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Valmont Announces First Quarter Results

OMAHA, Neb. April 19, 2012 VMI $717.4 million $567.9 million $82.8 million $45.3 million $52.3 million $1.96 $25.6 million $0.97

First Quarter Review:

"Record first quarter sales of both irrigation equipment and utility structures were the primary drivers of first quarter results," said Mr. Bay. "This, combined with favorable weather conditions, stable input costs and double-digit sales growth in all of our segments resulted in a record first quarter performance.

Asia-Pacific

"The positive impact of volume leverage on our businesses resulted in a substantial improvement in operating income as a percent of sales."

First Quarter Segment Review:

Utility Support Structures Segment

Steel and concrete structures for the global electric utility industry.

$191.2 million North America

North America

Asia-Pacific

$25.1 million

Irrigation Segment

Center pivot and linear move mechanized irrigation equipment and parts for agriculture in global markets.

$196.3 million North America

International markets experienced modest growth in sales with most regions showing increases.

$38.4 million

Engineered Infrastructure Products Segment

Lighting, traffic and highway safety products, wireless communication structures and components, and industrial gratings and access systems worldwide.

$197.9 million North America

In international markets, European lighting and traffic structures market conditions remained challenging.

Asia-Pacific Australia China

$8.0 million

Coatings Segment

Hot-dip galvanizing, and other coatings to protect against corrosion of steel and aluminum in global markets.

$82.8 million Asia-Pacific Australia

$16.5 million

Outlook:

Europe

$8.00

An audio discussion of Valmont’s first quarter results Mogens C. Bay Terry J. McClain 8:00 a.m. CDT April 20, 2012 http://www.valmont.com/page.aspx?id=445&pid=21 April 20, 2012 10:00 a.m. CDT 12:00 p.m. CDT April 27, 2012

Valmont is the global leader in designing and manufacturing poles, towers and structures for lighting and traffic, wireless communication and utility markets, industrial access systems, highway safety barriers and a provider of protective coating services. Valmont also leads the world in mechanized irrigation equipment for agriculture, enhancing food production while conserving and protecting natural water resources. In addition, Valmont produces a wide variety of tubing for commercial and industrial applications.

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.

VALMONT INDUSTRIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

(Dollars in thousands, except per share amounts)

(unaudited)

First Quarter

13 Weeks Ended

31-Mar-12

26-Mar-11

Net sales

$ 717,350

$    567,949

Cost of sales

531,036

431,456

          Gross profit

186,314

136,493

Selling, general and administrative expenses

103,496

91,192

          Operating income 

82,818

45,301

Other income (expense)

     Interest expense

(7,807)

(8,271)

     Interest income

2,078

1,787

     Other

1,577

390

(4,152)

(6,094)

          Earnings before income taxes, noncontrolling

          interest, and equity in earnings of

          nonconsolidated subsidiaries 

78,666

39,207

Income tax expense

27,766

13,288

          Earnings before noncontrolling interest, equity in 

          earnings of nonconsolidated 

          subsidiaries 

50,900

25,919

Equity in earnings of nonconsolidated subsidiaries

1,688

954

          Net earnings

52,588

26,873

Less:  Earnings attributable to noncontrolling interests

(263)

(1,264)

          Net earnings attributable to Valmont Industries, Inc.

$   52,325

$      25,609

Average shares outstanding (000’s) – Basic

26,396

26,271

Earnings per share – Basic

$       1.98

$          0.98

Average shares outstanding (000’s) – Diluted

26,678

26,537

Earnings per share – Diluted

$       1.96

$          0.97

Cash dividends per share

$     0.180

$        0.165

 

VALMONT INDUSTRIES, INC. AND SUBSIDIARIES

SUMMARY OPERATING RESULTS

(Dollars in thousands)

(unaudited)

First Quarter

13 Weeks Ended

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