VMI - Earnings call transcript Q1 2019 | Valmont Industries, Inc.

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Greetings, and welcome to the Valmont Industries, Inc., First Quarter 2019 Earnings Call. [Operator Instructions].

As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Renee Campbell, Director of Investor Relations and Corporate Communications. Thank you.

begin. may You

Renee Campbell

Vice to is replay days. included call. on follow along our Please can at replay accessing Release, website the with subject will Good which Controller. turn our at note Quarter Michelle. Steve will welcome applies Valmont that Vice Jaksich, to President and next Financial Thank be will full in Francis, morning Tim our Earnings statements, provide found morning, call will Steve call. accompany document A quarter Call. to First Chief results would first to and seven Senior be available Executive also Mark summary Officer; Steve of presentation XXXX Chief and provide Officer, A for Instructions the an Executive are the read for now and With discussion the which over our Press Industries are on the found a performance. Chief and update www.valmont.com. discussion and can home to I Officer; financial on Mark Corporate you, today’s like President Executive today's forward-looking and of the President Please in and President of call This the website. be Kaniewski. this end additional conference will me disclosure link Midwest today's Kaniewski, today slide to the on presentation our Flooding on and a access page details this and to the be download

Steve Kaniewski

us. for everyone morning Good and you, Thank you thank joining Renee.

of floodwaters region, our XX, When historical the afternoon, qualified campus. counties impacted Midwest or natural had approaching employees flooding. than the roads morning decision event to of summarize work in making the largest XX our that I surrounded XX% more first those Before By learned the Valley waters was of March the close aid were on that like out we flood was from state on results, are who history. the safety I'd the Nebraska’s flooding federal the and our which the disaster for site site widespread This XX briefly disaster ensure about and speak recent quarter highways the the morning. made that preemptively we to traveling late had to Nebraska campus already manufacturing to impassable. of the U.S.

our impacts facility were Our for our later. Coatings with flood. in enabling successfully more Structures impacted, Valley levee helped minimized, system control one production campus the Columbus fortunate us Nebraska to the also facility in and minor were but reopen Interruptions our Point, on We business to were West the week effects. of

are I our extremely around to the thankful and employees production. response very of to across service teams, and full that all IT safe. proud remain clock We return am facilities the our who impacted employees providers facilities work diligently Valley

customers. Mark flood from the key our to to ability financial the operational of and quickly will testament a was call. our is later speak the excellence, which our resume minimizing disruptions impacts employees safety strength to in to the Our of ensuring operations to the

down Let and the of quarter to first year. of recap presentation. me to slightly three million Net of turn now slide $XXX.X a sales last were our compared

the grinding in by volumes higher Excluding all segments divestiture pricing grew flood led media Sales across business of the Engineered Support actions foreign currency was and translation despite growth revenues Structures. impacts. its the X.X% and

the lower and in volumes As decreased expected, lower Markets International Irrigation in Segment sales. project Utility sales

increase of year. X.X% to sales segment million, highlights, Moving starting quarter last Engineered with were $XXX.X Support the Structures, first over an

solid extended by market build order sales strong supported of and and demand led improved we last coverage product in to robust North lead XX% momentum pricing year, America demand increase to across Globally, outs. markets, wireless industry backlogs over and higher to from components advance structures particularly for increasing XG Transportation in and all demand remains America benefit structures in very continue continue lines. We for communication times. small flow, in cell see resulting North

