Valmont Reports Second Quarter 2018 Results
OMAHA, Neb., July 23, 2018 /PRNewswire/ -- Valmont Industries, Inc. (NYSE: VMI), a leading global provider of engineered products and services for infrastructure development and irrigation equipment and services for agriculture, today reported second quarter 2018 results.
Second Quarter 2018 Financial Summary
GAAP Adjusted(1)
---- ----------
6/30/2018 7/1/2017 6/30/2018 7/1/2017
Q2 2018 Q2 2017 vs. Q2 2017 Q2 2018 Q2 2017 vs. Q2 2017
------- ------- ----------- ------- ------- -----------
Revenue $682,405 $712,737 down 4.3% $682,405 $712,737 down 4.3%
Operating Income $63,670 $78,450 down 18.9% $70,689 $78,450 down 9.9%
------- ------- --------- ------- ------- --------
Operating Income
as a % of Net
Sales 9.3% 11.0% 10.4% 11.0%
Net Earnings $32,960 $45,664 down 27.8% $44,709 $45,664 down 2.2%
------- ------- --------- ------- ------- --------
Diluted Earnings
Per Share $1.46 $2.01 down 27.4% $1.98 $2.01 down 1.5%
===== ===== ========= ===== ===== ========
Average Shares
Outstanding 22,573 22,740 22,573 22,740
Second Quarter 2018 Highlights
-- Higher revenues in the Engineered Support Structures and Coatings
segments were more than offset by lower sales in the Irrigation and
Utility Support Structures segments
-- Late-quarter market headwinds contributed to unfavorable sales
comparisons in the Irrigation segment
-- Farmers in North America delayed equipment purchase decisions due to
increased uncertainty over tariff and trade policies, and a
meaningful decline in grain prices during the quarter
-- The truckers' strike in Brazil led to an unexpected, country-wide
business interruption, which hindered the Company's operations
during the quarter, contributing to lower international irrigation
sales and profitability
-- Unfavorable sales comparisons in the Utility segment were largely due to
project timing and product mix
-- Despite lower volumes, price recovery and project mix led to higher
adjusted operating margins
-- Repurchased 203,900 shares of Company stock for $29.2 million, at an
average price of $143.28 per share
-- Extended the average duration of long-term debt during an attractive
interest rate environment, reducing interest expense by approximately
$2.5 million per year
-- Completed the previously-announced divestiture of the grinding media
business, (Donhad Pty. Ltd.) on April 30, 2018, generating net cash
proceeds of $61.0 million
"Our focus on price recovery and maintaining gross profit served us well as we combatted challenging end-market dynamics this quarter," said Stephen G. Kaniewski, President and Chief Executive Officer. "Our performance demonstrates our team's agility to quickly respond to rapidly changing market conditions."
Second Quarter 2018 Segment Review
Infrastructure
Engineered Support Structures Segment (37% of Sales)
Poles, towers and components for the global lighting, traffic and wireless communication markets, engineered access systems, integrated structure solutions for smart cities, and highway safety products
Sales of $250.7 million were 5.9% higher than second quarter 2017, 2.5% was attributable to favorable foreign currency translation, with the remainder due to price and organic growth. Sales growth was mostly driven by improved lighting and traffic structures demand in North America and Europe. In the Asia Pacific region, sales decreased, mainly due to significantly lower wireless communication structures demand in China.
Double-digit sales growth of North American lighting and traffic products was driven by increased transportation market demand, and price recovery of higher steel costs. The sales increase was partially offset by lower commercial lighting sales, as actions to fully recover price temporarily impacted demand. In Europe, lighting sales also grew, aided by improving economic conditions across the region, and increased funding for government infrastructure spending.
Continued infrastructure investment in Australia and India led to higher highway safety product sales in those regions.
Sales of North American wireless communication products and components were higher compared to last year, led by demand from carriers and tower companies preparing site development for 5G implementation. A pause in spending by the largest wireless carrier in China resulted in decreased site and tower demand. Access Systems sales rose slightly above last year.
Operating income was $13.0 million or 5.2% of sales ($18.4 million, or 7.3% adjusted(1)) compared to $20.3 million, or 8.6% of sales in 2017. As expected, profitability was impacted by lower volumes due to price recovery actions in certain markets.
