Valmont Industries (VMI) Q3 FY2023 earnings: revenue $1.1 billion, down 4.3% on the year

Valmont Industries Inc. (VMI) reported revenue of $1.1 billion for Q3 FY2023, the quarter ended 30 September 2023, down 4.3% on the same quarter a year earlier. Net income was -$49 million, and diluted earnings per share $-2.34. The figures are the company's own, from the 10-Q it filed with the SEC on 6 November 2023.

Revenue$1.1 billiondown 4.3%

Net income-$49 million

Diluted EPS$-2.34

QuarterQ3 FY2023ended 30 September 2023

The quarter, against the one before and a year earlier

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Revenue	1,050	n/a	n/a	n/a
Cost of revenue	735	n/a	n/a	n/a
Gross profit	315	n/a	n/a	n/a
Gross margin	30.0%	n/a	n/a
Selling, general and administrative	194	n/a	n/a	n/a
Operating income	-24.2	n/a	n/a	n/a
Operating margin	-2.3%	n/a	n/a
Interest expense	13.5	n/a	n/a	n/a
Pre-tax income	-34.7	n/a	n/a	n/a
Income tax	15.5	n/a	n/a	n/a
Net income	-49.0	n/a	n/a	n/a
Net margin	-4.7%	n/a	n/a
Diluted EPS	-$2.34	n/a	n/a	n/a

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Operating cash flow	81.3	n/a	n/a	n/a
Capital expenditure	25.8	n/a	n/a	n/a
Free cash flow	55.5	n/a	n/a	n/a
Free cash flow margin	5.3%	n/a	n/a
Cash from investing	-55.2	n/a	n/a	n/a
Cash from financing	-17.3	n/a	n/a	n/a
Depreciation and amortisation	24.8	n/a	n/a	n/a
Share-based compensation	9.0	n/a	n/a	n/a
Buybacks	31.5	n/a	n/a	n/a
Dividends paid	12.6	n/a	n/a	n/a
Dividend per share	$0.60	n/a	n/a	n/a
Diluted shares, weighted	21m	n/a	n/a	n/a
Shares outstanding at period end	21m	n/a	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Shareholders' equity	1,502	n/a	n/a	n/a
Non-controlling interest	57.0	n/a	n/a	n/a
Debt	977	n/a	n/a	n/a
Operating lease liabilities	161	n/a	n/a	n/a
Other liabilities	790	n/a	n/a	n/a
Total liabilities and equity	3,486	n/a	n/a	n/a
Fixed assets	604	n/a	n/a	n/a
Goodwill	635	n/a	n/a	n/a
Intangible assets	140	n/a	n/a	n/a
Cash and equivalents	173	n/a	n/a	n/a
Receivables	674	n/a	n/a	n/a
Inventory	694	n/a	n/a	n/a
Other assets	567	n/a	n/a	n/a
Total assets	3,486	n/a	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	1,050	1,016	978	1,040	1,020	1,037	969	1,051	1,046	1,038	1,029	1,119
Cost of revenue	735	733	672	719	718	724	678	729	728	729	712	778
Gross profit	315	283	306	320	302	313	291	321	318	309	317	341
Gross margin	30%	28%	31%	31%	30%	30%	30%	31%	30%	30%	31%	30%
SG&A	194	188	175	173	176	193	163	192	177	186	161	175
Operating income	-24.2	63.5	132	147	126	120	128	29.3	141	117	156	166
Operating margin	-2%	6%	13%	14%	12%	12%	13%	3%	14%	11%	15%	15%
Interest expense	13.5	15.3	16.2	15.8	14.3	12.3	10.1	10.5	9.7	10.1	9.4	9.4
Pre-tax income	-34.7	45.2	118	132	112	106	118	19.0	132	109	145	162
Tax rate	n/a	24%	25%	23%	26%	26%	26%	117%	23%	-55%	26%	26%
Net income	-49.0	36.0	87.8	99.7	83.1	77.7	87.3	-4.0	99.0	168	108	120
Net margin	-5%	4%	9%	10%	8%	7%	9%	-0%	9%	16%	10%	11%
Diluted EPS	-$2.34	$1.44	$4.32	$4.91	$4.11	$3.84	$4.32	-$1.53	$4.98	$9.02	$5.51	$6.14
Operating cash flow	81.3	116	23.3	131	225	193	65.1	168	113	111	103	148
Capital expenditure	25.8	25.5	15.0	18.3	20.5	25.6	30.3	32.0	41.9	40.8	34.6	35.9
Free cash flow	55.5	90.4	8.3	112	205	168	34.8	136	70.6	70.4	68.9	112
Buybacks	31.5	179	n/a	n/a	40.1	n/a	n/a	n/a	25.8	n/a	57.5	60.0
Dividends paid	12.6	12.5	12.1	12.1	12.1	12.0	12.0	13.6	13.4	13.4	13.3	14.9
Shares outstanding	21m	20m	20m	20m	20m	20m	20m	20m	20m	20m	19m	19m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 September 2023, filed 6 November 2023, accession 0000102729-23-000058: the filing on EDGAR. All of Valmont Industries Inc.'s filings: EDGAR company page.

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