Valmont Industries (VMI) Q2 2026 earnings summary

Executive summary

• Net sales rose 6.5% year-over-year to $1.12 billion in Q2 2026, driven by strong Infrastructure growth, especially North America Utility (up 33.9%) and Coatings (up 16.6%), partially offset by Agriculture declines, particularly internationally.

• Operating income surged to $166.1 million (14.8% margin), up 467% year-over-year, reflecting improved execution and the absence of prior-year impairment charges.

• Diluted EPS increased to $6.14, a 25.8% year-over-year rise, with net earnings at $119.9 million for Q2 2026.

• Full-year sales and earnings guidance was raised, reflecting robust Utility demand, strong execution, and disciplined capital allocation.

Financial highlights

• Q2 2026 net sales: $1.12 billion (+6.5% YoY); gross profit: $340.8 million (+6.1% YoY); operating income: $166.1 million (14.8% margin); net earnings: $119.9 million.

• Diluted EPS: $6.14 (+25.8% YoY); operating cash flow: $148.1 million; cash balance at quarter end: $139.1 million.

• Year-to-date net sales: $2.15 billion (+6.3% YoY); diluted EPS: $11.65 (+310.2% YoY).

• Free cash flow for the first half of 2026 was $181.1 million.

Outlook and guidance

• Full-year 2026 net sales projected at $4.3–$4.45 billion, with Infrastructure sales outlook raised to $3.4–$3.5 billion; Agriculture outlook unchanged.

• Diluted EPS guidance increased to $22.25–$23.50, nearly 20% growth at midpoint.

• Capital expenditures expected at $170–$200 million, weighted to the second half.

• Assumptions include stable steel costs, current FX rates, and no material change in tariffs or trade environment.