Utility Support Structures Segment (29% of Sales)
Steel and concrete structures for global utility transmission, distribution and generation applications, wind and offshore structures, and inspection services
Sales of $197.7 million decreased 6.1% compared to last year, mostly due to lower volumes attributed to a less favorable product mix in North America. Higher steel costs were recovered through increased pricing. Sales volumes of offshore wind structures in Northern Europe were lower than last year, due to a challenging pricing environment.
Operating income was $20.8 million, or 10.5% of sales ($22.3 million, or 11.3% adjusted(1)) compared to $22.4 million or 10.6% of sales last year. Despite lower sales and under- performance in offshore wind, margins improved due to a more favorable project mix compared to 2017.
Coatings Segment (13% of Sales)
Global galvanizing, painting and anodizing services to preserve and protect metal products
Global sales of $91.6 million were 14.8% higher than last year, reflecting price recovery of higher zinc costs and improved volumes. Increased broad-based industrial demand across all regions drove sales higher. Sales to other Valmont segments were comparable to last year.
Operating income was $14.9 million, or 16.2% of sales, compared to $12.1 million, or 15.2% of sales in 2017. Higher volumes, pricing to recover zinc cost increases, and improved operating leverage, all contributed to favorable results. Profitability was also aided this quarter by recent implementation of the GalvTrac(TM) management tool, aligning with the Company's strategy to use innovative technology to drive productivity improvements, and operational best practices across its global locations.
Agriculture
Irrigation Segment (24% of Sales)
Agricultural irrigation equipment, parts, services and tubular products, water management solutions, and technology for precision agriculture
Global sales of $162.9 million were 13.5% below last year. In North America, the increased uncertainty of tariff and trade policies late in the quarter pressured grain prices, causing farmers to delay purchase decisions. As expected, project sales in the second quarter of 2017 did not repeat this year, contributing to unfavorable comparisons. Irrigation technology product and service sales were higher, resulting from the Company's strategy to drive adoption of integrated technology offerings, supported by increasing global demand for precision irrigation solutions.
International sales declined from last year, due to smaller project sizes. Sales were further impacted by project movements out of the second quarter. In Brazil, currently the Company's largest international market, the truckers' strike that began in late May disrupted business country-wide. As a result, factory operations were suspended, unfavorably impacting sales for the quarter. Despite robust market demand, longer approvals for government-sponsored financing programs in Brazil delays the timing of orders released for shipment.
Operating income was lower at $27.7 million, or 17.0% of sales, compared to $34.7 million, or 18.4% of sales in 2017. Price increases implemented during the quarter successfully offset inflationary costs. Segment profitability was unfavorably impacted by lower project volumes, and some productivity impacts resulting from the Brazil strike.
Other (1% of Sales)
Manufacture of forged steel grinding media for the mining industry
Sales in grinding media were $4.7 million, and second quarter operating loss was $0.3 million. The divestiture of the grinding media business, (Donhad Pty. Ltd.) was completed on April 30, 2018. Going forward, the Company will no longer report on the "Other" segment.
Operational Transformation Update
As the Company executes on its operational transformation strategy, additional actions were taken during the quarter. These primarily included the consolidation of three Engineered Support Structures' facilities in China to a single location, and completion of the Hazelton, PA factory consolidation in the Utility segment. The resulting pre-tax expenses were $7.0 million, predominately cash.
Through ongoing lean initiatives, assessment of local market conditions, and supply chain optimization efforts, additional opportunities in the Asia Pacific region have been
identified. Anticipated full-year expenses attributed to these combined actions have increased from the $10 million previously communicated, to approximately $20 million ($14 million cash and $6 million non-cash). An annualized payback of 12-18 months is expected on the $14 million of cash expense.
2018 Outlook
The Company's updated 2018 guidance is as follows.
2018 Updated Guidance
---------------------
GAAP Diluted EPS $6.12 - $6.22(2)
---------------- ---------------
Adjusted Diluted EPS(1) $7.55 - $7.65
---------------------- -------------
Revenue Growth(3) 4%
---------------- ---
Operating Profitability
Growth4 25 bps
----------------------- ------
Free Cash Flow 1x Net Earnings
-------------- ---------------
ROIC (after tax) >10%
--------------- ---
(2)Change to GAAP guidance from
the July 12, 2018 release is
the result of increased pre-
tax restructuring expenses and
minor revisions to the
accounting for the divestiture
of the grinding media business.
