<Page>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

------------------------

FORM 10-Q

<Table>

(MARK
ONE)

/X/ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 29, 2001

/ / TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

FOR THE TRANSITION PERIOD FROM TO
</Table>

COMMISSION FILE NUMBER: 0-3701

------------------------

VALMONT INDUSTRIES, INC.
(Exact name of registrant as specified in its charter)

<Table>

DELAWARE 47-0351813
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)

ONE VALMONT PLAZA, OMAHA, NEBRASKA 68154-5215
(Address of principal executive offices) (Zip Code)

402-963-1000
(Registrant's telephone number, including area code)

(Former name, former address and former fiscal year, if changed since last report)
</Table>

------------------------

Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes /X/ No / /

24,471,976
Outstanding shares of common stock as of November 1, 2001

Index is located on page 2.

Total number of pages 16.

- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<Page>
VALMONT INDUSTRIES, INC. AND SUBSIDIARIES

INDEX TO FORM 10-Q

<Table>
<Caption>
PAGE NO.
---------

PART I. FINANCIAL INFORMATION
Item 1. Condensed Consolidated Financial Statements:
Condensed Consolidated Statements of Operations for the
thirteen and thirty-nine weeks ended September 29,
2001 and September 23, 2000........................... 3
Condensed Consolidated Balance Sheets as of September 29,
2001 and December 30, 2000............................ 4
Condensed Consolidated Statements of Cash Flows for the
thirty-nine weeks ended September 29, 2001 and
September 23, 2000.................................... 5
Notes to Condensed Consolidated Financial Statements...... 6-10
Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations............................. 11-15
Item 3. Quantitative and Qualitative Disclosure about Market Risk... 15

PART II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K............................ 16

SIGNATURES............................................................ 16
</Table>

2
<Page>
VALMONT INDUSTRIES, INC. AND SUBSIDIARIES

PART I. FINANCIAL INFORMATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

(UNAUDITED)

<Table>
<Caption>
THIRTY-NINE WEEKS
THIRTEEN WEEKS ENDED ENDED
----------------------- -----------------------
SEPT. 29, SEPT. 23, SEPT. 29, SEPT. 23,
2001 2000 2001 2000
---------- ---------- ---------- ----------

Net sales........................................... $209,287 $201,676 $646,443 $623,390
Cost of sales....................................... 156,153 150,601 484,338 465,173
-------- -------- -------- --------
Gross profit...................................... 53,134 51,075 162,105 158,217

Selling, general and administrative expenses........ 37,644 35,191 115,112 107,839
-------- -------- -------- --------
Operating income.................................. 15,490 15,884 46,993 50,378
-------- -------- -------- --------

Other income (deductions):
Interest expense.................................. (4,201) (4,559) (13,504) (11,668)
Interest income................................... 271 368 805 717
Miscellaneous..................................... (655) (493) (1,804) (1,141)
-------- -------- -------- --------
(4,585) (4,684) (14,503) (12,092)
-------- -------- -------- --------
Earnings before income taxes and minority
interest........................................ 10,905 11,200 32,490 38,286
-------- -------- -------- --------

Income tax expense (benefit):
Current........................................... 4,100 3,200 8,700 14,900
Deferred.......................................... (240) 750 3,280 (1,150)
-------- -------- -------- --------
3,860 3,950 11,980 13,750
-------- -------- -------- --------
Earnings before minority interest................. 7,045 7,250 20,510 24,536

Minority interest (after tax)....................... (94) (366) (300) (1,058)
-------- -------- -------- --------
Net earnings...................................... $ 6,951 $ 6,884 $ 20,210 $ 23,478
======== ======== ======== ========
Earnings per share:
Basic........................................... $ 0.28 $ 0.30 $ 0.83 $ 1.01
======== ======== ======== ========
Diluted......................................... $ 0.28 $ 0.29 $ 0.83 $ 0.99
======== ======== ======== ========
Cash dividends per share............................ $ 0.065 $ 0.065 $ 0.195 $ 0.195
======== ======== ======== ========
Weighted average number of shares of common stock
outstanding (000 omitted)......................... 24,575 23,251 24,214 23,267
======== ======== ======== ========
Weighted average number of shares of common stock
outstanding plus dilutive potential common shares
(000 omitted)..................................... 24,838 23,862 24,485 23,765
======== ======== ======== ========
</Table>

See accompanying notes to condensed consolidated financial statements.