Our acquisition is industry solutions and telecommunication was into and providing markets for very contributing bring have is their Plans In Convert camouflage strategy Camouflage also progressing already of of year and $XXX.X increased architectural Support higher Utility our segment Larson expansion. from sales Larson to past results. to the leads going with wireless positive geographic already drove solutions contributed our the tracker well commenced, more sales. to well. market structures Structures in million global concealment sales aligning of Italia XX%. solar the this of actions growth. of than acquisition product Sales integration Pricing

quarter will galvanized steel. with the a largest we This purchase During line order on secured of replace record. the XXX-kv aging large weathering steel project

environments. progressing commence the with to acquisition expected for the past of of the by partnering from of this geographic are an internal in business, demand, third led into Revenue sales acquisitions segment and We for is as our half weather a H-frame is Coatings our Texas serve coat as solution provide Texas in custom well markets across a applications. end and reliability of $XX.X integration revenues will market order pricing Structures well, customer important so harsh and unique The United furthering X.X%, to of In this our core over wide XXXX. grew range Galvanizing quarter year of regions. galvanizing in for expansion. as year completed enhance first extend to all the the is Houston, million strategy

only below be in global America Farmer North has from or sales sentiment recent selling and of previous pricing challenged comparison $XXX.X prices expected. low were continued North million corn-belt although developing as heard to was XXXX. driving confirmed America we led solutions. markets project California. slightly international was a higher markets there higher XX.X% Average actions. XX.X% by to hit net farm Irrigation labor income interest the Lower $XXX.X for Turning a irrigation to sales year million increasing and quarter who and tough last and in year. in sales growers are mechanized below the the the levels support four irrigation a advanced soybeans from as particularly seeing in regions, decrease other International from underlying million and costs from demand in adverse weather of I traditional last conditions, are such $XX.X large revenues technology of our Segment, recently greater

weeks, from quarter our the AGRA region of year. a the Brazil confirmation the largest begin would during call, the lower market in to giving this Show, couple our that for As project Mark as for has like the further mentioned expectations will not large show sales repeat. expected. in review. us quarter did trending farm expected XXXX in been to I turn now we of over fourth financial a The call

Mark Jaksich

you XXXX Thank end of are at results and adjusted first XXXX the Steve good of the on quarter everyone. comparisons as to Press morning comments regarding based My the outlined Release.

were event of result XXXX. shifted third flooding segments Turning $XX four, to revenue first Midwest quarter our the last quarters as all slightly million lower than first to a from slide month's sales impacting the except of Utility. of Approximately quarter second and

sales Lower and ESS income XX.X% the LIFO to segments, X% offset Coatings improved operating and expense. operating in partially by lower $XX.X decreased segments lower Irrigation driven sales. by Utility quarter income of and or profitability was primarily First million in

assets event income net increased flooding The about deferred and million $X.X as the no as quarter to the on of investment was entirely is estimate impact also to Income. which by shipment million there $X.X hampered was income expense direct offset is compensation Other the and due on plan due well was impact in statement the corporate this of productivity SG&A increase operating as Accordingly a net flood. first liabilities, costs in result which delays, that income. We the reported plan is gains

a decreased been earnings First from quarter would associated impacts, $X.XX $X.XX the operations of to per diluted have per in flooding compared $X.XX. the earnings Without the and XX% the quarter expenses, of share for we XXXX. share estimate event adjusted-EPS

effect damage additional continue to the costs. We assess cleanup inventory on and

results. expect we told in to impact full no significant year However,

results. on five, from segment, segment restructuring improved to income operating year's contributed across income the the margins. to Support now benefits adjusted segment, actions Engineered results last well backlogs pricing XX.X% increased operating year's actions Stronger as Turning operating over as last slide Structure and

million we estimate of flood; associated due profits segment for margins the XXXX. that revenue $X and shifted Excluding has have to quarter first increased out would the basis operating points of XXX approximately

income below comps as XX.X% in Turning lower to increase of as non-recurring to to Pricing X.X% reoccur, affects American did to legal XXXX first wind the XXXX operational million slide first seven, pricing business sales XXXX in in expense In and the six, operating in Structure strong were slide America. Utility unfavorable the $XX.X weather from Coating well despite offset due North offshore volumes of related was profitability income including on charge segment the markets actions and actions segment, accrual. Segment Support due the flood, quarter projects quarter not the winter improvements North operating our by that increased results.

maintaining $XX slide operating volumes. margins did international during Operating lower including decreased at were year played volumes million margin significantly impacted the despite lead a sales. the repeat XX.X% management income our to pricing Effective Turning quarter to and lower in processes by in eight, that approximately the Irrigation project Segment year. compared part last markets, held this as not on of critical levels Results XX.X% of business expected.

