Valmont (VMI) Q1 2026 Earnings Call Transcript

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Date

April 21, 2026, 9 a.m. ET

Call participants

• Chief Executive Officer — Avner Applbaum
• Chief Financial Officer — John Schweitz
• Vice President, Investor Relations — Renee Campbell

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Takeaways

• Net Sales -- $1.03 billion, representing a 6.2% increase year over year, primarily driven by Infrastructure segment performance.
• Operating Income -- $155.6 million, with operating margins up 190 basis points to 15.1%, reflecting improved execution in both business segments.
• Diluted Earnings Per Share -- $5.51, a 27.5% increase, marking a record first quarter result.
• Infrastructure Segment Sales -- $806 million, up 14.1%, with North America Utility sales rising 27.4% through pricing and volume gains.
• North America Lighting and Transportation Sales -- Down 4.4% due to production challenges, while North America Coatings sales increased 13.3% on healthy infrastructure and data center demand.
• North America Telecommunications Sales -- Declined 3.9% as spending allocations shifted among carriers.
• International Infrastructure Sales -- Grew 6.9% due to favorable foreign exchange impacts.
• Infrastructure Operating Margin -- 17.8%, up 110 basis points, attributed to pricing actions and fixed cost leverage.
• Agriculture Segment Sales -- $227 million, a 15.1% decline, attributed to lower international sales; North America Agriculture managed a 1.5% increase.
• Agriculture Operating Margin -- 14.8%, returning to double-digit levels through effective pricing and cost discipline.
• Operating Cash Flow -- $103.5 million, with $160.2 million in cash and net debt leverage at approximately 1x.
• Capital Expenditures -- $35 million invested, mainly into utility capacity expansion initiatives.
• Shareholder Returns -- $71 million returned via $13 million in dividends and $58 million in share repurchases; quarterly dividend increased 13% to $0.77 per share.
• Full-Year Net Sales Guidance -- Projected at $4.2 to $4.4 billion, with Infrastructure sales expected to be $3.3 to $3.45 billion, and Agriculture sales projected at $900 to $950 million.
• Full-Year EPS Guidance -- Diluted EPS projected at $21.50 to $23.50, with midpoint guidance reflecting 4.8% revenue growth and 17.9% adjusted EPS growth.
• Section 232 Tariff Impact -- Incorporated in guidance, limited to a 10% incremental tariff by maximizing U.S. melt-and-poured steel for North America Utility inputs sourced from Mexico.
• Backlog Commentary -- Backlog described as "relatively flat" sequentially but "up year over year," with industry lead times cited at 42 to 44 weeks for bid markets.
• Production and Capacity Strategy -- Capacity expansion supported by continuous operational improvements, not solely CapEx, resulting in throughput increases beyond initial CapEx-to-capacity assumptions.

Summary

Valmont Industries (NYSE:VMI) delivered record quarterly earnings per share, driven largely by Infrastructure segment growth and strategic pricing actions that elevated both sales and profit margins. The company raised its full-year outlook, expecting Infrastructure demand—particularly within North America Utility—to sustain elevated price and volume levels, as indicated by strong customer spending plans and expanding industry lead times. Management confirmed minimal earnings sensitivity to recent tariff changes through ongoing supply chain adjustments, specifically shifting sourcing to U.S. melt-and-poured steel to mitigate cost exposure.

• The recent acquisition of Rational Minds and full ownership of ConcealFab was completed for $20 million, in line with capital allocation priorities.
• Management highlighted a product revenue reporting change, consolidating International Infrastructure and Global Solar to better reflect customer end-markets.
• Resolution of the material Brazil legal matter was achieved within existing accruals, with no incremental financial impact cited.
• Operational commentary cited persistent challenges in the Agriculture segment, particularly in international markets facing geopolitical and logistical headwinds, as well as regional credit constraints in Brazil.
• Guidance explicitly references the Section 232 tariff regime, noting expected cost neutrality from supply chain and pricing strategies; CFO Schweitz described the company's goal as being "tariff-cost-profit neutral."
• Leadership transition to John Schweitz as CFO was described as seamless, with stated continuity in financial discipline and capital allocation strategy.
• Exposure to the Middle East conflict resulted in paused Dubai operations, though production was partially mitigated by reallocating manufacturing to other facilities.

