financial highlights

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
05
1,281
06
1,500
07
1,907
08
1,786
09
NET SALES
82.9
05
101.1
06
155.6
07
228.6
08
238.0
09
OPERATING INCOME
1.54
05
2.38
06
3.63
07
5.04
08
5.73
09
DILUTED EARNINGS
PER SHARE