Valmont Industries reported second-quarter 2026 results with net sales of $1.1187 billion, operating income of $166.1 million and diluted earnings per share of $6.14. The company generated $148.1 million of operating cash flow in the quarter, returned $74.9 million to shareholders, and raised its full-year 2026 net sales and EPS outlook. Management cited strong performance in North America Utility and Coatings while Agriculture volumes remained soft amid market headwinds.

Financial Highlights

  • Net sales: $1,118,689 (Q2 2026), up 6.5% from $1,050,548 (Q2 2025).
  • Gross profit: $340,817 with gross margin reported at 30.5% of net sales (Q2 2026).
  • Operating income: $166,111 (14.8% of net sales) for Q2 2026 versus $29,276 in Q2 2025.
  • Net earnings attributable to Valmont Industries: $119,918 for Q2 2026; diluted earnings per share: $6.14 (Q2 2026).
  • Adjusted metrics and liquidity: generated operating cash flow of $148.1 million in the quarter; cash and cash equivalents $139.1 million; reported net leverage ratio ~1.0x and stated adjusted EBITDA of $717,828 for the four fiscal quarters ended June 27, 2026.

Business Highlights

  • Infrastructure segment strength: Infrastructure sales rose 14.8% to $878.9 million, led by a 33.9% increase in North America Utility and 16.6% growth in North America Coatings driven by pricing and volume gains.
  • Agriculture segment trends: Agriculture sales declined 15.8% to $243.7 million with lower volumes amid continued softness in agricultural markets and international disruptions tied to the Middle East conflict.
  • Segment margins and execution: Infrastructure operating income improved to $154.4 million (17.6% of segment sales), reflecting favorable pricing and higher volumes and the absence of prior-year impairment and realignment charges.
  • Capital investment and capacity: Invested $35.9 million in Q2 capital expenditures primarily to support capacity for North America Utility product line; full-year capex guidance maintained at $170–$200 million.
  • Backlog and market demand: Total backlog increased to $1,674.9 million ($1,583.6M Infrastructure; $91.3M Agriculture) as of June 27, 2026, indicating continued project pipeline strength in Infrastructure.

Original SEC Filing:

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