Industry glossary

• Section 232 Tariff: A U.S. trade measure imposing duties on steel and aluminum imports, relevant to Valmont's sourcing and supply chain costs in North America Utility.
• Melt-and-Poured Steel: Steel that is both melted and poured in the United States, qualifying for preferential tariff treatment under Section 232 trade rules.
• Kaizen: A continuous improvement methodology used within plant operations to increase throughput and eliminate process bottlenecks.
• IOU: Investor Owned Utility, referring to private-sector utility companies that are major Valmont customers for infrastructure products.

Full Conference Call Transcript

Avner Applbaum: Good morning, everyone, and thank you for joining us. Turning to slide four, I will start with a few key messages for the quarter. We delivered a strong start to the year, with sales growth, record first quarter earnings per share, and progress against our strategic priorities. This reflects our discipline and focused execution across the business. We remain committed to serving customers, managing what we can control, and advancing our value drivers. Our performance reflects the execution of our strategy. We are prioritizing high-value offerings, strengthening our core businesses, and improving operational performance. Our strategy is anchored in markets with durable demand drivers, most notably utility, while continuing to improve the quality and resiliency of our earnings.

Second, Infrastructure is performing well, supported by a growing demand for energy. This includes the need to expand the electrical grid to support data centers and the need to replace aging assets. Our capacity expansion plans are on track, and these actions are driving improvements in throughput and overall operational performance, as reflected in the 27% sales growth in North America Utility. Third, in Agriculture, we were able to grow in North America year over year due to favorable pricing. I also want to recognize our teams in the Middle East who continue to navigate a very challenging environment. The safety and well-being of our employees remain our top priority.

We are focused on supporting them as they manage through the ongoing situation. We appreciate their commitment to one another and to our customers during this time. Turning to slide five for a review of our current market dynamics, starting with North America Utility. Our customers are implementing multiyear increases in capital spending, driving strong demand in utility infrastructure. U.S. utilities are planning roughly $1.4 trillion of investment through 2030, up meaningfully from prior expectations, driven by load growth, grid modernization, and increasingly, data center demand. This environment supports our growth outlook and the capacity expansions we have underway. Industry supply remains constrained, with extended lead times and favorable pricing and margins.

North America Coatings is also capturing growth from infrastructure activity and increasing exposure to data center construction. Our galvanizing services play a critical role in protecting and extending the life of steel structures. In North America Lighting and Transportation, market conditions remain mixed. In Lighting, demand continues to be impacted by softer housing activity and commercial development. In Transportation, the market is supported by stable infrastructure spending. From an operational standpoint, we have made progress, but we are not yet where we want to be in terms of consistency. Our priority is improving performance to deliver reliably for our customers. Turning to International Infrastructure, market conditions across Europe and Asia Pacific remain soft but stable.

We are advancing commercial discipline and improving operational performance. Turning to slide six. Agriculture markets are navigating a dynamic environment as we begin the year. In North America, grower sentiment remains cautious, reflecting tighter farm economics supported by USDA data. Seasonal order patterns have been more muted with no meaningful acceleration in the spring selling season. Taken together, current indicators, including input costs and overall farmer profitability, suggest the market will remain under pressure in the near term. International markets are seeing variability in demand. Ongoing challenges in the Middle East, including logistics constraints and reduced operating capacity, are impacting activity and the pace of execution.

At the onset of the conflict, our Dubai facility operated at a minimal level prioritizing employee safety, in alignment with local government guidance. The plant has currently paused operations until conditions stabilize. We have mitigated some of this impact through our global manufacturing footprint, leveraging other facilities to support demand in the region. Long-term demand is supported by investment in food security and water infrastructure. In Brazil, tight credit availability and delays in government-backed financing continue to weigh on near-term demand. Over the longer term, Brazil remains an attractive growth market supported by favorable agronomics, multiple crop cycles, and compelling returns on irrigation equipment.

