VMI · Valmont Industries, Inc.

Valmont delivered a strong first quarter of fiscal 2026, with record diluted EPS of $5.51 — up 27.5% year-over-year — driven by solid top-line growth, gross margin expansion to 30.8% (from 30.0%), and operating margin improvement to 15.1% (from 13.2%). The Infrastructure segment, representing 78% of total sales, grew 14.1% to $805.9 million, fueled by 27.4% growth in North America Utility and 13.3% growth in North America Coatings, both underpinned by favorable pricing and higher volumes; international Infrastructure sales also benefited from favorable foreign exchange. In contrast, the Agriculture segment declined 15.1% to $227.0 million, primarily due to operational disruptions from the Middle East conflict and lower volumes in Brazil, partially offset by modest North America irrigation sales growth. Management attributed performance to value-based pricing, disciplined commercial execution, and progress on capacity and throughput initiatives. Notably, the company raised its full-year 2026 EPS guidance range to $21.50–$23.50, narrowing the upper bound while increasing the floor, signaling confidence in sustained Infrastructure momentum and margin resilience. Capital allocation remained active: $70.8 million returned to shareholders included a 13% dividend hike and $57.5 million in share repurchases, underscoring continued commitment to shareholder returns amid ongoing strategic investments — including $34.6 million in Q1 capex focused on North America Utility capacity. The forward-looking assumptions remain anchored to current steel costs, FX rates as of April 17, 2026, and existing tariff policy, with no material changes anticipated.