3
<Page>
VALMONT INDUSTRIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(DOLLARS IN THOUSANDS)

(UNAUDITED)

<Table>
<Caption>
SEPTEMBER 29, DECEMBER 30,
2001 2000
-------------- -------------

ASSETS

Current assets:
Cash and cash equivalents................................. $ 5,066 $ 23,176
Receivables, net.......................................... 149,804 140,396
Inventories, net.......................................... 116,710 130,682
Prepaid expenses.......................................... 5,515 5,814
Refundable and deferred income taxes...................... 10,072 12,991
-------- --------
Total current assets.................................. 287,167 313,059
-------- --------
Property, plant and equipment, at cost...................... 402,427 384,686
Less accumulated depreciation and amortization............ 194,850 176,414
-------- --------
Net property, plant and equipment..................... 207,577 208,272
-------- --------
Goodwill and other assets................................... 90,467 66,833
-------- --------
Total assets.......................................... $585,211 $588,164
======== ========

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities:
Current installments of long-term debt.................... $ 1,275 $ 3,496
Notes payable to banks.................................... 23,115 43,462
Accounts payable.......................................... 53,826 63,005
Accrued expenses.......................................... 57,812 56,005
Dividends payable......................................... 1,597 1,516
-------- --------
Total current liabilities............................. 137,625 167,484
-------- --------
Deferred income taxes....................................... 12,240 15,419
Long-term debt, excluding current installments.............. 202,106 201,976
Minority interest in consolidated subsidiaries.............. 6,028 6,733
Other noncurrent liabilities................................ 4,928 4,641

Shareholders' equity:
Preferred stock........................................... -- --
Common stock of $1 par value.............................. 27,900 27,900
Additional paid-in capital................................ -- 471
Retained earnings......................................... 259,962 244,858
Accumulated other comprehensive loss...................... (11,883) (6,948)
Treasury stock............................................ (53,695) (74,357)
Unearned restricted stock................................. -- (13)
-------- --------
Total shareholders' equity............................ 222,284 191,911
-------- --------
Total liabilities and shareholders' equity............ $585,211 $588,164
======== ========
</Table>

See accompanying notes to condensed consolidated financial statements.

4
<Page>
VALMONT INDUSTRIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(DOLLARS IN THOUSANDS)

(UNAUDITED)

<Table>
<Caption>
THIRTY-NINE WEEKS
ENDED
-----------------------
SEPT. 29, SEPT. 23,
2001 2000
---------- ----------

Net cash flows from operations.............................. $ 60,570 $ (9,012)
-------- --------

Cash flows from investing activities:
Purchase of property, plant & equipment................... (15,637) (33,831)
Acquisitions, net of cash acquired........................ (33,448) (61,342)
Other, net................................................ (2,975) (1,492)
-------- --------
Net cash flows from investing activities................ (52,060) (96,665)
-------- --------

Cash flows from financing activities:
Net borrowings under short-term agreements................ (14,788) 18,097
Proceeds from long-term borrowings........................ 30,369 103,201
Principal payments on long-term obligations............... (36,958) (14,342)
Dividends paid............................................ (4,711) (4,547)
Proceeds from exercises under stock plans................. 980 1,088
Purchase of common treasury shares:
Stock repurchase program................................ -- (2,322)
Stock plan exercises.................................... (186) (805)
-------- --------
Net cash flows from financing activities................ (25,294) 100,370
-------- --------
Effect of exchange rate changes on cash and cash
equivalents............................................... (1,326) (482)
-------- --------
Net decrease in cash and cash equivalents............... (18,110) (5,789)
Cash and cash equivalents--beginning of period.............. 23,176 14,936
-------- --------
Cash and cash equivalents--end of period.................... $ 5,066 $ 9,147
======== ========
</Table>

See accompanying notes to condensed consolidated financial statements.

5
<Page>
VALMONT INDUSTRIES, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

(UNAUDITED)

1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

The Condensed Consolidated Balance Sheet as of September 29, 2001 and the
Condensed Consolidated Statements of Operations for the thirteen and thirty-nine
week periods ended September 29, 2001 and September 23, 2000 and the Condensed
Consolidated Statements of Cash Flows for the thirty-nine week periods then
ended have been prepared by the Company, without audit. In the opinion of
management, all necessary adjustments (which include normal recurring
adjustments) have been made to present fairly the financial statements as of
September 29, 2001 and for all periods presented.