We continue to advance our priorities in technology and aftermarket, positioning Agriculture to perform through the cycle. Turning to slide seven. I would now like to welcome and introduce John Schweitz as Valmont Industries, Inc.'s chief financial officer. John has been with Valmont Industries, Inc. for more than sixteen years, with leadership roles across both our Infrastructure and Agriculture segments. He brings deep knowledge of the business and a strong track record of financial discipline and execution. John leads with integrity and accountability, brings a passion for serving our customers, and is deeply committed to continuous improvement and delivering results. This is a seamless transition as our strategy, value drivers, and capital allocation priorities remain unchanged.

We are confident in John's leadership as we continue to build on our momentum. I will now turn the call over to John to review our first quarter financial results and updated 2026 outlook. Thank you.

John Schweitz: Thank you, Avner. Good morning, everyone, and thank you for joining us today. I would like to start by thanking Avner and the board for their confidence in me as I step into the CFO role. I appreciate the opportunity to build upon the strong foundation already in place. I look forward to working closely with our teams across Valmont Industries, Inc. to reinforce financial discipline, support our strategy, and deliver long-term value for our customers, employees, and shareholders. Turning to slide nine. Net sales of $1.03 billion increased 6.2% year over year, driven by sales growth in Infrastructure, particularly North America Utility.

Operating income increased to $155.6 million, and operating margins improved 190 basis points to 15.1%, reflecting stronger performance in both segments. Our tax rate remained steady at approximately 26%. Diluted earnings per share was $5.51, a 27.5% increase from prior year. Moving to our segment results on slide 10. I want to start by highlighting a change to our Infrastructure product line revenue reporting beginning this quarter. We have realigned to better reflect the markets that we serve and how we manage them. We are now reporting our North America Infrastructure businesses separately and have consolidated International Infrastructure and Global Solar into one product line.

A quarterly recast for 2025 reflecting these updates is included in the appendix of today's presentation. Now moving to Infrastructure results. Sales of $806 million grew 14.1% year over year. North America Utility sales increased 27.4%, driven by pricing and higher volumes. Sales in North America Lighting and Transportation declined 4.4% due to the production challenges as noted by Avner. North America Coatings sales increased 13.3%, supported by healthy infrastructure and data center demand. North America Telecommunications sales decreased 3.9% as volume softened due to a shift in carrier spending allocation. International Infrastructure sales increased 6.9% due to favorable foreign exchange impacts.

Operating income was $143 million, or 17.8% of net sales, an increase of 110 basis points as a result of our pricing actions and fixed cost leverage. Turning to slide 11. First quarter Agriculture sales decreased 15.1% year over year to $227 million, driven by lower international sales. North America Agriculture increased 1.5% year over year. Importantly, operating margin improved to 14.8% in the quarter, returning to double-digit levels. This reflects the benefits of our continued focus on pricing, cost management, and risk mitigation. Following up on last quarter, we reached a settlement on the material Brazil legal matter we previously discussed, and it was resolved within our existing accrual. Moving to slide 12 for cash, liquidity, and capital allocation.

We had another quarter of healthy operating cash flows, generating $103.5 million. We ended the quarter with $160.2 million of cash, and our net debt leverage is approximately 1x. During the quarter, we invested $35 million in CapEx, primarily for utility capacity expansion. As previously discussed, we finalized the acquisition of Rational Minds and the purchase of the remaining minority shares of ConcealFab for a combined $20 million. We returned $71 million to shareholders, including $13 million through dividends and $58 million through share repurchases. In February, we also increased our quarterly dividend by 13% to $0.77 per share, or $3.80 on an annualized basis. Turning to our 2026 outlook on slide 13. We are increasing our full-year EPS guidance.

Net sales are projected to be between $4.2 to $4.4 billion. We are increasing Infrastructure sales to be between $3.3 to $3.45 billion. This is offset by a decline in Agriculture sales to be between $900 million to $950 million. In Infrastructure, the increase is driven by North America Utility. We expect pricing and volumes to remain elevated throughout the year. In Agriculture, given recent changes in market conditions and project economics, primarily related to the Middle East conflict, we have become more selective in our pipeline, aligning with our disciplined approach and focus on long-term value. Diluted earnings per share are projected to be in the range of $21.50 to $23.50.