Pension cash included second in as $XX.X our QX, cash and remain this Turning higher flow firm the occur the to $X.X million reason in Delta to million, second first in highlights the cash quarter favorably for we operating Cash receivable favorable that contribution million earnings sales of versus a were A of flows XXXX. quarter Xx nine, increase cash flows encouraged flow are year for capital and reflects half a $XX.X XXXX. by quarter in working lower flows trending accounts did this quarter operating was net on other during slide movements to were free XXXX. not the which commitment Plan of

$XXX spending be by slide and opportunities. quarter still summary growth and the in of million full previous our deployment, construction million. capital galvanizing mentioned to the million, to market shown XX. accomplishments year We is $XX plan of Pennsylvania, for expect support $XX.X Turning spending was driven in a all of between capital expansions Western our on facility Capital

quarter in the million and million we $XXX with to and $XX shareholders related to XXXX. ending final million an Walpar purchase through of which just was payment We $XX During quarter of two over acquisitions, including of towards capital cash. repurchases aggregate the of the share deployed returned acquired dividends

approximately of leasing resulted This assets in adopted XXXX. million. quarter balance an like out accounting other the of in long term standards and would in liabilities long the new we point to increase sheet, $XXX term On that the first other I

quarter Our adjusted the tax rate for XX.X%. was

Let for me now our XX update to outlook. an on slide XXXX turn

We share diluted lower have $X.XX. from full $X.XX increased the per earnings end $X.XX $X.XX between share range and be our per year earnings and expected to prior to of range the expect of now

outlook demand is backlogs despite and segments international Our on ESS and growth Utility of Irrigation North and based the profitability opportunities. uncertainty American in market strong healthy Irrigation sales, expected the project needed in

revenue margins Our assumptions operating and growth unchanged. remain on

comparisons now Foreign sales be X% Steve. with expect will share over currency effect associate earnings translation that effects million sales, or $XX with by $X.XX XXXX. I are about the an back also of in unfavorable about to comparison call unchanged per we and turn With to

Steve Kaniewski

Thank Mark. you,

center events, shared for two partner Valley intelligence members team, was our true an these in two best XX, artificial our with Summit The global pivot At pivot and very both the Innovation agriculture last conferences Agri-Tech focus to sustainable on month autonomous models roadmap providing longer together influential our Summit, and opportunity on agriculture technology the Turning Technology speak integrating successful term commercialization farm. within direction. precision supportive at of had the the field. of Ag with The of basis identifying irrigation, Innovation Tech I feedback and advancing on the and slide the to THRIVE for and a which interest California; and Prospera I on Irrigation vision World positive

last expected, launched detection. Valley As and anomaly week Irrigation Prospera

growers on by and growers acres, of the to will pivots XX management, AI critical for model. path anomalies Introduced detection launch our limited based milestone block is brands a the all and pivots Nebraska in crop into and XXX,XXX or powered is towards for subscription risks goal a the is acres visual mitigate entering states, available X,XXX Washington advancing as release monitoring in million initial XXXX. first us fundamental through by Prospera, of as issues, Providing field the The granted Valley technology of across the autonomous functionality. two technology insights a building X approximately targeting

who new and led dedicated have for our on the As sales Setting quarter, managers of of landscape. increasing this technology of technology, our territory foundation senses focused we more last adoption solutions. current associates technology global team advanced expensive mentioned a growth to are

result of the are over devices with we leadership review, that demonstrating to report the in position market. our a excited globally, As industry this we now are technology further XX,XXX leading connected

