compared to Q3. Brent Thielman: Okay. And maybe if I could just to follow-up, what is been the headwind from I know, the issues in The Middle East, the closure of the facility, what is been the overall headwind to the business this year so we can kind of think about that going into 2027? John L. Schwietz: Just from a numbers perspective compared to last year, you are right that it is been in the Middle East. I mean, the biggest delta from a top line perspective versus last year has been the lack of project revenue through ag this year. Other than that, it is really just been the sort of the market conditions, the soft market conditions that we see, and the fact that we are we have not quite seen line of sight yet to the recovery. Avner Applbaum: Yeah. So if you, right, so if we just order, right, I would say definitely The Middle East, and then we did see continued softness in Brazil. that is, you know, we are North America, you know, is 1 area that we are bumping along the bottoms. Right? And that is that market keeps on kind of supporting those conditions. And we have seen that in Q3. Actually, we had strength, but that is our expectation is that North America does not go further down with more upside opportunity in North American market. Brent Thielman: Understood. Thank you. Operator: Thank you. Thank you. We have reached the end of the question and answer session. And I will now turn the call over Renee Campbell for closing remarks. Renee Campbell: Thank you for joining us today. A replay of this call will be available for playback on our website and by phone for the next 7 days. We look forward to speaking with you again next quarter. Video: These slides and the accompanying oral discussion contain forward looking statements within the meaning of the Private Securities Litigation Reform Act of 2 thousand. These statements are based on assumptions made by management considering its experience in the industries where Valmont operates. Perceptions of historical trends, current conditions, expected future developments and other relevant factors. It is important to note that these statements are not guarantees of future performance or results They involve risks, uncertainties, some of which are beyond Valmont's control and assumptions. While management believes these forward looking statements are based on reasonable assumptions, numerous factors could cause actual results to differ materially from those anticipated. These factors include, among other things, risks described in Valmont's reports to the Securities and Exchange Commission, SEC, company's actual cash flows and net income, future economic and market circumstances, industry conditions, company performance and financial results, operational efficiencies, availability and price of raw materials, availability and market acceptance of new products, product pricing, domestic and international competitive environments, geopolitical risks, and actions and policy changes by domestic and foreign governments. In tariffs. The company cautions that any forward looking statements in this release are made as of its publication date and does not undertake to update these statements except as required by law. The company's guidance includes certain non GAAP financial measures, adjusted diluted earnings per share and adjusted effective tax rate, presented on a forward looking basis. These measures are typically calculated by excluding the impact of items such as foreign exchange, acquisitions, divestitures, realignment, or restructuring expenses, goodwill or intangible asset impairment, changes in tax law, or rates, change in redemption value of redeemable noncontrolling interest, and other nonrecurring items. Reconciliations to the most directly comparable GAAP financial measures are not provided as the company cannot do so without unreasonable effort due to the inherent uncertainty and difficulty in predicting the timing and financial impact of such items. For the same reasons, the company cannot assess the likely significance of unavailable information, which could be material to future results. Before you buy stock in Valmont Industries, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Valmont Industries wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $376,696!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $1,333,920!* Now, it's worth noting Stock Advisor's total average return is 925% — a market-crushing outperformance compared to 212% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors. See the 10 stocks » *Stock Advisor returns as of October 20, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has positions in and recommends Valmont Industries. The Motley Fool has a disclosure policy. Valmont (VMI) Q3 2026 Earnings Call Transcript was originally published by The Motley Fool

