Valmont Industries (VMI) Q3 2026 earnings summary

Executive summary

• Q3 net sales rose 5.5% YoY to $1,103.8M; operating income increased 22.2% to $172.8M and diluted EPS rose 25.3% to $6.24.

• North America Utility and Coatings demand supported Infrastructure growth; Agriculture declined on lower international volumes, partly offset by storm-replacement demand in North America.

• FY2026 adjusted diluted EPS guidance increased to $22.75–$23.75 while the net sales outlook was reaffirmed.

Financial highlights

• Q3 gross profit rose 4.1% to $331.4M; gross margin was 30.0% versus 30.4% YoY.

• Q3 net earnings were $121.1M, up 22.2% YoY; diluted EPS was $6.24 versus $4.98.

• Nine-month net sales increased 6.1% to $3,251.7M; operating income was $494.6M, with prior-year impairment and realignment charges affecting the comparison.

• Q3 SG&A fell 10.3% to $158.6M, primarily reflecting lower expected credit losses and litigation costs.

• Nine-month operating cash flow was $352.1M versus $345.2M; quarter-end cash was $122.0M.

Outlook and guidance

• FY2026 net sales outlook remains $4.3B–$4.45B; Infrastructure sales $3.4B–$3.5B and Agriculture sales $0.9B–$0.95B, all unchanged.

• Adjusted diluted EPS guidance rose from $22.25–$23.50 to $22.75–$23.75; capex remains $170M–$200M and the adjusted effective tax-rate assumption is ~26%.

• Guidance assumes steel costs and FX rates as of Oct. 16, 2026, tariffs then in effect, and no material change to trade or tariff conditions.

• Q4 earnings and margins are expected to moderate from Q3 on higher input costs, mix effects, and the absence of certain Q3 benefits.

• FY2026 Utility growth is expected in the mid-20% range with double-digit volume growth; growth capital investment is expected to double in 2027 versus 2026.