VALMONT INDUSTRIES INC (VMI) [Rocket]

In millions, except per share items	Dec-31-22	Dec-25-21	Dec-26-20	Dec-28-19	Dec-29-18	Dec-30-17	Dec-31-16	Dec-26-15
	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K
Revenues:
Engineered Support Structures				1,012.3	986.9	938.1	906.7	881.9
Utility Support Structures				890.6	859.2	859.1
Irrigation				585.2	633.7	652.4	575.2
Other	632.8	620.3	500.3	470.7	567.6	585.4	83.1	612.2
Other	3,712.5	2,881.3	2,395.0				956.6	1,124.9
Total revenues [+]	4,345.3	3,501.6	2,895.4	2,767.0	2,757.1	2,746.0	2,521.7	2,618.9
Products	4,345.3	3,501.6	2,895.4	2,767.0	2,757.1	2,746.0		2,338.1
Services								280.8
Revenue growth [+]	24.1%	20.9%	4.6%	0.4%	0.4%	8.9%	-3.7%	-16.1%
Engineered Support Structures				2.6%	5.2%	3.5%	2.8%	8.9%
Utility Support Structures				3.7%	0.0%
Irrigation				-7.6%	-2.9%	13.4%
Other	2.0%	24.0%	6.3%	-17.1%	-3.0%	604.4%	-86.4%	5956.6%
Coatings	14.1%	11.0%	-26.7%	4.1%	10.8%	10.2%	-63.0%	134.1%
Cost of goods sold [+]	3,219.0	2,617.7	2,129.8	2,084.3	2,089.0	2,064.2	1,865.4	1,997.9
Cost of product sales								1,804.1
Cost of services								193.8
Gross profit	1,126.2	883.9	765.5	682.7	668.2	681.8	656.2	621.0
Gross margin	25.9%	25.2%	26.4%	24.7%	24.2%	24.8%	26.0%	23.7%
Selling, general and administrative	693.0	590.6	522.9	454.8	440.2	414.7	410.9	447.4
Equity in earnings	-1.0	-0.9	-1.0					-0.2
EBITDA [+]	529.5	384.9	324.5	310.2	310.8	352.0	327.8	264.6
EBITDA growth	37.6%	18.6%	4.6%	-0.2%	-11.7%	7.4%	23.9%	-40.8%
EBITDA margin	12.2%	11.0%	11.2%	11.2%	11.3%	12.8%	13.0%	10.1%
Depreciation	75.0	71.3	64.7	64.2	67.5	69.0	66.5	72.8
EBITA	454.4	313.7	259.7	246.0	243.3	283.0	261.3	191.8
EBITA margin	10.5%	9.0%	9.0%	8.9%	8.8%	10.3%	10.4%	7.3%
Amortization of intangibles	22.1	21.3	18.1	18.1	15.3	15.9	15.9	18.3
EBIT [+]	432.3	292.3	241.6	227.9	228.0	267.1	245.4	173.4
EBIT growth	47.9%	21.0%	6.0%	0.0%	-14.7%	8.8%	41.5%	-51.5%
EBIT margin	9.9%	8.3%	8.3%	8.2%	8.3%	9.7%	9.7%	6.6%
Non-recurring items [+]		6.5	16.6		15.8			42.0
Asset impairment		6.5	16.6		15.8			42.0
Interest expense, net [+]	45.5	41.4	38.7	36.2	39.6	39.9	41.3	41.3
Interest expense	47.5	42.6	41.1	40.2	44.2	44.6	44.4	44.6
Interest income	2.0	1.2	2.4	3.9	4.7	4.7	3.1	3.3
Other income (expense), net	-22.9	15.7	6.5	8.2	-19.3	1.3	16.4	2.9
Pre-tax income	363.9	260.1	192.8	199.9	153.3	228.5	220.5	93.0
Income taxes	108.7	61.4	49.6	47.8	45.6	106.1	42.1	47.4
Tax rate	29.9%	23.6%	25.7%	23.9%	29.7%	46.5%	19.1%	51.0%
Minority interest	-3.4	-2.1	-1.5	-5.7	-6.0	-6.1	-5.2	-5.2
Net income	250.9	195.6	140.7	146.4	101.8	116.2	173.2	40.1
Net margin	5.8%	5.6%	4.9%	5.3%	3.7%	4.2%	6.9%	1.5%

Basic EPS [+]	$11.77	$9.23	$6.60	$6.76	$4.56	$5.16	$7.68	$1.72
Growth	27.5%	39.8%	-2.4%	48.2%	-11.6%	-32.8%	345.7%	-75.9%
Diluted EPS [+]	$11.62	$9.10	$6.57	$6.73	$4.53	$5.11	$7.63	$1.71
Growth	27.7%	38.6%	-2.4%	48.3%	-11.3%	-33.0%	345.1%	-75.8%

Dividends per share [+]	$2.20	$2.00	$1.80	$1.50	$1.50	$1.50	$1.50	$1.50
Growth	10.0%	11.1%	20.0%	0.0%	0.0%	0.0%	0.0%	9.1%

Shares outstanding (basic) [+]	21.3	21.2	21.3	21.7	22.3	22.5	22.6	23.3
Growth	0.6%	-0.6%	-1.6%	-2.9%	-1.0%	-0.2%	-3.1%	-9.5%
Shares outstanding (diluted) [+]	21.6	21.5	21.4	21.8	22.4	22.7	22.7	23.4
Growth	0.4%	0.3%	-1.6%	-3.0%	-1.3%	0.1%	-3.0%	-9.7%

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.