Valmont - Annual Report 2009

valmont’s vision
- Our strong market positions
  in our core businesses persist.
- Our business drivers
  are global, compelling and enduring.
- Our knowledge is a platform
  from which we build our businesses.
Valmont is recognized throughout the world as an industry leader in engineered support structures and services for infrastructure, and water management for agriculture. We grow our businesses by leveraging our existing products, markets and processes. We recognize that our growth will only create shareholder value if, at the same time, we exceed our cost of capital. Essential to our success is a company-wide commitment to customer service and innovation, and the ability to be the best cost producer for all products and services we provide. Recognizing that our employees are the cornerstone of our accomplishments, we pride ourselves on being people of passion and integrity who excel and deliver results.
valmont at a glance

infrastructure

engineered support structures

Area lighting poles for parking lots and public areas · Sports lighting structures for arenas and stadiums · Decorative lighting poles · Traffic and sign structures · Street and high-mast lighting poles · Monopoles, towers and structures for cellular, PCS, broadcast, microwave and two-way communications · Wireless communication components · Minimum visual impact structures · Overhead sign structures

Wherever you live, whatever you do, chances are Valmont is part of
your life.

Engineered structures for infrastructure and water management for agriculture.

utility support structures

Utility transmission and distribution poles · Utility substation structures

coatings

Galvanizing, anodizing, powder coatings and integrated graphics

agriculture

irrigation

Mechanized irrigation systems

DOLLARS IN MILLIONS, EXCEPT PER SHARE AMOUNTS

Operating Results			2009			2008			2007
	Net sales	$	1,786.6		$	1,907.3		$	1,499.8
	Operating income		238.0			228.6			155.6
	Net earnings¹		150.6			132.4			94.7
	Diluted earnings per share		5.73			5.04			3.63
	Dividends per share		0.580			0.495			0.410
Financial Position
	Shareholders’ equity²	$	786.3		$	624.1		$	510.6
	Long-term debt as a % of invested capital³		15.2	%		31.7	%		27.3	%
Operating Profits
	Gross profit as a % of net sales		29.8	%		26.8	%		26.7	%
	Operating income as a % of net sales		13.3	%		12.0	%		10.4	%
	Net earnings as a % of net sales		8.4	%		6.9	%		6.3	%
	Return on beginning equity		24.1	%		25.9	%		23.6	%
	Return on invested capital³		15.2	%		16.0	%		14.0	%
Year End Data
	Shares outstanding (000)		26,297			26,168			25,945
	Approximate number of shareholders		5,400			5,800			5,800
	Number of employees		6,626			7,380			6,029

¹ Net earnings attributable to Valmont Industries, Inc.
² Total Valmont Industries, Inc. shareholder’s equity.
³ See footnote (a) in the appendix and item 6 on pages 22 through 24 of the Company’s Form 10-K.

1,108

1,281

1,500

1,907

1,786

NET SALES

82.9

101.1

155.6

228.6

238.0

OPERATING INCOME

1.54

2.38

3.63

5.04

5.73

DILUTED EARNINGS
PER SHARE

infrastructure

engineered support structures

utility support structures

coatings

agriculture

irrigation

DOLLARS IN MILLIONS, EXCEPT PER SHARE AMOUNTS

Jeffrey S. Laudin

learn more about valmont’s divisions