Certain information and footnote disclosures normally included in financial
statements prepared in accordance with accounting principles generally accepted
in the United States of America have been condensed or omitted. These Condensed
Consolidated Financial Statements should be read in conjunction with the
financial statements and notes thereto included in the Company's December 30,
2000 Annual Report to shareholders. The accounting policies and methods of
computation followed in these interim financial statements are the same as those
followed in the financial statements for the year ended December 30, 2000. The
results of operations for the period ended September 29, 2001 are not
necessarily indicative of the operating results for the full year.

The Company adopted SFAS No. 133 "Accounting for Derivative Instruments and
Hedging Activities" (as amended) in the first quarter of 2001. Due to the
Company's limited use of derivative instruments, the impact of implementing this
Statement was immaterial.

The Financial Accounting Standards Board ("FASB") approved the issuance of
SFAS No. 141, BUSINESS COMBINATIONS, and SFAS No. 142, GOODWILL AND OTHER
INTANGIBLE ASSETS in June 2001 and SFAS No. 144, ACCOUNTING FOR THE IMPAIRMENT
OR DISPOSAL OF LONG-LIVED ASSETS in October 2001. SFAS Nos. 141 and 142
establish accounting and reporting for business combinations. SFAS No. 141
requires all business combinations entered into subsequent to June 30, 2001 be
accounted for using the purchase method of accounting. SFAS No. 142 provides
that goodwill and other intangible assets with indefinite lives will not be
amortized, but will be tested for impairment on an annual basis. SFAS No. 144
addresses the accounting and reporting for impairment of long-lived assets.
These standards are effective for fiscal years beginning after December 15,
2001. The Company has not quantified the impact resulting from the adoption of
these standards.

2. ACQUISITION

On March 30, 2001, the Company acquired all the outstanding shares of PiRod
Holdings, Inc. and subsidiary (PiRod), a manufacturer of towers, components and
poles for the wireless communication industry located in Plymouth, Indiana. As
part of the transaction, which was accounted for under the purchase method of
accounting, 1.2 million shares of Company common stock were issued and
$33.4 million of cash was paid to retire PiRod long-term debt. The Company
preliminarily allocated the excess of the purchase price over the net assets
acquired of $7.7 million to goodwill. The purchase price allocation will be
completed upon finalization of asset and liability valuations. Goodwill and
other intangible assets arising from the transaction are being amortized over
their estimated useful lives. The Company's summary proforma results of
operations for the thirteen and thirty-nine weeks ended

6
<Page>
VALMONT INDUSTRIES, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

(UNAUDITED)

2. ACQUISITION (CONTINUED)
September 29, 2001 and September 23, 2000, assuming the transaction occurred at
the beginning of the periods presented are as follows:

<Table>
<Caption>
THIRTY-NINE WEEKS
THIRTEEN WEEKS ENDED ENDED
---------------------- -----------------------
SEPT. 29, SEPT. 23, SEPT. 29, SEPT. 23,
2001 2000 2001 2000
--------- ---------- ---------- ----------

Net sales........................... $209,287 $255,378 $661,571 $683,121
Net income.......................... 7,117 9,276 21,193 26,956
Earnings per share--diluted......... 0.29 0.37 0.85 1.08
</Table>

3. LONG-TERM DEBT

On August 21, 2001, the Company amended and restated its existing revolving
credit facility to extend the maturity of the borrowings from June 30, 2002 to
June 30, 2006 and increase the borrowing capacity. The amended and restated
revolving credit agreement is an unsecured facility with a group of banks for a
maximum borrowing capacity of $150,000,000. The funds borrowed may be repaid at
any time without penalty, or additional funds may be borrowed up to the facility
limit. The Company may choose from the following three interest rate
alternatives: the higher of prime commercial lending rate or the federal funds
rate, plus 0.5%; the applicable Eurodollar rate plus a leverage ratio-based
spread ranging from 0.625% to 1.25%; or up to $50,000,000 at a rate determined
through a competitive bid process.

4. CASH FLOWS

The Company considers all highly liquid temporary cash investments purchased
with a maturity of three months or less to be cash equivalents. Cash payments
for interest and income taxes (net of refunds) for the thirty-nine weeks ended
were as follows:

<Table>
<Caption>
SEPT. 29, SEPT. 23,
2001 2000
--------- ----------

Interest................................................ $ 14,633 $ 10,509
Income Taxes............................................ 5,353 16,597
</Table>

The $19.3 million of shares of Company common stock issued as part of the
acquisition of PiRod (Note 2) did not affect cash and accordingly is not
included in the Condensed Consolidated Statement of Cash Flows for the
thirty-nine week period ended September 29, 2001.