Mr. Kaniewski stated, "As we consider the outlook for the remainder of the year, we remain very positive on our markets and businesses. The steps we are taking to transform our operational footprint support our strategy to become a market-focused, growth-oriented organization that is well-positioned for the future, and creating shareholder value."
"Turning to our markets, in the Engineered Support Structures segment, we expect favorable revenue and operating profit comparisons, as a result of pricing actions and improved demand in the lighting and traffic business, and the upcoming transition to 5G. We anticipate favorable third quarter comparisons in our Utility segment, supported by current backlogs. Full-year revenue and operating profit should approximate 2017 results. Irrigation segment results are expected to be below last year due to challenging end-market conditions, but as always, international project activity can influence sales. Although Brazil's current political environment and truckers' strike are impacting full-year sales and profitability, market demand remains robust there. Our Coatings segment is expected to perform in line with first half results, tracking with strong industrial demand."
Added Mr. Kaniewski, "We believe our flexible, global footprint enables us to withstand cost impacts resulting from current tariff and trade policies. However, the effect on end-market demand remains dynamic. Additional opportunities to favorably transform our supply chain in the Asia Pacific region have been identified. We believe executing on these initiatives will lower our cost structure, while continuing to provide high service levels to our customers."
An audio discussion of Valmont's second quarter 2018 results will be available live by dialing 1-877-407-6184 or 1-201-389-0877 (no Conference ID needed), or via webcast, at 8:00 a.m. CDT on July 24, 2018, by pointing browsers to this link: Valmont Industries Q2 2018 Earnings Conference Call. A replay is available by accessing the above link, or by telephone at 1-877-660-6853 or 1-201-612-7415, and enter Conference ID 13680596, beginning July 24, 2018 at 11:00 a.m. CDT through 10:59 p.m. CDT on July 31, 2018. The Company's slide presentation for the call will be simultaneously available on the Investor Relations page at www.valmont.com.
Valmont is a global leader, designing and manufacturing engineered products that support global infrastructure development and agricultural productivity. Its products for infrastructure serve highway, transportation, wireless communication, electric transmission, and industrial construction and energy markets. Its irrigation equipment and services for large-scale agriculture improves farm productivity while conserving fresh water resources. In addition, Valmont provides coatings services that protect against corrosion and improve the service lives of steel and other metal products.
This release contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on assumptions that management has made in light of experience in the industries in which Valmont operates, as well as management's perceptions of historical trends, current conditions, expected future developments and other factors believed to be appropriate under the circumstances. As you read and consider this release, you should understand that these statements are not guarantees of performance or results. They involve risks, uncertainties (some of which are beyond Valmont's control) and assumptions. Although management believes that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect Valmont's actual financial results and cause them to differ materially from those anticipated in the forward-looking statements. These factors include among other things, risk factors described from time to time in Valmont's reports to the Securities and Exchange Commission, as well as future economic and market circumstances, industry conditions, company performance and financial results, operating efficiencies, availability and price of raw material, availability and market acceptance of new products, product pricing, domestic and international competitive environments, and actions and policy changes of domestic and foreign governments. The Company cautions that any forward-looking statement included in this press release is made as of the date of this press release and the Company does not undertake to update any forward-looking statement.
(1)Please see Reg G reconciliation of non-GAAP financial measures to GAAP measures at end of the document.
