8-K
filed October 26, 2023, 7:59 PM ET
ticker VMI
CIK 0000102729
earnings
confidence high
sentiment negative
materiality 0.85
VALMONT INDUSTRIES INC (VMI): restructuring charge — Valmont Q3 GAAP EPS -$2.34; adj. EPS $4.12; $137M impairment; cuts workforce 360; lowers FY outlook
VALMONT INDUSTRIES INC
2023-Q3 EPS reported
$5.40
revenue$3,159,072,000
- Net sales $1.05B, down 4.3% YoY; Infrastructure flat, Agriculture down 8.8%.
- GAAP diluted EPS ($2.34) includes $137.3M non-cash impairment in Ag Tech; adjusted EPS $4.12, up 18% YoY.
- Recorded $137.3M goodwill/intangibles impairment in Agriculture Technology due to slower Prospera adoption.
- Announces organizational realignment cutting ~360 admin roles (~3% total workforce); expects $33-36M cash charges in Q4.
- Lowers FY2023 net sales growth outlook to (3%)-(4%) from 0%-2%; GAAP EPS guided to $7.20-$7.50; adjusted EPS to $14.80-$15.10.
Key facts
Extracted from this filing and checked against the source text.
Earnings Releases
SEC 8-K Item 2.02
confidence 0.9
VALMONT INDUSTRIES INC reported financial results for its fiscal quarter ended September 30, 2023.
- Period
- its fiscal quarter ended September 30, 2023
- Result
- reported results
Exact text from the filing
Valmont Industries, Inc. issued a press release on October 25, 2023 announcing its financial results for its fiscal quarter ended September 30, 2023
View on SEC.gov
Restructurings & Charges
SEC 8-K Item 2.05/2.06
confidence 0.9
VALMONT INDUSTRIES INC announced a impairment with charges of $141 million affecting Agricultural Technology reporting unit of the company’s Agriculture segment.
- Type
- impairment
- Charge
- $141 million
- Affected area
- Agricultural Technology reporting unit of the company’s Agriculture segment
Exact text from the filing
On October 23, 2023, in connection with its annual testing of goodwill and impairments Valmont concluded under generally accepted accounting principles to recognize impairment charges of $141 million, which is reflected in the company’s reporting for the third quarter of 2023. The non-cash charges primarily relate to the Agricultural Technology reporting unit of the company’s Agriculture segment due to significantly slower than expected adoption of agronomy technology solutions as well as the recent decline in the North American agricultural market.
View on SEC.gov
Restructurings & Charges
SEC 8-K Item 2.05/2.06
confidence 0.9
VALMONT INDUSTRIES INC announced a restructuring with charges of $33 million to $36 million affecting the company (approximately 360 administrative employees (or approximately 3% of its total workforce and 8% of its administrative work).
- Type
- restructuring
- Charge
- $33 million to $36 million
- Affected area
- the company
- Headcount
- approximately 360 administrative employees (or approximately 3% of its total workforce and 8% of its administrative work
Exact text from the filing
On October 23, 2023, the board of directors of Valmont authorized an organizational realignment program across the company to streamline segment support and reduce cost. The program, expected to be completed by the end of 2023, provides for a reduction in force, which with a voluntary early retirement program, will reduce this company’s workforce by approximately 360 administrative employees (or approximately 3% of its total workforce and 8% of its administrative workforce). The company expects to incur cash charges primarily in the fourth quarter of 2023 in the range of $33 million to $36 million.
View on SEC.gov
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