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Valmont Industries (NYSE:VMI) 2026 Conference February 19, 2026 08:50 AM ET Company ParticipantsAvner Applbaum - President and CEORenee Campbell - VP of Investor Relations and TreasurerTom Liguori - CFONone - Company RepresentativeConference Call ParticipantsNone - AnalystModeratorCiti Investment Banking. Very pleased to host this morning, the team from Valmont Industries. We've got Avner Applbaum, President and CEO, Tom Liguori, CFO, and Renee Campbell, who has many roles in investor relations and treasury ...

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Key Takeaways VMI's Q4 EPS rose 28% to $4.92 but missed estimates; revenues of $1.04B also fell short.Infrastructure sales grew 7%, led by 21% utility growth, while agriculture revenues fell nearly 20%.VMI guided FY26 sales of $4.2-$4.4B and EPS of $20.50-$23.50, with capex at $170-$200M.Valmont Industries, Inc. (VMI) reported fourth-quarter 2025 adjusted earnings of $4.92 per share, a roughly 28.1% rise from the year-ago quarter figure of $3.84. It missed the Zacks Consensus Estimate of $4.95.The company’s ...

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每股收益强劲：全年基本每股收益为17.7美元，第四季度单季达8.58美元。 财务状况 来源：经济观察网 经济观察网 根据维蒙特工业（VMI.US）2025财年第四季度及全年财报（数据截至2025年12月27日，于 2026年2月17日发布），其财务和运营亮点可归纳如下： 业绩经营情况 净利润大幅增长：2025财年第四季度归母净利润为1.68亿美元，同比增长116.35%；全年净利润达3.50 亿美元，同比增长0.58%。 利润率改善：全年毛利率为30.21%，营业利润率为12.73%，净利率为8.53%。第四季度单季净利率提升 至16.18%，反映成本控制与运营效率优化。 农业业务处于周期底部：受北美及巴西市场疲软影响，但长期受益于粮食安全需求及灌溉技术升级（如 精准灌溉可使作物产量提升200%以上）。 资金动向 回购与股息双发力：公司授权7亿美元股票回购（约占市值10%），2025年股息增长13%，并建立定期 增派机制。 投资策略清晰：资本支出优先用于公用事业产能扩张，其次通过并购强化核心业务。 未来发展 管理层在2025年11月的业绩会议中提出"Path to 30"目标，计划通过公用事业扩张、农业复苏及 ...

Performance was characterized by a divergence between Infrastructure strength and Agricultural softness, with Utility demand driven by grid expansion, AI data centers, and aging infrastructure replacement. Utility growth of 21% was enabled by targeted capacity investments, including equipment upgrades and AI-enabled scheduling that improved throughput and execution at scale. The Agriculture segment faced a challenging macro environment, particularly in Brazil where tight credit availability and delaye ...

He also noted improving conditions in lighting and transportation, growth expectations for coatings, and “normalized” telecom carrier capital spending. In telecom, Valmont acquired the remaining 40% of ConcealFab in the fourth quarter, which management said adds control of differentiated technology and an innovative product pipeline supporting 5G, broadband expansion, and next-generation wireless deployment.Applbaum said Valmont entered 2026 with $1.5 billion in backlog , up 22% year over year and “largely ...