VALMONT INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(Dollars in thousands, except per share amounts)
(unaudited)
Second Quarter Year-to-Date
13 Weeks Ended 26 Weeks Ended
--------------
30-Jun-18 1-Jul-17 30-Jun-18 1-Jul-17
--------- -------- --------- --------
Net sales $682,405 $712,737 $1,381,089 $1,350,210
Cost of sales 507,406 529,457 1,036,850 1,002,325
------- ------- --------- ---------
Gross profit 174,999 183,280 344,239 347,885
Selling, general and
administrative expenses 111,329 104,830 216,609 204,779
------- ------- ------- -------
Operating income 63,670 78,450 127,630 143,106
------ ------ ------- -------
Other income (expense)
Interest expense (11,791) (10,818) (22,865) (22,122)
Interest income 1,446 967 2,713 1,894
Loss from divestiture of grinding media
business (Donhad) (6,084) - (6,084) -
Other 1,844 (192) 703 853
(14,585) (10,043) (25,533) (19,375)
------- ------- ------- -------
Earnings before income
taxes 49,085 68,407 102,097 123,731
Income tax expense 14,405 21,085 26,937 36,448
------ ------ ------ ------
Net earnings 34,680 47,322 75,160 87,283
------ ------ ------ ------
Less: Earnings attributable to
non-controlling interests (1,720) (1,658) (2,919) (2,640)
------ ------ ------ ------
Net earnings attributable to Valmont
Industries, Inc. $32,960 $45,664 $72,241 $84,643
======= ======= ======= =======
Average shares outstanding
(000's) -Basic 22,438 22,517 22,523 22,494
====== ====== ====== ======
Earnings per share - Basic $1.47 $2.03 $3.21 $3.76
===== ===== ===== =====
Average shares outstanding (000's)
-Diluted 22,573 22,740 22,684 22,700
====== ====== ====== ======
Earnings per share -
Diluted $1.46 $2.01 $3.18 $3.73
===== ===== ===== =====
Cash dividends per share $0.375 $0.375 $0.750 $0.750
====== ====== ====== ======
VALMONT INDUSTRIES, INC. AND SUBSIDIARIES
SUMMARY OPERATING RESULTS
(Dollars in thousands)
(unaudited)
Second Quarter Year-to-Date
13 Weeks Ended 26 Weeks Ended
-------------- --------------
30-Jun-18 1-Jul-17 30-Jun-18 1-Jul-17
--------- -------- --------- --------
Net sales
Engineered Support
Structures $250,711 $236,803 $475,665 $441,752
Utility Support Structures 197,719 210,604 407,581 410,869
Coatings 91,572 79,781 176,519 153,249
------ ------ ------- -------
Infrastructure products 540,002 527,188 1,059,765 1,005,870
Irrigation 162,936 188,287 350,889 355,511
Other 4,681 21,072 23,080 40,666
Less: Intersegment sales (25,214) (23,810) (52,645) (51,837)
------- ------- ------- -------
Total $682,405 $712,737 $1,381,089 $1,350,210
======== ======== ========== ==========
Operating Income
Engineered Support
Structures 12,965 20,288 19,912 29,752
Utility Support Structures 20,841 22,394 44,208 46,601
Coatings 14,868 12,108 26,735 21,514
------ ------ ------ ------
Infrastructure products 48,674 54,790 90,855 97,867
Irrigation 27,728 34,670 61,615 64,961
Other (334) 1,859 (913) 3,945
Adjustment to LIFO inventory
valuation method (1,651) (434) (2,732) (1,213)
Corporate (10,747) (12,435) (21,195) (22,454)
------- ------- ------- -------
Total $63,670 $78,450 $127,630 $143,106
======= ======= ======== ========
Valmont has aggregated its business segments into four global reportable segments as follows.
Engineered Support Structures:This segment consists of the manufacture of engineered metal and composite pole, towers, and components for global lighting, traffic, and wireless communication
markets, engineered access systems, integrated structure solutions for smart cities, and highway safety products.
Utility Support Structures:This segment consists of the manufacture of engineered steel and concrete structures for the global utility transmission, distribution, and generation applications, wind
and offshore structures outside of North America, and inspection services.
Coatings:This segment consists of global galvanizing, painting and anodizing services.
Irrigation:This segment consists of the global manufacture of agricultural irrigation equipment, parts and services, tubular products, water management solutions, and technology for precision
agriculture.
In addition to these four reportable segments, the Company had other businesses and activities that individually are not more than 10% of consolidated sales, operating income or assets. This
includes the manufacture of forged steel grinding media and is reported in the "Other" category until its divestiture.