Our solutions particularly in gain Brazil the updating other the markets. technology progress look year. roadmap international continue and of our technology to to momentum, forward throughout you We on

remain to Turning and the the build the upon earnings positive for to we challenging XX, on and our look of outlook within slide current sales businesses. our despite markets remainder XXXX irrigation momentum

drivers. over demand our the In XXXX. continue events markets to very are businesses, market growth delivery developing year of impacting revenue growth in orders be conditions for in America acquisitions strong North recent challenged geopolitical solid in infrastructure Irrigation and new supported by international underlying expect past our completed of We and products,

and the Coatings and strength in than more effects our However, businesses performance the expected year. infrastructure during offset these are to

at our in strategy the are growth XXXX. segments polls prefabricated Coating substations the favorable. extremely structure and hardening Connector throughout smart decretive grow. customers. small deploy we and key to are momentum and In and customer Irrigation across solutions year. to last are of expected see will and Support driving In and Pumping Coatings our and controlled lighter our structures technologies with new efforts demand growth. accelerate to all now utility, architectural and expansion structures been our environment the screening benefit products also In Structures are Investor in America Global Engineered distribution discussed year, In products pole As solution we are bridge cell continue we of our advanced a North Valmont construction new concrete Solutions Day Coatings gaining feedback sites has all will

our well us around critical quarter, initiative. operational to the efforts Maximizing especially facilities excellence U.S. global will Our footprint flexible our during utilize a go-forward first ability to served during be shutdown. the other Valley

remain across gain and As we acquisitions demand. discipline offerings and the be product of up to ramping all We highly footprint meet leadership this price our will our to momentum, new committed markets segments production in within serve. price we

generating will against to our continue capital the stated goals good I call cash turn will we flows. perform allocation over while Renee. Additionally to now back

Renee Campbell

open Steve. Thank up At this for time you the call questions. may you, Michelle

Operator

[Operator Securities. of you. the first question Instructions] Thank with Our from comes question. proceed Please line Craig Bibb CJS your with

Craig Bibb

start acquisitions to of kind you Hi year. wondering with The there order was is and good it out like a million a could in USS, break guys. Convert, $XX there? that was large number I primarily Convert. A or at the revenue run in sounds if that is rate it

Steve Kaniewski

said highly it's Now in the Craig have is the you'll the Convert so a global markets, that – throughout way CAGR of in but look was would from. you recall that revenue very if the is see Convert so develop up go XX% would seeing where have year. – CAGR. we throughout high and you have we’re based project a the The it that year, at downs majority as to market that and is and that we business of Convert

basis, downs, but strong. should very be we'll So and ups on line a it some trend have

Craig Bibb

USS the strong just regular backlog. reflects or versus business the much America, record demand of is that How North both? that assuming know share I'm and Okay, that’s it gaining driving you

Steve Kaniewski

of place One pricing. and grid a is well, are on demand Yes, particularly a which the we some the million line large also good got, of very half is would basis, combination north of replacements that of that over shipping general improved the of be order year the it’s Also things. balance taking then – next and of hardening this it's $XXX of as effect couple the year. of half a first and project just second

Craig Bibb

go, else thanks. let I’ll someone okay. Great,

Operator

you. Thank

the proceed from Jones your question. next Stifel. line Our with comes of question Nathan with Please

Nathan Jones

morning everyone. Good

Steve Kaniewski

Nathan. Hi

Mark Jaksich

Hi Nathan.

Nathan Jones

little like on color I’d more the get still to a guide. But bit

original you the the some put the it know there things and out up You sounds uncertainty certain took the was some of I in timing some $X.XX. on some happened negative that side the guide you bottom when irrigation actually of of guidance has know international about projects. of end like February

us on So maybe end color you you you up. could to just little know confidence the bottom that a give what’s given of guidance take

Steve Kaniewski

of market Yeah, our the fact so will for when irrigation projects, expected the we for guidance look soft of North at some to the for year. fairly be That the of some ship, events, the those what is American at our knowing we fully year, strength international which balance accounted having we have recent our of looking the may we the that. ship not in confidence utility, ESS and look real hand and now to sitting you and in on when there part what based but are backlog we forward that

our the very Additionally the remained pricing environment strong well. as for has products,