7
<Page>
VALMONT INDUSTRIES, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

(UNAUDITED)

5. EARNINGS PER SHARE

The following table provides a reconciliation between Basic and Diluted
earnings per share:

<Table>
<Caption>
BASIC DILUTIVE EFFECT DILUTED
EPS OF STOCK OPTIONS EPS
-------- ---------------- --------

Thirteen weeks ended September 29, 2001:
Net earnings............................ $ 6,951 -- $ 6,951
Shares outstanding...................... 24,575 263 24,838
Per share amount........................ $ 0.28 -- $ 0.28

Thirteen weeks ended September 23, 2000:
Net earnings............................ $ 6,884 -- $ 6,884
Shares outstanding...................... 23,251 611 23,862
Per share amount........................ $ 0.30 -- $ 0.29

Thirty-nine weeks ended September 29, 2001:
Net earnings............................ $20,210 -- $20,210
Shares outstanding...................... 24,214 271 24,485
Per share amount........................ $ 0.83 -- $ 0.83

Thirty-nine weeks ended September 23, 2000:
Net earnings............................ $23,478 -- $23,478
Shares outstanding...................... 23,267 498 23,765
Per share amount........................ $ 1.01 -- $ 0.99
</Table>

6. COMPREHENSIVE INCOME

Results of operations for foreign subsidiaries are translated using the
average exchange rates during the period. Assets and liabilities are translated
at the exchange rates in effect on the balance sheet dates. Currency translation
adjustment is the Company's only component of other comprehensive income.

<Table>
<Caption>
THIRTEEN WEEKS THIRTY-NINE WEEKS
ENDED ENDED
----------------------- -----------------------
SEPT. 29, SEPT. 23, SEPT. 29, SEPT. 23,
2001 2000 2001 2000
---------- ---------- ---------- ----------

Net earnings..................................... $6,951 $ 6,884 $20,210 $23,478
Currency translation adjustment.................. (287) (2,598) (4,935) (5,324)
------ ------- ------- -------
Total comprehensive income....................... $6,664 $ 4,286 $15,275 $18,154
====== ======= ======= =======
</Table>

8
<Page>
VALMONT INDUSTRIES, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

(UNAUDITED)

7. BUSINESS SEGMENTS

Beginning with the third quarter of fiscal 2001, the Company reports its
businesses as five reportable segments organized on a worldwide product basis:

POLES: This segment consists of the manufacture of engineered metal
structures for the lighting and traffic and utility industries.

IRRIGATION: This segment consists of the manufacture of irrigation
equipment and related parts and services to agricultural customers.

WIRELESS COMMUNICATION: This segment consists of the manufacture of tower
and pole structures and components for the wireless telephone industry.

COATINGS: This segment consists of coatings services for industrial
customers.

TUBING: This segment consists of the manufacture of tubular products for
industrial customers.

In addition to these five reportable segments, the Company has other
businesses that individually are not more than 10% of consolidated sales. These
businesses, which include pressure vessels, machine

9
<Page>
VALMONT INDUSTRIES, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

(UNAUDITED)

7. BUSINESS SEGMENTS (CONTINUED)
tool accessories and industrial fasteners, are reported in the "Other" category.
Prior period information is presented in accordance with the current reportable
segment structure:

Sales:
Poles segment:
Lighting & Traffic............................... $ 58,884 $ 57,072 $161,130 $154,236
Utility.......................................... 31,940 22,693 97,604 73,320
-------- -------- -------- --------
Poles segment...................................... 90,824 79,765 258,734 227,556
Irrigation segment................................. 46,185 58,852 179,585 218,431
Wireless Communication segment:
Structures....................................... 19,518 14,326 61,012 41,855
Components....................................... 11,733 8,026 29,936 21,224
-------- -------- -------- --------
Wireless Communication segment..................... 31,251 22,352 90,948 63,079
Coatings segment................................... 30,263 29,685 84,462 87,167
Tubing segment..................................... 12,971 15,563 39,865 44,799
Other.............................................. 4,551 6,930 15,404 20,449
-------- -------- -------- --------
216,045 213,147 668,998 661,481