VALMONT INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
(unaudited)
30-Jun-18 1-Jul-17
--------- --------
ASSETS
------
Current assets:
Cash and cash equivalents $722,588 $448,222
Accounts receivable, net 472,849 496,962
Inventories 381,971 382,648
Prepaid expenses 127,843 43,545
Refundable and deferred income taxes 9,841 4,830
Total current assets 1,715,092 1,376,207
Property, plant and equipment, net 492,688 520,107
Goodwill and other assets 571,581 626,848
$2,779,361 $2,523,162
========== ==========
LIABILITIES AND
SHAREHOLDERS'
EQUITY
----------------
Current liabilities:
Current installments of long-term
debt $863 $921
Notes payable to banks 271 376
Accounts payable 193,612 193,087
Accrued expenses 151,176 171,191
Dividend payable 8,412 8,472
Total current liabilities 354,334 374,047
Long-term debt,
excluding current
installments 988,520 754,436
Other long-term liabilities 286,683 292,233
Shareholders' equity 1,149,824 1,102,446
$2,779,361 $2,523,162
========== ==========
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in thousands) and unaudited
YTD YTD
Cash flows from operating activities 30-Jun-18 1-Jul-17
------------------------------------ --------- --------
Net Earnings $75,160 $87,283
Depreciation and amortization 41,657 41,754
Loss from
divestiture of
grinding media
business 6,084 -
Contribution to
defined benefit
pension plan (731) (25,379)
Change in working capital (73,192) (64,304)
Other 4,680 16,376
Net cash flows
from operating
activities 53,658 55,730
Cash flows from investing activities
------------------------------------
Purchase of property, plant, and
equipment (31,816) (26,183)
Proceeds from sale of assets 64,393 -
Acquisitions (9,300) -
Other 783 3,546
Net cash flows from investing
activities 24,060 (22,637)
Cash flows from financing activities
------------------------------------
Proceeds from long-term borrowings 237,641 -
Net borrowings on
short and long-
term agreements 130 (803)
Purchase of treasury shares (43,999) -
Purchase of noncontrolling interest (5,510) -
Dividends paid (17,003) (16,913)
Other (6,194) 4,223
Net cash flows
from financing
activities 165,065 (13,493)
Effect of exchange
rates on cash and
cash equivalents (13,000) 16,106
Net change in cash and cash
equivalents 229,783 35,706
Cash and cash
equivalents -
beginning of year 492,805 412,516
Cash and cash equivalents -end of
period $722,588 $448,222
VALMONT INDUSTRIES, INC. AND SUBSIDIARIES
SUMMARY OF EFFECT OF SIGNIFICANT NON-RECURRING ITEMS ON REPORTED RESULTS
REGULATION G RECONCILIATION
(Dollars in thousands, except per share amounts)
(unaudited)
The non-GAAP tables below disclose the impact on (a) diluted earnings per share of (1) restructuring costs related to the plan announced in February 2018 and (2) the loss from divestiture of its grinding media business, (b) operating income of restructuring costs and the divestiture
of grinding media business, and (c) segment operating income of restructuring costs. Amounts may be impacted by rounding. We believe it is useful when considering company performance for the non-GAAP adjusted net earnings and operating income to be taken into consideration by
management and investors with the related reported GAAP measures.