We structures have cell for and components. small demand our comp very strong

traffic We market. a very strong have

As timing their states very own it. clear the others too. times a project of we XX seeing number associated And so funding lead are profitability well helps and to obviously terms explained, and long in have there. and that both utility in previously there's projects there's big that the passed us announced mechanisms, with of gives as us us releases as That visibility just

So add pretty drag, when businesses last performance some our infrastructure are called performance to good that we feel out to our compared well. about performing improved year it factory significantly as to our factory where and as we has

Nathan Jones

that. backlog think USS I XX% amount gives up probably know like of up plus the fair ESS you to and XX% Yeah, confidence a

anticipated pretty as comp pick projects and irrigation up some went guys I through a the there, having weak hadn’t international XQ then year. we the on Just you know

bit. irrigation those know could a you happened the just like. you going forward of the looks about little Maybe international market projects little of color funnel opportunities more a project talked and on what's what moving give bit some us in You've

Steve Kaniewski

around Yeah, that down events, see to so and ramp to we lets as may that said been had expected fact may timing be the projects there's to that change There's out the is the the whether Asia, our change made say go is call Africa that there's Europe have some pretty the fourth not thus those enough it or presented recent and to still enough happen a number has fact second drivers; areas, quarter even Eastern start quarter There's uncertainty far. particularly Central there's or of to good a we world; targets after. such no the then felt difficult. we first guidance would that just in into it's that quarter. East, There we we include Middle out to us no that there where Africa of of to should

the So that of our we to this about markets. timing we’re in they just right good feel bit a It's hesitant to say ship which those little strength that going now year. are

Nathan Jones

guidance Just guidance to at-risk there assume projects don't actually know you call or that here downside happen let's don't is in some for of go. them does your those, then clarification, say them all if

Steve Kaniewski

them that if and account No, in into guidance. go, already don't it's we included our took fully they

Nathan Jones

pass very perfect. Okay, I’ll it Thanks much. on.

Operator

Thank you.

line comes question of question. proceed next Davidson. with Please D.A. the Brent your from with Thielman Our

Brent Thielman

Hey thanks. morning. Good great,

Steve Kaniewski

Good morning, Brent.

Brent Thielman

projects and via from things perspective you of to should a come sign this favorable sort larger to on larger maybe that utility, structures be large a for mix and of include Steve, as this know margins. sort is order

Steve Kaniewski

don't past large but and classes those be to of these thus probably come voltage mix seen it we kind changed forward. large the think we've the projects that from but years still it be time are There will lower few underlying be of a on be there's large what fundamentally that up going to on the some and know, two and of there will projected structures. if of this smaller happens very I out structures there, You over too, we've encouraged project hardening will time most the and

this big efforts Op are structures relying not from the around to and when with really being should and smaller So our perspective. on us we it efficient these get perspective orders, help very productivity factories them then however like still and revenue our [ph]

Brent Thielman

international go, could, of particularly if you the Got that And is it, guess like like on the think doesn't international up project side. on lack business irrigation as but Brazil then enough I and business about elsewhere offset this think project side, ramps to it this it I on year, okay. the looks

Steve Kaniewski

will it claw help won't No, I or don't back to it of necessarily some would believe actually offset. it. It mitigate but it, offset

it’s hard overcome comparison. have positive So and without to very large those projects a

Brent Thielman

you. thank Okay,

Steve Kaniewski

Brent. Thanks

Operator

you. Thank

Our with comes Drab the of from question William Blair. your next proceed with Brian line Please question.

Brian Drab

taking Thanks my good for Hey, questions. morning.

Steve Kaniewski

Good morning Brian.