Intersegment Sales:
Poles--Lighting.................................... $ -- $ -- $ -- $ 71
Irrigation......................................... 3 2,415 7 5,339
Coatings........................................... 3,901 5,037 13,116 17,026
Tubing............................................. 2,164 2,989 6,893 12,123
Other.............................................. 690 1,030 2,539 3,532
-------- -------- -------- --------
6,758 11,471 22,555 38,091

Net Sales
Poles.............................................. $ 90,824 $ 79,765 $258,734 $227,485
Irrigation......................................... 46,182 56,437 179,578 213,092
Wireless Communication............................. 31,251 22,352 90,948 63,079
Coatings........................................... 26,362 24,648 71,346 70,141
Tubing............................................. 10,807 12,574 32,972 32,676
Other.............................................. 3,861 5,900 12,865 16,917
-------- -------- -------- --------
Consolidated Net Sales......................... $209,287 $201,676 $646,443 $623,390
======== ======== ======== ========

Operating Income
Poles.............................................. $ 9,773 $ 6,468 $ 22,937 $ 14,349
Irrigation......................................... 1,215 2,625 11,338 18,211
Wireless Communication............................. 147 524 99 989
Coatings........................................... 2,469 3,593 6,568 10,868
Tubing............................................. 1,492 2,278 4,608 5,246
Other.............................................. 394 396 1,443 715
-------- -------- -------- --------
Total Operating Income......................... $ 15,490 $ 15,884 $ 46,993 $ 50,378
======== ======== ======== ========
</Table>

10
<Page>
VALMONT INDUSTRIES, INC. AND SUBSIDIARIES
PART 1. FINANCIAL INFORMATION

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS

Management's discussion and analysis contains forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of 1995.
These statements are based on management's current expectations and are subject
to uncertainty and changes in circumstances. Future economic and market
circumstances, industry conditions, Company performance and financial results,
operating efficiencies, availability and price of raw materials, availability
and market acceptance of new products, product pricing, domestic and
international competitive environments, actions and policy changes of domestic
and foreign governments and other risks described from time to time in the
Company's reports to the Securities and Exchange Commission are examples of
factors, among others, that could cause results to differ materially from those
described in the forward-looking statements. Beginning with the third quarter of
2001, the Company reports its businesses as five reportable segments. See Note 7
to the Condensed Consolidated Financial Statements.

RESULTS OF OPERATIONS

CONSOLIDATED

Net sales for the third quarter of 2001 were $209.3 million, an increase of
3.8% from $201.7 million for the same period last year. For the thirty-nine week
period ended September 29, 2001, net sales were $646.4 million, or 3.7% over the
$623.4 million reported for the thirty-nine week period ended September 23,
2000. The increase in 2001 was mainly attributable to strong sales growth in the
Poles segment and the acquisition of PiRod, Inc. on March 30, 2001, which more
than offset decreased sales in the Irrigation segment. PiRod sales for the
thirteen and twenty-six week periods ended September 29, 2001 were
$12.8 million and $28.7 million, respectively.

Gross profit margin was 25.4% and 25.3% for the quarters ended
September 29, 2001 and September 23, 2000, respectively. For the thirty-nine
week period ended September 29, 2001, gross profit margin was 25.1% compared
with 25.4% for the thirty-nine week period ended September 23, 2000. Selling,
general and administrative expenses ("SG&A") as a percentage of net sales
increased from 17.5% in the third quarter of 2000 to 18.0% for the third quarter
of 2001. For the thirty-nine week period ended September 29, 2001, SG&A as a
percentage of sales increased to 17.8% from 17.3% reported for the same period
ended September 23, 2000. In dollar terms, the increase in SG&A expenses in the
third quarter of 2001 as compared to last year was due to the addition of PiRod.
Operating income for the third quarter of 2001 was $15.5 million, down 2.5% from
$15.9 million for the same period in 2000. Operating income for the thirty-nine
week period ended September 29, 2001, was $47.0 million, a 6.7% decrease from
the $50.4 million reported for the same period ended September 23, 2000.
Improved profitability in the Poles segment partially offset profitability
decreases in the other segments.