Financial Data and Key Metrics Changes - GAAP EPS for the fourth quarter was $9.05, including a tax benefit of $78.5 million, or $3.98 per share, primarily due to a U.S. tax deduction related to the Prospera investment [20] - Adjusted diluted EPS was $4.92, up 28.1% year-over-year [21] - For the full year, adjusted diluted EPS was $19.09, an increase of 11.1% over 2024 [30] Business Line Data and Key Metrics Changes - Infrastructure sales grew 7.2% year-over-year to $819 million, with utility sales increasing by 21% due to strong market conditions and higher volumes [24] - Agriculture sales decreased 19.9% year-over-year to $222.7 million, with an operating loss of $3.3 million in the fourth quarter [27] - Coatings sales increased by 6.3%, supported by healthy infrastructure demand [26] Market Data and Key Metrics Changes - The utility market is experiencing strong demand driven by electrification, AI, and aging infrastructure replacement, with a backlog of $1.5 billion, up 22% from the previous year [10][44] - North American agriculture markets remain challenged, while international sales declined due to economic conditions in Brazil [27][15] - The telecommunications market has normalized, with ongoing investments in wireless and RAN [72] Company Strategy and Development Direction - The company is focused on disciplined resource allocation, safety, and continuous improvement to enhance performance [9] - Investments in technology and aftermarket services are aimed at improving efficiency and customer experience in agriculture [8][16] - The company plans to host an investor day to share deeper insights into its strategy and long-term financial targets [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the utility market's strength, citing multiple demand drivers and a robust backlog [44] - The agriculture segment is expected to see a meaningful recovery in Q1 2026, with a focus on improving margins [45][49] - The company anticipates net sales for 2026 to be between $4.2 billion and $4.4 billion, with diluted EPS projected in the range of $20.50 to $23.50 [35][36] Other Important Information - The company acquired the remaining 40% of ConcealFab, enhancing its technology and product pipeline [12] - A total of $250 million was returned to shareholders, including $198 million through share repurchases [32] Q&A Session Summary Question: Confidence in utility demand and changes in customer investment - Management is confident in the utility market due to strong drivers like electrification and aging infrastructure, supported by a backlog of $1.5 billion [44] Question: Actions to restore agriculture margins and expected recovery timeline - Management expects a meaningful recovery in agriculture margins in Q1 2026, having taken steps to address previous challenges [45][46] Question: Capital spending increase for utility capacity expansions - The company plans to spend $170 million to $200 million in 2026 on utility capacity expansions, driven by durable demand [53][54] Question: Expected agriculture margins for Q1 and full year - Management anticipates low teens margins in Q1, potentially reaching mid-teens by year-end [51] Question: Growth expectations in non-utility infrastructure segments - Management expects growth across all infrastructure segments, including telecom, coatings, and lighting [72]

Financial Data and Key Metrics Changes - GAAP EPS for Q4 was $9.05, including a tax benefit of $78.5 million, or $3.98 per share, primarily due to a U.S. tax deduction related to the Prospera investment [20] - Adjusted diluted EPS was $4.92, up 28.1% year-over-year [21] - Full-year net sales were $4.1 billion, slightly increasing year-over-year, with operating income at $538 million, or 13.1% of revenue [28] Business Line Data and Key Metrics Changes - Infrastructure sales grew 7.2% to $819 million, with utility sales increasing by 21% due to strong market conditions and higher volumes [24] - Agriculture sales decreased 19.9% year-over-year to $222.7 million, with an operating loss of $3.3 million in Q4 [27] - Coatings sales increased by 6.3%, supported by healthy infrastructure demand [26] Market Data and Key Metrics Changes - The utility market is experiencing strong demand driven by electrification, AI, and aging infrastructure, with a backlog of $1.5 billion, up 22% from the previous year [10] - North American agriculture markets remain challenged, while international sales declined due to economic conditions in Brazil [27][15] - The telecommunications market has normalized capital spending, with ongoing demand for 5G and broadband expansion [12] Company Strategy and Development Direction - The company is focused on disciplined resource allocation and continuous improvement to enhance operational performance [9] - Investments in technology and aftermarket services are aimed at improving efficiency and customer experience in agriculture [8] - The company plans to host an investor day to share deeper insights into its strategy and long-term financial targets [19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the utility market's strength, citing multiple demand drivers and a robust backlog [46] - The agriculture segment is expected to see a meaningful recovery in Q1 2026, with North America maintaining double-digit operating margins [50][52] - The company anticipates net sales for 2026 to be between $4.2 billion and $4.4 billion, with diluted EPS projected in the range of $20.50 to $23.50 [35] Other Important Information - The company acquired the remaining 40% of ConcealFab, enhancing its technology and product pipeline [12] - Full-year operating cash flows totaled $457 million, with free cash flow at $311 million, representing approximately 90% of net earnings [30] - The company returned $250 million to shareholders through dividends and share repurchases [32] Q&A Session Summary Question: Confidence in utility demand and changes in customer investment - Management is confident in the utility market due to strong drivers like electrification and AI, with a backlog of $1.5 billion supporting the outlook [46] Question: Actions to restore agriculture margins and expected recovery - Management expects a meaningful recovery in agriculture margins in Q1 2026, with steps taken to strengthen the foundation in Brazil [50][52] Question: Expected ag margins for Q1 and full year - Management anticipates low teens for Q1 margins, potentially reaching mid-teens by year-end [58] Question: Increasing capital spending for utility capacity expansions - Capital spending is projected to be $170 million-$200 million in 2026, primarily for utility, driven by durable demand [61] Question: Balance sheet utilization for pricing - The company plans to use its strong balance sheet for growth rather than trading for better pricing [66] Question: Aftermarket share in a soft ag market - The company is enhancing its e-commerce system to improve aftermarket services for farmers [71] Question: Utility growth potential and pricing - Management sees potential upside in utility growth, with expectations of more volume than price contributing to growth in 2026 [82]