Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) ☒ QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended July 1, 2023 or For the transition period from ____________ to Commission file number 1-31429 Valmont Industries, Inc. (Exact name of registrant as specified in its charter) (State or Other Jurisdiction of Incorporation or Organization) (I.R.S. Employer Identification No.) 15000 Valmon ...

Valmont Industries, Inc. (NYSE:VMI) Q2 2023 Earnings Conference Call July 27, 2023 9:00 AM ET Company Participants Renee Campbell - SVP of IR & Treasurer Avner Applbaum - CEO & President Timothy Francis - Interim CFO and SVP & Finance Business Partner, Global Operations Conference Call Participants Brian Drab - William Blair & Company Brent Thielman - D.A. Davidson & Co. Brian Wright - ROTH MKM Partners Christopher Moore - CJS Securities Jonathan Braatz - Kansas City Capital Associates Adam Farley - Stifel, ...

Form 10-Q (Mark One) ☒ QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended April 1, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 15000 Valmont Plaza, Omaha, Nebraska 68154 (Address of Principal Executive Offices) (Zip Code) (402) 963-1000 (Registrant's telephone number, including area code) (Former name, f ...

Valmont Industries, Inc. (NYSE:VMI) Q1 2023 Earnings Conference Call April 21, 2023 9:00 AM ET Company Participants Renee Campbell - SVP, IR and Treasurer Steve Kaniewski - President and CEO Avner Applbaum - EVP and CFO Conference Call Participants Chris Moore - CJS Securities Nathan Jones - Stifel Brian Drab - William Blair Ryan Connors - North Coast Research Brent Thielman - D.A. Davidson John Braatz - Kansas City Capital Brian Wright - ROTH MKM Operator Greetings and welcome to the Valmont Industries' Fi ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-31429 Valmont Industries, Inc. Delaware 47-0351813 (State or Other Jurisdiction of Incorporation or Organization) 150 ...

Valmont Industries, Inc. (NYSE:VMI) Q4 2022 Earnings Conference Call February 23, 2023 9:00 AM ET Company Participants Renee Campbell - Senior Vice President, Investor Relations & Treasurer Steve Kaniewski - President & Chief Executive Officer Avner Applbaum - Executive Vice President & Chief Financial Officer Conference Call Participants Chris Moore - CJS Securities Brian Drab - William Blair Jon Braatz - Kansas City Capital Adam Farley - Stifel Operator Greetings and welcome to the Valmont Industries Inc ...

Financial Data and Key Metrics Changes - Sales reached $1.1 billion, a 26% year-over-year increase, marking the eighth consecutive quarter of double-digit year-over-year sales growth [11][19] - Operating income grew 42% to $114.1 million, with operating margins increasing to 10.4% [19] - Diluted earnings per share increased by 36% to $3.49, driven by higher operating income [19] Business Line Data and Key Metrics Changes - Infrastructure sales amounted to $778.4 million, up 23% year-over-year, supported by investments in grid resiliency and renewable energy [11][19] - Agriculture sales grew 36% year-over-year to $327.3 million, driven by strong global demand for food production and favorable farmer sentiment [12][19] - Ag tech sales reached approximately $83 million year-to-date, a 15% increase over the previous year, with expectations to exceed $100 million for the full year [13][17] Market Data and Key Metrics Changes - Demand remains elevated across all end markets despite macroeconomic volatility, reflecting ongoing investments in global infrastructure and agriculture [9][11] - The company anticipates long-term tailwinds from government spending initiatives, including the Infrastructure Investment and Jobs Act and the Inflation Reduction Act [11][12] Company Strategy and Development Direction - The company is focused on operational excellence with an ESG emphasis, expanding market reach, and leveraging technology for productive disruption [13][25] - Strategic acquisitions, such as ConcealFab, are aimed at enhancing growth opportunities in high-demand markets [13][70] - The company is committed to disciplined capital allocation, balancing organic growth with potential acquisitions [21][70] Management's Comments on Operating Environment and Future Outlook - Management acknowledges growing economic uncertainty but believes demand for products is less sensitive to general economic factors [24] - The company expects 2023 year-over-year sales growth of 6% to 9% and EPS growth of 11% to 15%, assuming steady market demand and stabilized raw material costs [23][24] - Management remains confident in the company's ability to navigate external challenges and deliver value to customers and shareholders [17][25] Other Important Information - Year-to-date free cash flow reached $117 million, reflecting improved working capital management [20] - The company reduced total borrowing by approximately $60 million, strengthening its balance sheet [21] Q&A Session Summary Question: Visibility for 2023 and sub-segment impacts from interest rates - Management indicated that all end markets are in good shape and not significantly susceptible to interest rate increases, with strong drivers across all markets [27][28] Question: Sustainability of telecom sales growth - Management noted that telecom sales have historically been lumpy but expect smoother rollouts moving forward due to consistent carrier investments [30] Question: Impact of steel prices on pricing strategy - Management confirmed that while steel prices are moderating, they maintain pricing discipline and have not needed to reduce prices due to strong demand [34][35] Question: Timing and implications of the Inflation Reduction Act - Management stated that the infrastructure bill is beginning to influence demand, while benefits from the Inflation Reduction Act will materialize in 2023 [38] Question: Inventory corrections in the channel - Management reported low inventory levels in agriculture and minimal impact from inventory corrections in other segments [40][41] Question: Pricing strategy in agriculture - Management emphasized their intent to be a price leader and maintain value-based pricing despite uncertainties in the market [60][61] Question: Impact of Hurricane Ian on backlog - Management explained that Hurricane Ian would lead to a temporary reshuffling of backlog but reinforced long-term demand for grid hardening [66][67] Question: M&A activity and capital allocation - Management expressed confidence in their capital position and a strong pipeline for acquisitions, focusing on areas that drive growth and synergies [70] Question: Interest in utility-scale projects - Management clarified that they remain interested in utility-scale projects but will be selective based on profitability [73] Question: Prospects for large-scale irrigation projects in Africa and the Middle East - Management indicated a strong pipeline for large irrigation projects driven by food security and local production needs [75]