Net interest expense was $3.9 million for the third quarter of 2001, down
from $4.2 million incurred in the third quarter of 2000. For the thirty-nine
weeks ended September 29, 2001, net interest expense was $12.7 million, an
increase of $1.7 million from the same period ended September 23, 2000. These
changes reflect higher average borrowings due to the full year impact of capital
expenditures, acquisitions and working capital additions that occurred in 2000,
plus $33.4 million of debt that was added as part of the PiRod acquisition.
Falling U.S. interest rates in 2001 have offset part of the interest expense
impact of increased average debt levels. The estimated positive effect related
to lower interest rates in the third quarter was approximately $0.5 million and
approximately $1.0 million for the first nine months of 2001. The effective tax
rate was 35.4% in the third quarter ended September 29,

11
<Page>
2001, as compared to 35.3% reported for the quarter ended September 23, 2000.
For the thirty-nine weeks ended September 29, 2001, the effective tax rate was
36.9%, up from the 35.9% reported from the period ended September 23, 2000. The
increase in the effective tax rate for the first nine months of 2001 is due to
reduced foreign tax credits related to distributions from foreign entities and
higher state and local taxes.

Net earnings for the third quarter of 2001 increased 1.0% to $7.0 million
from $6.9 million reported for the quarter ended September 23, 2000. For the
thirty-nine weeks ended September 29, 2001, net earnings were $20.2 million, a
decrease of $3.3 million or 13.9% from the $23.5 million reported for the same
period ended September 23, 2000. Diluted earnings per share decreased 3.0% from
$0.29 for the quarter ended September 23, 2000 to $0.28 for the quarter ended
September 29, 2001. For the thirty-nine weeks ended September 29, 2001, diluted
earnings per share were $0.83 compared with $0.99 for the same period ended
September 23, 2000. The higher percentage decrease in earnings per share was
attributable to a greater number of shares outstanding in 2001, the result of
the 1.2 million shares that were issued in the PiRod acquisition.

POLES SEGMENT

The Poles segment net sales for the third quarter of 2001 increased 13.9% to
$90.8 million compared with $79.8 million for the same period in 2000. For the
thirty-nine week period ended September 29, 2001, net sales increased 13.7% to
$258.7 million from $227.5 million reported for the same period ended
September 23, 2000. Operating income increased 51.1% to $9.8 million from
$6.5 million reported for the quarter ended September 23, 2000. For the
thirty-nine week period ended September 29, 2001, operating income increased
59.9% to $22.9 million compared with $14.3 million reported for the period ended
September 23, 2000. The sales and profit improvements were primarily due to
improved performance in North America.

In North America, lighting and traffic sales increased over 2000 for both
the thirteen and thirty-nine weeks ended September 29, 2001. U.S. government
spending related to the federal highway bill, which emphasizes improved safety
and traffic congestion, helped drive the sales increase. Commercial lighting
sales increased despite a slowing economy, due to increased sales to key OEM
customers. Sports lighting sales to educational institutions also increased.
Utility sales increases continue to be driven by electrical capacity expansion
and upgrades to the electrical distribution system, which are creating demand
for transmission, substation and distribution pole products. North America's
improved operating profits were mainly due to the increased sales volumes, which
also helped the Company leverage factory and SG&A expense. Other factors
contributing to the profit improvement were lower steel prices and recent
capacity expansions that have allowed the Company's plants to run more
efficiently.

In Europe, sales were down and earnings flat for the third quarter of 2001
as compared to last year. For the year, sales and earnings have increased over
2000. The lighting and traffic markets have typically been less active after
local elections in France which were held earlier this year. In China, sales and
profits of both lighting and utility products have increased in 2001, both for
the quarter and on a year to date basis.

IRRIGATION SEGMENT

The Irrigation segment net sales for the third quarter decreased 18.1% to
$46.2 million compared with $56.4 million for the same period in 2000. For the
thirty-nine weeks ended September 29, 2001, net sales decreased 15.7% to
$179.6 million from $213.1 million reported for the period ended September 23,
2000. Sales have decreased worldwide from levels reported in 2000. North
American markets continued to be weaker than in 2000. Relatively low commodity
prices, higher energy costs for farmers and continued uncertainty over future
U.S. farm policy were all factors contributing to lower

12
<Page>
sales of irrigation equipment. International sales were also down in the third
quarter. In Brazil, market conditions were weaker than last year, mainly due to
drought conditions that resulted in government restrictions on water and
electricity consumption, as well as reduced government financing support for
equipment purchases. A weakening local currency also contributed to lower sales
in Brazil. Exports to the Middle East were lower than in 2000, to allow for
local distributor inventory reductions.