13 Weeks Diluted 26 Weeks Diluted
Ended June 30, earnings per Ended June 30, earnings per
2018 share 2018 share
---- ----- ---- -----
Net earnings attributable to
Valmont Industries, Inc. -as
reported $32,960 $1.46 $72,241 $3.18
Restructuring expenses - pre-tax 7,019 0.31 11,419 0.50
Loss from divestiture of grinding
media business, pre-tax 6,084 0.27 6,084 0.27
----- ---- ----- ----
Total Adjustments 13,103 0.58 17,503 0.77
Tax effect of adjustments * (1,354) (0.06) (2,429) (0.11)
Net earnings attributable to
Valmont Industries, Inc. -
Adjusted $44,709 $1.98 $87,315 $3.84
======= ===== ======= =====
Average shares outstanding (000's)
-Diluted 22,573 22,684
* The tax effect of adjustments is calculated based on the income tax rate in each applicable jurisdiction,
Operating Income Reconciliation 13 Weeks 13 Weeks 26 Weeks 26 Weeks
Ended June 30, Ended July 1, Ended June 30, Ended July 1,
2018 2017 2018 2017
--- ---- ---- ---- ----
Operating income - as reported $63,670 $78,450 $127,630 $143,106
Restructuring expenses 7,019 - 11,419 -
----- --- ------ ---
Adjusted Operating Income 70,689 78,450 139,049 143,106
------ ------ ------- -------
Operating loss/(income) from
divested grinding media business 334 (1,859) 913 (3,945)
--- ------ --- ------
Adjusted Operating Income, from
ongoing operations $71,023 $76,591 $139,962 $139,161
------- ------- -------- --------
Net Sales - as reported $682,405 $712,737 $1,381,089 $1,350,210
Net sales from divested grinding
media business (4,681) (21,072) (23,080) (40,666)
------ ------- ------- -------
Adjusted Net Sales $677,724 $691,665 $1,358,009 $1,309,544
-------- -------- ---------- ----------
Operating Income as a % of Sales 9.3% 11.0% 9.2% 10.6%
Adjusted operating income from
ongoing operations, as a % of
Adjusted Sales 10.5% 11.1% 10.3% 10.6%
==== ==== ==== ====
For the Second Quarter Ended June 30, 2018
------------------------------------------
Segment Operating Income
Reconciliation Engineered Utility Support Coatings Irrigation Other/ Corporate
Infrastructure Structures
Products
--- --------
Operating income - as reported $12,965 $20,841 $14,868 $27,728 $(12,732)
Restructuring expenses 5,419 1,474 - - 126
Adjusted Operating Income $18,384 $22,315 $14,868 $27,728 $(12,606)
======= ======= ======= ======= ========
Net sales 250,711 197,719 91,572 162,936
Operating Income as a % of Sales 5.2% 10.5% 16.2% 17.0% NM
Adjusted Operating Income as a %
of Sales 7.3% 11.3% 16.2% 17.0% NM
-------------------------------- --- ---- ---- ---- ---
For the Second Quarter Ended July 1, 2017
-----------------------------------------
Operating income - as reported $20,288 $22,394 $12,108 $34,670 $(11,010)
Net sales 236,803 210,604 79,781 188,287
Operating Income as a % of Sales 8.6% 10.6% 15.2% 18.4% NM
-------------------------------- --- ---- ---- ---- ---
VALMONT INDUSTRIES, INC. AND SUBSIDIARIES
SUMMARY OF EFFECT OF SIGNIFICANT NON-RECURRING ITEMS ON ESTIMATED 2018 RESULTS
REGULATION G RECONCILIATION
(Dollars in thousands, except per share amounts)
The non-GAAP tables below disclose the impact on the range of estimated diluted earnings per share of (1) restructuring costs related to the plan announced
in February 2018, (2) preliminary loss from the divestiture of the grinding media business, which occurred on April 30, 2018 and (3) certain refinancing
expenses associated with redemption of bonds completed in the third quarter of 2018. We believe it is useful when considering company performance for the
non-GAAP adjusted net earnings to be taken into consideration by management and investors with the related reported GAAP measures as non-recurring
transactions were or expected to be recognized in 2018.
Reconciliation of Range of
Net Earnings -Full Year
2018 Low End High End Adjustments
--------------------------
Estimated net earnings -
GAAP $138,666 $140,866
Estimated restructuring
expense, pre-tax 20,000
Loss from divestiture of grinding media, pre-tax 6,084
Redemption of long-term debt expenses, pre-tax 14,750
------
Total pre-tax adjustments 40,834
Estimated tax benefit from
above expenses* (8,500)
------
Total Adjustments, after-
tax $32,334
Estimated net earnings -
Adjusted $171,000 $173,200
Diluted Earnings Per Share
Range -GAAP $6.12 $6.22
Diluted Earnings Per Share
Range -Adjusted $7.55 $7.65
*The tax effect of adjustments is calculated based on income tax rate in each applicable jurisdiction.
(1)Please see Reg G reconciliation of GAAP operating income, net earnings and EPS to Adjusted figures at end of document
(3)Excludes any potential acquisitions, and grinding media, (Donhad) revenue in both 2018 and 2017
(4)Excludes $20 million of pre-tax 2018 restructuring expenses
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SOURCE Valmont Industries, Inc.