Financial Data and Key Metrics Changes - The company reported a record quarter with sales growth of 27% year-over-year, marking the seventh consecutive quarter of double-digit sales growth [8][17] - Operating income for the second quarter was $122.9 million, representing a 35% increase year-over-year, with diluted earnings per share growing 21% to $3.70 [18][21] - The backlog reached $2 billion, up nearly 25% from year-end 2021, indicating strong demand [23] Business Line Data and Key Metrics Changes - Infrastructure sales grew 24% year-over-year, driven by higher volumes in Renewable Energy, Telecommunications, and favorable pricing [10] - Agriculture sales increased by 34% year-over-year, with double-digit volume growth in North America and international markets, particularly in Brazil and Western Europe [11] Market Data and Key Metrics Changes - The company noted robust demand trends in both Infrastructure and Agriculture markets, with no signs of abatement [8][12] - The U.S. Infrastructure Bill is expected to benefit the company starting in 2023, alongside strong demand for domestic solar panel production [10] Company Strategy and Development Direction - The company is focused on strategic pricing frameworks to capture value and has expanded manufacturing capabilities in key regions like Dubai and Brazil [7][10] - The acquisition of ConcealFab aligns with the strategy to invest in high-growth market sectors, particularly in 5G infrastructure [13][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the current demand environment, expecting it to remain positive despite economic volatility [12][22] - The company raised its full-year guidance, anticipating net sales to increase by 20% to 21% year-over-year, primarily due to pricing strategies [21][22] Other Important Information - The company is committed to sustainability initiatives, including the installation of a solar array at a new factory and the replacement of gasoline vehicles with electric ones [15][16] - The balance sheet remains strong, with total debt to adjusted EBITDA at 1.8x, within the desired range [20] Q&A Session Summary Question: Growth by segment breakdown - Management indicated double-digit volume growth in Agriculture and mid-single-digit growth in Infrastructure for the remainder of the year [26][27] Question: Strategic capacity expansion - The company is adding capacity in irrigation and telecommunications, particularly in Brazil and Dubai, to meet increased demand [28][29] Question: Gross margins amidst inflation - Management noted that gross margins expanded by 10 basis points, attributed to successful pricing strategies and operational efficiencies [31][32] Question: Impact of interest rates on project activity - Management does not foresee significant impacts from rising interest rates on project activity, particularly in the utility sector [36][37] Question: SG&A growth modeling - SG&A is expected to correlate with sales growth, with continued investment in R&D impacting future SG&A levels [51][52] Question: North American agriculture performance - Strong demand in North America is driven by various factors, including storm damage recovery and effective dealer performance programs [55][56]