Financial Highlights


financial highlights graph 2009



Operating Data   2009     2008     2007     2006     2005  
  Net Sales $ 1,786,601   $ 1,907,278   $ 1,499,834   $ 1,281,281   $ 1,108,100  
  Operating income   237,994     228,591     155,626     110,085     82,863  
  Net earnings1   150,562     132,397     94,713     61,544     39,079  
  Deprecation and amortization   44,748     39,597     35,176     36,541     39,392  
  Capital expenditures   44,129     50,879     56,610     27,898     35,119  
Per Share Data                              
  Earnings:                              
  Basic $ 5.80   $ 5.13   $ 3.71   $ 2.44   $ 1.61  
  Diluted   5.73     5.04     3.63     2.38     1.54  
  Cash dividends   0.580     0.495     0.410     0.370     0.335  
Financial Position                              
  Working capital $ 458,605   $ 475,215   $ 350,561   $ 277,736   $ 229,161  
  Property, plant and equipment, net   283,088     269,320     232,684     200,610     194,676  
  Total assets   1,302,169     1,326,288     1,052,613     892,310     802,042  
  Long-term debt, including current
   installments		   160,482     338,032     223,248     221,137     232,340  
  Shareholders’ equity2   786,261     624,131     510,613     401,281     328,675  
Cash Flow Data                              
  Net cash flows from operations $ 349,520   $ 52,575   $ 110,249   $ 59,130   $ 133,777  
  Net cash flows from
    investing activities		   (43,595 )   (194,615 )   (71,040 )   (36,735 )   (30,354 )
  Net cash flows from
    financing activities		   (198,400 )   109,291     (210 )   (6,946 )   (93,829 )
Financial Measures(e)                              
  Invested capital(a) $ 1,057,483   $ 1,066,160   $ 819,092   $ 706,855   $ 641,392  
  Return on invested capital(a)   15.2  %   16.0  %   14.0  %   11.1  %   7.7  %
  EBITDA(b) $ 283,964   $ 260,474   $ 191,635   $ 146,029   $ 122,317  
  Return on beginning
    shareholders’ equity(c)		   24.1  %   25.9  %   23.6  %   18.7  %   13.3  %
  Long-term debt as a percent
    of invested capital(d)		   15.2  %   31.7  %   27.3  %   31.3  %   36.2  %
Year End Data                              
  Shares outstanding (000)   26,297     26,168     25,945     25,634     24,765  
  Approximate number
    of shareholders		   5,400     5,800     5,800     5,600     5,700  
  Number of employees   6,626     7,380     6,029     5,684     5,336  

See footnotes in appendix.
1 Net earnings attributable to Valmont Industries, Inc.
2 Total Valmont Industries, Inc. shareholders’ equity.