- Interested in Valmont Industries, Inc.? Here are five stocks we like better. - Strong third-quarter results: Sales rose 5.5% to $1.1 billion, operating margin expanded to 15.7%, and diluted EPS increased 25.3% to $6.24. Valmont raised its full-year adjusted EPS guidance to $22.75–$23.75 while maintaining its sales outlook. - Utility-led infrastructure demand remained robust: Infrastructure sales grew 9.1%, driven by 23% growth in North American utility sales and a backlog that reached $1.8 billion. The company is expanding utility-steel capacity and expects significantly higher growth capital investment in 2027. - Near-term pressures remain: Rising steel and other input costs, business mix and the absence of one-time benefits are expected to weigh on fourth-quarter margins. Telecom demand remains weak after the 5G buildout, while international agriculture sales declined sharply despite storm-related strength in North America. - Caterpillar's Blowout Quarter May Point to More Industrial Winners Valmont Industries (NYSE:VMI) reported higher third-quarter sales, operating profit and earnings, led by growth in its North American utility and coatings businesses, while management raised its full-year adjusted earnings outlook despite expected fourth-quarter pressure from higher input costs and business mix. Net sales increased 5.5% year over year to $1.1 billion. Operating income rose to $172.8 million, and operating margin expanded 220 basis points to 15.7%. Diluted earnings per share increased 25.3% from the prior-year period to $6.24. → Berkshire Just Backed This Little-Known Stock—Should You Chase It? - MarketBeat Week in Review – 04/20 - 04/24 President and Chief Executive Officer Avner Applbaum said the quarter reflected continued momentum in infrastructure markets where the company holds strong positions, particularly utility-grid investment. He also pointed to North American agriculture growth driven by storm-related replacement demand, though he said that performance did not indicate a broad recovery in agricultural equipment markets. Infrastructure sales rose 9.1% to $882.1 million in the third quarter. North American utility sales increased 23%, supported by both higher pricing and volume growth, while North American coatings sales grew 13.8% on demand tied to infrastructure and data-center projects. → These 3 Green Stocks Have a Growth Story That Goes Far Beyond Washington - 1 Stock Is Powering the AI Boom and the Next Farm Supercycle Applbaum said utilities are investing to modernize the grid, add capacity and improve resilience as power demand rises. Valmont's infrastructure backlog reached $1.8 billion during the quarter as more opportunities in its customer pipeline converted into orders. He said the majority of backlog growth was tied to utility customers and that the company's pipeline through 2029 had strengthened. "We are more confident now in our goal," Applbaum said in response to an analyst question about the company's utility outlook. He cited customer spending plans, increased load-growth commitments, artificial intelligence-related investment, electric-vehicle activity, domestic manufacturing and the need for grid hardening after storms. → Broadcom's CEO Sees Years of AI Demand But Warns of a Bigger Threat to the Boom Valmont said it had installed and commissioned about 20% of the incremental utility-steel production capacity needed to support its 2029 plan through the third quarter. The company expects to double growth capital investment in 2027 from the level planned for 2026, with expansion directed toward utility and coatings operations. Management said industry lead times have lengthened as demand has grown and new capacity has ramped. Applbaum said the company was booking utility business well into 2028, while customers' plans extend to 2030 and, in some cases, beyond. Infrastructure operating income increased to $154.8 million, although the segment's operating margin declined to 17.6% from 17.8% a year earlier. Higher utility and coatings pricing and volumes were partly offset by material-cost increases, utility-capacity ramp costs and lower telecom contribution. Chief Financial Officer John Schwietz said steel prices on the third-party index used for contractual pass-throughs were approximately 50% above prior-year levels. Because utility orders can remain in backlog for an extended period, input-cost changes reach results before related pricing adjustments are reflected in revenue. He said the catch-up process typically takes two to three quarters in a stable cost environment. Schwietz said the price-cost effect modestly pressured third-quarter margins and was expected to create greater margin pressure in the fourth quarter as inflation accelerated. He said margins could resume expanding if cost inflation moderates, even without a complete stabilization in costs. North American lighting and transportation sales declined 2.2% on lower volumes. Management said transportation markets were healthy, while lighting continued to face softer residential and commercial construction activity. The company is pursuing targeted lighting growth in Texas through work with utilities and municipalities, Applbaum said. North American telecom sales fell 33.8% as carriers reduced or delayed capital spending following the peak of the 5G buildout. Applbaum said carriers were being selective on site modifications and shifting some capital allocation into 2027. While the company sees possible improvement later in 2027, he said Valmont has limited visibility and expects soft conditions to persist in the near term. International infrastructure sales increased 5.5%, helped by pricing actions and favorable foreign exchange. Valmont also secured a contract in Europe to supply distribution poles to a major utility, expanding its participation in grid investment, according to management. Agriculture sales declined 6.4% to $226 million. North American sales increased 15.8%, driven by storm-replacement orders and favorable pricing, while international sales fell 25.3% because of lower volumes in the Middle East and Brazil. Applbaum said farmers facing storm damage turned to Valmont and its dealer network to restore irrigation systems during a critical operating period. Schwietz said storm-related demand was