Operating income for the Irrigation segment in the third quarter of 2001
decreased 53.7% to $1.2 million from $2.6 million reported for the quarter ended
September 23, 2000. For the thirty-nine week period ended September 29, 2001,
operating income decreased 37.7% to $11.3 million compared with $18.2 million
reported for the period ended September 23, 2000. In North America, operating
income for the third quarter ended September 29, 2001 was improved from the same
period ended September 23, 2000 due to lower steel prices, a firmer pricing
environment and lower spending due to actions taken in the first quarter,
although year-to-date profits continue to lag 2000. International operating
profits were negatively impacted by business conditions in Brazil (estimated at
$1.3 million in the third quarter) and lower export sales to the Middle East
more than offset the improved North American results.

WIRELESS COMMUNICATION SEGMENT

The Wireless Communication segment net sales for the third quarter increased
39.8% to $31.3 million compared with $22.4 million for the same period in 2000.
For the thirty-nine weeks ended September 29, 2001, net sales increased 44.2% to
$90.9 million from $63.1 million reported for the period ended September 23,
2000. All sales increases over prior periods are due to the acquisition of PiRod
on March 30, 2001. Without this acquisition, sales were down 17% for the third
quarter 2001 as compared to 2000. On a product line basis, structure sales were
particularly weak in North America, especially towers. The telecommunications
industry in general has contracted this year, due to a slowdown in the growth
rate of new subscribers and an overall weaker U.S. economy. In addition,
customers continue to pull from their inventories of uninstalled structures that
were purchased last year, further resulting in lower demand for new structures
this year. Component sales are stronger relative to structure sales, as
customers are purchasing components for the structures being installed this year
and placing additional antennas on existing structures.

Operating income decreased 72.0% to $0.2 million from $0.5 million reported
for the quarter ended September 23, 2000. For the thirty-nine week period ended
September 29, 2001, operating income decreased 90.0% to a breakeven level
compared with $1.0 million reported for the period ended September 23, 2000.
Overall lower market conditions in structures have resulted in lower coverage of
fixed tower factory expenses and SG&A expenses, resulting in lower profits. The
operating income impact of lower sales and the related operating deleverage is
estimated at $1.1 million this quarter. While spending in these areas has been
reduced, it has not completely offset the impact of lower volumes. Synergies
gained through the PiRod acquisition should allow for additional SG&A reductions
in the future.

In China, the wireless communication market is strong. Sales and profits
have increased in 2001 from the thirteen and thirty-nine week periods ended
September 23, 2000.

COATINGS SEGMENT

The Coatings segment net sales for the third quarter increased 7.0% to
$26.4 million compared with $24.6 million for the same period in 2000. For the
thirty-nine weeks ended September 29, 2001, net sales increased 1.7% to
$71.3 million from $70.1 million reported for the period ended September 23,
2000. Sales to a large customer during the third quarter were responsible for
the increase in 2001 over the same period last year. Otherwise, sales dropped
approximately 18% from the third quarter of 2000 due to the general slowdown in
the U.S. economy. The Company continues to

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expand and diversify its customer base and leverage existing customer
relationships by providing additional coatings services.

Operating income for the Coatings segment in the third quarter of 2001
decreased 31.3% to $2.5 million from $3.6 million reported for the quarter ended
September 23, 2000. For the thirty-nine week period ended September 29, 2001,
operating income decreased 39.6% to $6.6 million compared with $10.9 million
reported for the period ended September 23, 2000. The sales decreases mentioned
above and lower intercompany sales to the Wireless Communication and Irrigation
segments and increased Irrigation production in its McCook facility (which has
its own galvanizing operation) resulted in lower fixed cost coverage and caused
a negative impact on operating profit, estimated at approximately $2 million
this quarter. Where possible, costs have been reduced in light of lower sales
volumes. Facilities are continually being upgraded to improve productivity and
realize cost reductions.

TUBING SEGMENT

The Tubing segment net sales for the third quarter decreased 14.1% to
$10.8 million compared with $12.6 million for the same period in 2000. For the
thirty-nine weeks ended September 29, 2001, net sales increased 1.0% to
$33.0 million from $32.7 million reported for the period ended September 23,
2000. Sales have decreased due to the slowdown in the U.S. economy and a weak
North American agriculture market.

Operating income for the Tubing segment in the third quarter of 2001
decreased 34.5% to $1.5 million from $2.3 million reported for the quarter ended
September 23, 2000. For the thirty-nine week period ended September 29, 2001,
operating income decreased 12.2% to $4.6 million compared with $5.2 million
reported for the period ended September 23, 2000. Decreased sales volumes and
lower intercompany sales to the Irrigation segment due to increased production
at its McCook facility (which produces its own tubing) were the main causes for
the reduced profits. Sales price pressure essentially offset decreased steel
prices.