At midpoint, this represents a 4.8% growth in revenue and a 17.9% growth in adjusted EPS. Higher pricing and volumes in North America are driving the increase in our EPS target. Also included in our EPS guidance is the impact of the tariff changes that went into effect on April 6, which primarily affect a portion of our North America Utility source from Mexico. Importantly, we are mitigating much of this exposure by using primary U.S. melt-and-poured steel, which limits the incremental Section 232 tariff to 10%. Looking ahead, we remain focused on what we can control and prioritizing opportunities that support sustainable, higher-quality earnings. With that, I will turn the call back to Avner to review our value drivers.

Thank you.

Avner Applbaum: Moving to slide 14. We continue to advance our three core value drivers: catching the infrastructure wave, positioning Agriculture for growth, and executing disciplined resource allocation. These priorities are guiding how we invest in capacity, strengthen our product and technology offerings, and align our cost structure, supporting improved performance and more consistent, profitable growth over time. We continue to drive above-market growth in Infrastructure through targeted investments in capacity and operational efficiency, and we are seeing the benefits reflected in our sales volume. In Agriculture, we are growing our presence in emerging markets and investing in aftermarket and technology to improve the mix of higher-margin business. Finally, our disciplined resource allocation initiatives are on track.

Overall, we are confident in our 2026 performance and achieving our long-term value driver targets. We look forward to sharing more details at our upcoming Investor Day on June 16. Before we close, I want to thank the entire Valmont Industries, Inc. team for their efforts navigating a dynamic first quarter. With that, I will now turn the call over to Renee.

Renee Campbell: Thank you, Avner. We will now open the call for questions.

Operator: Thank you. At this time, we will be conducting a question-and-answer session. If you would like to ask a question, please press 1 on your telephone keypad. You may press 2 if you would like to remove your question from the queue. One moment while we poll for questions. Our first question is from Nathan Jones with Stifel. Please proceed.

Nathan Jones: Good morning, everyone.

Avner Applbaum: Good morning, Nathan.

Nathan Jones: I will start with a question on the Section 232 tariffs. We have been getting a lot of questions from investors, as I am sure you have as well. I think the anticipation was probably that these new tariffs were going to be more impactful to Valmont Industries, Inc. than you are talking about them being. Can you provide a little bit more color on—I know John said using melt-and-poured U.S. steel helps protect from that—but any more color you can give us around that and then how you plan to mitigate that with customers? Thanks.

Avner Applbaum: Thanks. John, do you want to take that one?

John Schweitz: Thank you. So, Nathan, first, we welcome the clarity that we got on April 6 with the updated regulations. Our understanding of these rules is incorporated in our guidance. As you mentioned, the thrust of this guidance is that we need to maximize U.S. melt-and-poured steel. That is what we have been doing for the last few quarters—maximizing that—and that is what we will continue to do. Of course, tariffs change. They adjust. And as they adjust, we adjust our pricing and also our supply chains. This takes a little bit of time to take hold, but overall, we feel comfortable with it.

As we have mentioned on prior calls, the objective for us is to be tariff-cost-profit neutral, and that is what is incorporated in our guidance.

Nathan Jones: That is helpful. Thanks. My second question is around the U.S. Utility business. For the last twelve to eighteen months, I think the company has been talking about effectively being out of capacity and having to increase CapEx to add capacity, which it has been doing. But I think the story was that a dollar of CapEx was going to increase capacity by a dollar, and the business is clearly outperforming the level of CapEx that is going into it. Can you talk a little bit about where the additional productivity is coming from, or how we should think about a dollar of CapEx now translating into maybe more than a dollar of capacity? Thanks.

Avner Applbaum: Sure. We are very pleased with our quarterly results. We have grown Utility by more than 27%, and a lot of the growth is driven by the strength in the environment, coupled with our investment in capacity. Capital is one of the areas where we are investing to increase our capacity, and we are going to invest between $170 to $200 million this year, with the majority of that going into Utility. Capital is one lever, but it is broader than that. It is a whole system of capacity increases: capital, operational capacity, and commercial capacity. For example, while we are adding capital, every day our employees go into the shop and look for opportunities to increase our throughput.

We are getting a lot of innovation and continuous improvement to drive increased output. In one of our plants, we looked at bottlenecks and noticed that in some cases, if we added some labor, we would increase our output. We did a quick, very successful hiring event and were able to increase the capacity at that site. At another site, we saw that the flow was not perfect. We did a couple of kaizen events and significantly improved the flow. We have 24 facilities in the U.S., and at each one of them we are taking many actions to drive increased output. We should see this trend continue into Q2.

