Core Insights - Valmont Industries, Inc. (VMI) reported fourth-quarter 2025 adjusted earnings of $4.92 per share, a 28.1% increase from $3.84 in the same quarter last year, but missed the Zacks Consensus Estimate of $4.95 [1] - The company's revenues for the fourth quarter were $1,038.3 million, reflecting a 0.1% year-over-year increase, yet fell short of the Zacks Consensus Estimate of $1,046.9 million [1] Segment Review - Fourth-quarter revenues in the infrastructure segment increased by 7.2% year over year to $819 million, missing the estimate of $825.8 million, driven by strong utility sales growth and steady sales in other North America infrastructure products [2] - Utility sales rose by 21%, supported by favorable pricing and higher volumes, although a significant decline in solar sales and softness in the Asia-Pacific market offset this growth [3] - Agriculture revenues decreased by 19.9% year over year to $222.7 million, but outperformed the estimate of $213.6 million, primarily due to softer demand for irrigation equipment and ongoing macroeconomic challenges [4] Financials - The company ended the quarter with cash and cash equivalents of $187.1 million, and cash provided by operating activities was $456.5 million, down approximately 20% year over year [5] - VMI returned $85.6 million to shareholders through dividends and share repurchases during the quarter and invested $40.8 million in capital expenditures for growth initiatives [5] 2026 Outlook - VMI provided guidance for full-year 2026, anticipating net sales of approximately $4.2-$4.4 billion, with infrastructure-segment revenues of about $3.25-$3.4 billion and agriculture-segment revenues of around $0.95-$1 billion [6] - The earnings per share outlook is set in the range of $20.5 to $23.50, with capital expenditures expected to be between $170-$200 million and an effective tax rate of approximately 26% [6] Stock Performance - VMI shares have increased by 20.8% over the past year, compared to the industry's growth of 25.0% [7]