LIQUIDITY AND CAPITAL RESOURCES

Net working capital at September 29, 2001 was $149.5 million compared to
$145.6 million at December 30, 2000. The ratio of current assets to current
liabilities was 2.1:1 at September 29, 2001, versus 1.9:1 at December 30, 2000.

The Company's capital expenditures are directed towards growth, improving
productivity and keeping facilities modern and safe. Expenditures for property,
plant and equipment for the thirty-nine week period ended September 29, 2001,
were approximately $15.6 million. Depreciation and amortization totaled
$26.3 million for the thirty-nine weeks ended September 29, 2001 compared to
$22.5 million for the thirty-nine weeks ended September 23, 2000. In addition to
those expenditures, on March 30, 2001, the Company acquired all the outstanding
shares of PiRod, a manufacturer of communication towers, components and poles
located in Plymouth, Indiana, in an exchange of $33.4 million cash and
1.2 million common shares of Company stock

Available short-term credit facilities through bank lines of credit were
$50 million and $55 million at September 29, 2001 and December 30, 2000,
respectively. On September 29, 2001, approximately $31.1 million was unused.

Historically, the Company's growth has been financed through a combination
of cash provided from operations and debt financing. The Company's objective is
to maintain long-term debt as a percent of invested capital below 40%. At
September 29, 2001, long-term debt as a percent of invested capital was 43.1% as
compared with 43.9% at December 30, 2000. Total interest-bearing debt has
decreased $22.4 million from December 30, 2000, even after including the
$33.4 million borrowed as part of the PiRod acquisition. Cash provided by
operating activities was $60.6 million for the thirty-nine

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weeks ended September 29, 2001, and cash used by operating activities was
$9.0 million for the thirty-nine week period ended September 23, 2000. A key
factor in the improved operating cash flow this year is the 19% reduction of
inventory of $27.5 million from March 31, 2001 to September 29, 2001. In
particular, the North American irrigation business has significantly reduced
inventory this year. The improvement in operating cash flow and reduced capital
spending during 2001 enabled the Company to reduce interest-bearing debt by
$22.5 million in the third quarter 2001. As of September 29, 2001, the Company
is in compliance with all its long-term debt covenants. On August 21, 2001, the
Company amended and restated its existing revolving credit facility, as
described in Note 3 to the Condensed Consolidated Financial Statements.

The Company believes cash flow from operations, available credit facilities,
and the present capital structure will be adequate for planned capital
expenditures, dividends, and other financial commitments, as well as to take
advantage of opportunities to expand its markets and businesses.

OUTLOOK

For the remainder of fiscal 2001, the Company expects the Pole segment's
sales to improve. Backlogs are solid and the drivers of these businesses (U.S.
government funding for the highway bill, capacity additions for electricity
generation) remain firm. In the Company's Wireless Communications segment, the
Company does not expect a near-term improvement in the weak North American
market, but expects subscriber growth to lead to the long-term continued
build-out of wireless networks. The Company also sees some continued weakness in
the Coatings and Tubing segments in the short-term due to slowness in the U.S.
economy. In the Irrigation segment, the Company expects to gain additional
perspective on market conditions in the fourth quarter with the start of the new
sales season. The Company remains positive on the long term prospects of its
businesses and believes it has made the necessary investments to support growth
for the Company.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK

There have been no material changes in the company's market risk during the
third quarter ended September 29, 2001. For additional information, refer to the
section "Risk Management" on page 36 of the Company's Annual Report to
Stockholders, for the fiscal year ended December 30, 2000.

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VALMONT INDUSTRIES, INC. AND SUBSIDIARIES
PART II. OTHER INFORMATION

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K

(b) Reports on Form 8-K

On September 19, 2001, the Company filed a Form 8-K relating to a
revolving credit facility and Company risk factors.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf and by the
undersigned hereunto duly authorized.

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VALMONT INDUSTRIES, INC.
(Registrant)

/s/ TERRY J. MCCLAIN
--------------------------------------------
Terry J. McClain
SENIOR VICE PRESIDENT AND CHIEF FINANCIAL
OFFICER (PRINCIPAL FINANCIAL OFFICER)

Dated this 9th day of November, 2001.
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