We are expecting very strong, similar-type growth or even better in the second quarter. In fact, we should expect to see a very strong year in Utility as well. To sum it up, we are taking many initiatives, capital being one of them. We are seeing that with capital we are driving more than one-for-one, and we look forward to capitalizing on the strength of this market.

Nathan Jones: Thanks very much for taking the questions.

Operator: Our next question is from Christopher Moore with CJS Securities. Please proceed.

Christopher Moore: Recognizing you do not necessarily provide backlog on a quarterly basis, can you give any big-picture thoughts in terms of what it looks like today versus year over year or sequentially?

Avner Applbaum: We are seeing sequentially our backlog is relatively flat, but it is up year over year. It is important to note the backlog reflects the strength of our business, but it is only one data point reflecting the strength in the market. We manage our lead times, and we have improved them. We have the best lead times in the industry right now—between 42 to 44 weeks on our bid markets. We have a lot of projects in the pipeline that do not show up in the backlog with many of our alliance customers.

It is actually an advantage for us not to have them in the backlog, so we do not have to take too much risk as it relates to the pricing of steel, etc. Overall, the most important point is we are seeing unprecedented demand in this market. I mentioned that the IOUs are planning to spend $1.4 trillion through 2030, which is significantly higher than the roughly $1.1 trillion we saw recently—about a 27% increase in their projections. Going into the year, we were thinking we were going to grow 8% to 10% in Utility. Right now, this year is going to be much stronger than that. We are probably going to see growth between mid-teens to high-teens in Utility.

All indications are this market is robust. We have not seen it like this for decades, and we are very pleased with where we are positioned with our backlog, our lead time, and our alliances with customers.

Christopher Moore: Very helpful. Maybe just one on Ag. Can you talk a little bit about rising fertilizer prices and the potential impact on pivot demand? Not necessarily for 2026—it sounds like there could be a lag in demand—but what might be felt in 2027, and how much visibility you have on that front?

Avner Applbaum: There is not great visibility into 2027. Fertilizer is a significant input cost, and it will have impact on farmers. It will put more pressure on their profitability, and they have been under pressure. At this point, we continue to expect a challenging environment in 2026. We are focused on areas where we can drive farmer profitability. We are supporting our farmers with our aftermarket and our technology, and enabling our dealers to ensure they can improve their profitability. These markets have strong long-term fundamentals, and as the market improves, we will be ready to capitalize.

Christopher Moore: Thank you.

Operator: Our next question is from Tomohiko Sano with JPMorgan. Please proceed.

Tomohiko Sano: Hello, everyone, and John, congrats on your new role. For North America Utility, could you comment on any changes in pricing or the competitive landscape? On pricing power in Infrastructure, what gives you confidence in your ability to sustain or enhance pricing, especially as competitive dynamics evolve, please?

Avner Applbaum: Thank you for the question. The market environment continues to be extremely strong right now. We always focus on value pricing. We are the leader in the market with the highest market share, and we provide the utilities with mission-critical products and solutions, supported by our strength in engineering, reliability, quality, and on-time delivery. In this constrained environment, there is very strong value in our offering. The entire industry has been very disciplined around pricing. While there will continue to be growth in this area and our competitors will continue to invest, we remain very disciplined, taking pricing leadership.

As evident by our Q1 performance, which had significant pricing, our performance demonstrates that there is no concern regarding pricing in this environment.

Tomohiko Sano: Thank you, Avner. And a follow-up on Ag margins. They have held up well despite lower sales. If the sales headwinds persist, what structural or mix factors do you see as most critical for sustaining or even expanding margins in this segment, please?

John Schweitz: Thank you, Tom. As you mentioned, Ag margins did well this quarter. We are pleased with the result at 14.8%. That was driven by favorable pricing and also an improved product mix and regional mix. As we look through the rest of the year, there are some headwinds. Seasonality will move us more toward international and less in North America, which will put some pressure on margins for the rest of the year. Also, the impact of fixed cost deleverage in our Dubai facility will add pressure to margins. Overall, this year we expect to be in the mid-teens to low-teens for margins in Ag.