substantially responsible for North America's growth during the quarter. Agriculture operating income rose to $40.1 million, or 17.9% of sales, from $23.2 million, or 9.7% of sales, a year earlier. The result included about $7 million in one-time benefits, primarily recoveries in South America, Schwietz said. Excluding those items, the operating margin was just above 14%, aided by the greater North American sales mix, pricing and storm demand. Aftermarket-parts sales increased approximately 12%, while technology-services revenue rose 7%, despite softer equipment demand. Management said higher input costs and lower grain prices continued to pressure farm economics in North America, while Brazil faced elevated interest rates and input costs. In the Middle East, conflict and high shipping costs continued to delay projects. Valmont said it won a $100 million North Africa project involving its technology and water-management offerings. Shipments are expected to begin in the first half of 2027, with the project expected to run for roughly 18 months to two years. Schwietz said its operating margin is slightly below the company's baseline level for large projects, but not significantly so. Valmont reaffirmed its 2026 sales outlook of $4.3 billion to $4.45 billion, including infrastructure revenue of $3.4 billion to $3.5 billion and agriculture revenue of $900 million to $950 million. The company raised its adjusted diluted earnings-per-share guidance to $22.75 to $23.75 for the year. Management expects fourth-quarter earnings and margins to moderate from third-quarter levels because of rising input costs, business mix and the absence of certain third-quarter benefits. Capital expenditure guidance remained unchanged at $170 million to $200 million. Operating cash flow totaled $100.5 million in the quarter, including $40 million of accelerated receivable collections. Valmont ended the period with $122 million in cash and net-debt leverage of about 0.9 times. The company invested about $46 million in capital expenditures and returned $97 million to shareholders through $82 million in share repurchases and $15 million in dividends. Valmont Industries, Inc is a global manufacturer of engineered products and services serving the infrastructure and agricultural markets. Founded in 1946 and headquartered in Omaha, Nebraska, the company operates through businesses focused on infrastructure, coatings, and water management. Its infrastructure products include utility and transmission structures, lighting and traffic poles, highway and transportation structures, and related support systems. Valmont also provides hot-dip galvanizing and other protective coatings designed to extend the service life of steel products used in industrial, infrastructure, and commercial applications. In agriculture, the company manufactures mechanized irrigation equipment, including center-pivot and linear irrigation systems, as well as agricultural products and services intended to support water conservation and crop production. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Valmont Industries Q3 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for October 2026.

Infrastructure and agriculture equipment manufacturer Valmont Industries (NYSE:VMI) will be reporting earnings this Tuesday before market open. Here's what to expect. Valmont beat analysts' revenue expectations last quarter, reporting revenues of $1.12 billion, up 6.5% year on year. It was a very strong quarter for the company, with full-year revenue guidance slightly topping analysts' expectations and a beat of analysts' EPS estimates. Is Valmont a buy or sell going into earnings? Read our full analysis here, it's free for active Edge members. This quarter, the market is expecting Valmont's revenue to grow 6.9% year on year, improving from the 2.5% increase it recorded in the same quarter last year. Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. Valmont has missed Wall Street's revenue estimates multiple times over the last two years. Looking at Valmont's peers in the building products segment, some have already reported their Q3 results, giving us a hint as to what we can expect. Apogee delivered year-on-year revenue growth of 9.2%, beating analysts' expectations by 11.3%, and AZZ reported revenues up 16.7%, topping estimates by 5.1%. Apogee traded up 15.3% following the results while AZZ's stock price was unchanged. Read our full analysis of Apogee's results here and AZZ's results here. In the last twelve months or so, the market has shifted its attention from one area of macro importance to the next (AI disintermediation and AI capex spending to geopolitical conflict, rates, and whether the economy is on solid footing or not). While some of the building products stocks have shown solid performance in this choppy environment, the group has generally underperformed, with share prices down 5.7% on average over the last month. Valmont is down 5.3% during the same time and is heading into earnings with an average analyst price target of $624.50 (compared to the current share price of $444.47). ONE MORE THING: The $21 AI Application Stock Wall Street Forgot. While Wall Street obsesses over who's building AI, one company is already using it to print money. And nobody's paying attention. AI chip stocks trade at ridiculous valuations. This company processes a trillion consumer signals monthly using AI and trades at a third of the price. The gap won't last. The institutions will figure it out. You need to see this first. Read the FREE Report Before They Notice.