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]

Financial Data and Key Metrics Changes - GAAP EPS for Q4 2025 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 [13] - Adjusted diluted EPS was $4.92, up 28.1% year-over-year [13] - Full-year adjusted diluted EPS was $19.09, an increase of 11.1% over 2024 [19] Business Line Data and Key Metrics Changes - Infrastructure sales for Q4 2025 were $819 million, growing 7.2% year-over-year, with utility sales increasing by 21% [16] - Agriculture sales decreased by 19.9% year-over-year to $222.7 million, with an operating loss of $3.3 million in Q4 [12][18] - Coatings sales increased by 6.3%, supported by healthy infrastructure demand [16] Market Data and Key Metrics Changes - The utility market is experiencing strong demand driven by electrification, AI, and grid expansion, with a backlog of $1.5 billion, up 22% from the previous year [7][27] - North American agriculture markets remain challenged, with international sales declining due to economic conditions in Brazil [10][12] - The telecommunications market has normalized, with ongoing investments in wireless and RAN [42] Company Strategy and Development Direction - The company is focused on disciplined resource allocation, safety, and continuous improvement to enhance performance [6] - Investments in technology and aftermarket services are aimed at improving efficiency and customer experience in agriculture [11] - The company plans to host an investor day to share deeper insights into its strategy and long-term financial targets [12] 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 [27] - The agriculture segment is expected to see a meaningful recovery in Q1 2026, with a focus on restoring margins [28][29] - 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 [22][23] Other Important Information - The company acquired the remaining 40% of ConcealFab, enhancing its technology and product pipeline [9] - Full-year operating cash flows totaled $457 million, with free cash flow representing approximately 90% of net earnings [19] - The company returned $250 million to shareholders through dividends and share repurchases [20] Q&A Session Summary Question: Confidence in utility demand and competitive landscape - Management is confident in the utility market due to strong drivers like electrification and grid expansion, supported by a backlog of $1.5 billion [27] Question: Actions to restore agriculture margins - Management expects a meaningful recovery in agriculture margins in Q1 2026, having taken steps to address previous challenges [28][29] Question: Capital spending for utility capacity expansions - The company plans to increase capital spending to $170 million-$200 million in 2026 to meet durable demand in the utility sector [31][32] Question: Balance sheet utilization for pricing - The company aims to use its strong balance sheet for growth rather than trading price for prepayments, focusing on improving working capital [34][35] Question: Outlook for agriculture project wins - Management anticipates a slower first half for agriculture but is confident in the pipeline of projects for the second half of the year [39]

Valmont Industries (VMI) came out with quarterly earnings of $4.92 per share, missing the Zacks Consensus Estimate of $4.95 per share. This compares to earnings of $3.84 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -0.54%. A quarter ago, it was expected that this infrastructure equipment maker would post earnings of $4.64 per share when it actually produced earnings of $4.98, delivering a surprise of +7.33%.Over the last fo ...

Q4 and Full-Year 2025 Earnings Presentation February 17, 2026 Valmont® Industries, Inc.© 2026 Disclosure Regarding Forward-Looking Statements These slides (and the accompanying oral discussion) contain 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 develo ...

Financial Performance - Fourth quarter net sales increased by 0.1% to $1.04 billion, while full-year net sales rose by 0.7% to $4.10 billion[5][10] - Diluted earnings per share (EPS) for the fourth quarter increased by 135.7% to $9.05, and adjusted EPS rose by 28.1% to $4.92[5][10] - Operating income for the fourth quarter decreased by 2.9% to $116.5 million, while adjusted operating income increased by 5.6% to $126.7 million[5][10] - Net earnings for the fifty-two weeks ended December 27, 2025, were $353,688 thousand, slightly up from $350,624 thousand in 2024, indicating a growth of 0.6%[34] - Net earnings attributable to Valmont Industries, Inc. for the thirteen weeks ended December 27, 2025, were $168,001, compared to $77,653 in 2024, with earnings per share (EPS) of $9.13, up from $3.88[24] - Adjusted net earnings attributable to Valmont Industries, Inc. were $97,113,000, or $4.92 per diluted share for the thirteen weeks ended December 27, 2025, and $380,603,000, or $19.09 per diluted share for the fifty-two weeks ended December 27, 2025[43] Sales and Backlog - The company reported a backlog increase of $217.0 million, or 15.1%, to $1.65 billion, driven primarily by strong demand in the utility market[10] - The total backlog increased to $1,653.7 million as of December 27, 2025, up from $1,436.7 million as of December 28, 2024, with infrastructure backlog at $1,548.3 million and agriculture backlog at $105.4 million[55] - Infrastructure segment net sales for the thirteen weeks ended December 27, 2025, were $816,587, an increase from $760,848 in 2024, while the Agriculture segment saw a decline to $221,673 from $276,446[26] Future Outlook - Full-year 2026 net sales outlook is projected between $4.2 billion and $4.4 billion, representing a growth of 2.5% to 7%[15] - Infrastructure net sales for 2026 are expected to be between $3.25 billion and $3.4 billion, reflecting a growth of 5% to 9%[15] - Capital expenditures for 2026 are anticipated to be between $170 million and $200 million[15] - The effective tax rate for 2026 is projected to be approximately 26.0%[15] Profitability and Margins - Gross profit for the thirteen weeks ended December 27, 2025, was $309,421, representing a gross margin of 29.8%, compared to $313,021 and a margin of 30.2% for the same period in 2024[24] - Adjusted gross profit for the fifty-two weeks ended December 27, 2025, was $1,241,296 thousand, compared to $1,239,936 thousand in 2024, reflecting a marginal increase of 0.1%[39] - The company reported a gross profit margin of 30.2% for the fifty-two weeks ended December 27, 2025, consistent with the previous year[39] Cash Flow and Capital Structure - Net cash flows from operating activities decreased to $456,484 thousand in 2025 from $572,678 thousand in 2024, a decline of 20.2%[34] - Free cash flow for the fifty-two weeks ended December 27, 2025, was $311,449,000, down from $493,227,000 for the same period in 2024, primarily due to increased capital expenditures[53] - Cash and cash equivalents at the end of the period increased to $187,140 thousand in 2025 from $164,315 thousand in 2024, a rise of 13.9%[34] - Long-term debt, excluding current installments, rose to $795,150 thousand in 2025 from $729,941 thousand in 2024, an increase of 8.9%[32] - Total current liabilities decreased to $731,620 thousand in 2025 from $811,425 thousand in 2024, a reduction of 9.8%[32] Charges and Impairments - The company incurred realignment charges of $6,506 for the thirteen weeks ended December 27, 2025, compared to no charges in the same period of 2024[24] - The company recorded non-cash impairment charges of $91.3 million for long-lived assets, impacting overall earnings[44] - The impairment of long-lived assets for the fifty-two weeks ended December 27, 2025, was $91,337, while there were no impairments reported in 2024[24] Taxation - The effective tax rate for the adjusted earnings before income taxes was 18.0% for the thirteen weeks ended December 27, 2025, and 23.2% for the fifty-two weeks ended December 27, 2025[47] Investment and Returns - Average invested capital was $2,343,300,000, resulting in a return on invested capital of 16.6% and an adjusted return on invested capital of 17.6%[57]

OMAHA, Neb.--(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 fourth quarter and fiscal year ended December 27, 2025. President and Chief Executive Officer Avner M. Applbaum commented, "In the fourth quarter we delivered improved earnings per share and grew our backlog year-over-year amid a mixed demand environment. During 20. ...