Operator: Our next question is from Brian Drab with William Blair. Please proceed.

Brian Drab: Thanks for taking the questions. Like Nathan, most of the questions lately have been around Section 232. You have in the 10-K, I think, that there is about $220 million worth of product in the Utility business coming in from Mexico. I have not found that 10% figure anywhere. Is that a part of the new structure, or is it stated that it is 10% if you are using melt-and-poured U.S. steel for finished product coming in from Mexico? Or is that just your assessment after looking through everything? And if so, given it is 10%, do you put that on the $220 million, so it is an incremental roughly $20 million in cost that you have to absorb?

John Schweitz: Thank you for the question. Yes, 10% is part of the new regulation, and you are thinking about it the right way. That is approximately the number from Mexico for our output exported to the United States, and it varies year by year. As I mentioned earlier about the transition of our supply chain, the goal is to maximize U.S. melt-and-poured steel. That will reduce our tariff exposure and cost over time. That is what the teams are doing. It will take some time, but we are making rapid progress to maximize U.S. melt-and-poured steel, which brings us closer to the incremental 10%.

Brian Drab: Okay, but you cannot size the incremental cost for us? You do not want to quantify that today? I do not want to press you too much on it, but that is what we are looking for.

John Schweitz: I would say your general range and how you are thinking about it is approximately right. We are seeing strong growth. That $220 million could easily be, you know, $250 million. As we grow and capitalize on the market, we will pay more tariffs, but of course we make very strong margins out of our plant in Mexico. So no concerns on our end.

Brian Drab: Understood. On the Utility business, you mentioned that price and volume drove the growth. You mentioned in the press release you listed price first in describing that strength. Can you talk about the breakdown of price versus volume driving the business? And is the price being supported more by steel moving higher, or secondarily by market demand?

John Schweitz: Thanks for the question. In Q1, the 27% increase was driven primarily by price, as you noted. It is important to note that volume was an important contributor as well—double digits in the quarter. As we look through the rest of the year—Avner noted mid-teens to upper-teens growth expectations for Utility—we expect that to be a balance between price and volume for 2026. Regarding price, to Avner’s comments, we are pricing to market and constantly testing the top of that market. Some of that is pass-through contract pricing tied to material and logistics escalations, so yes, that is a component. But we have confidence in the overall pricing environment for Utility.

Operator: We have reached the end of our question-and-answer session. I will now turn the call over to Renee Campbell for closing remarks.

Renee Campbell: Thanks, everyone, for joining us today. A replay of this call will be available for playback on our website and by phone for the next seven days. We look forward to speaking with you again next quarter. 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 Industries, Inc. operates, perceptions of historical trends, current conditions, expected future developments, and other relevant factors. It is important to note that these statements are not guarantees of future performance or results.

They involve risks and uncertainties, some of which are beyond Valmont Industries, Inc.'s control, and assumptions. While management believes these forward-looking statements are based on reasonable assumptions, numerous factors could cause actual results to differ materially from those anticipated. These factors include, among other things, risks described in Valmont Industries, Inc.'s reports to the Securities and Exchange Commission (SEC), the company's actual cash flows and net income, future economic and market circumstances, industry conditions, company performance and financial results, operational efficiencies, availability and price of raw materials, availability and market acceptance of new products, product pricing, domestic and international competitive environments, geopolitical risks, and actions and policy changes by domestic and foreign governments, including tariffs.

The company cautions that any forward-looking statements in this release are made as of the publication date and does not undertake to update these statements except as required by law. The company's guidance includes certain non-GAAP financial measures—adjusted diluted earnings per share and adjusted effective tax rate—presented on a forward-looking basis. These measures are typically calculated by excluding the impact of items such as foreign exchange, acquisitions, divestitures, realignment or restructuring expenses, goodwill or intangible asset impairment, changes in tax laws or rates, change in redemption value of redeemable noninterest, and other nonrecurring items.

Reconciliations to the most directly comparable GAAP financial measures are not provided, as the company cannot do so without unreasonable effort due to the inherent uncertainty and difficulty in predicting the timing and financial impact of such items. For the same reasons, the company cannot assess the likely significance of unavailable information, which could be material to future results.

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