Brian Drab

up to so trying guidance, Just impact assume half on is X% acquisitions to acquisitions, still half that’s sort to parse the revenue and from revenue organic calculate fair out of the versus X%, or it growth. that growth

Steve Kaniewski

Brian. Yeah,

what think we an some X% quarters on different, out we so I about Again, could for split, year. that bet. a that's depending look each It year range. to finished you know in equal the for quarter-to-quarter, for the the safe project the called still for like was but where looks lumpiness originally numbers roughly X.X%

Brian Drab

that acquisitions And positive guidance know Okay, got you the basis by the or margin points, improvement would operating then to negatively. affected of XX the be it. same lines, XX along

Steve Kaniewski

probably the within throughout but year. be acquisition depending on all did it’s comparisons in build the of when accretive and last the – positive this expect year, at which we Well, going that you the acquisitions would the timing look we year XXXX, to

So and quarter, building the through third second first in lighter the the quarter fourth.

Brian Drab

higher if don't not versa. the vice coming acquisitions or So margin I but that your below in think above are or I be you question I that average, guidance done the corporate had operating acquisitions like asked actually the would clearly, guess

Mark Jaksich

or the intangibles, you case, things would this into any when because in of aggregate through much in that additional of Brian, But you the because write would those amortization pretty say generating would businesses I operating of running ups – do expenses. acquisition, margins is to to would the say of be partially those trends one in have P&L. with I assets as don't think the be non-cash company an line Mark. Yeah going some aggregate well, there's account the the the be I take the

Brian Drab

question of and last on just the which timing project, know positive then but the in project the impact a and Segment could the periods this, large margins that just you the Okay that is talk about you for I have would quick expect you and maybe have may potential, that could on and Utility missed specifically margin impact?

Steve Kaniewski

Yeah, go the so will shipping second we said and order that basically the through the of start in quarter third XXXX. quarter

of a potential next helpful it's know is year of the So follow on look we and there we and guidance our the year. this support half kind and there regard it. if profitability potential perform so in forward half you part is well work on this It's then part for, after that as for of

Brian Drab

maybe? that the or is impact is is or positive like on could segment exaggerating Okay, points it it that a overall, XX something basis be more big that that

Mark Jaksich

Mark. Yeah Brian this is

I does orders to give think bit, for million certainly but house. revenue, little of sake additional total percentage $XXX because per project of a it small the that's exaggerating the guidance about in segment revenues us you think the in confidence be relatively $XX the argument around it's million just because if

Brian Drab

very you Thank much. it, Got okay.

Operator

question. comes Thank Instructions] you Please Braatz the with line your of Capital. question with John Kansas Our [Operator from proceed City next

John Braatz

everyone. morning Good

Steve Kaniewski

John. morning Good

John Braatz

be How benefit XG that spending you spending. what of my duration seeing guess can long the question I you're from on that is the rollout. rollout? Steve, can

Steve Kaniewski

to some seen structures. simply have with the We regulatory get concentration you to to thus Each structures Yeah far the be XG John, come is ready the overall, that of that for components have and anticipate in cell open city spending permitting. of the coverage could and on XG, three up to really that place. as a to get coverage the on will year insurance we've would of because well as five plan be have because XG process a

again ramp the in we that. occur the on predicted later infrastructure believe had on on what's lot current that the of would real to little, XG. now XG year we So A going still is

is outlook. way know it term we that you at So look a of the long kind from

three would at that companies build America and them to that are this look years probably you the over be thereafter don't start duration. to continue later In If at should China think and do cell and then you participated point merge at in XXXX, if see they in Australia, Germany, to five least you'll least two in. then start those North some China that necessarily Korea, and I markets Japan, see probably countries we ramp of telecom

to that's move one basis, the still So and seems the world global the where would thing other move. the is coordinated than a generations on XG before more work among one about different around and be it previous carriers, it some the to coordinated would take time for

announced XG. competitive plans as Now a as disadvantage have don’t around they its viewed

John Braatz

don't have business know but ever part with Steve you as ESS? the XG, discussed XG have of us big how a you I you of – if are revenues have, Okay, piece

Steve Kaniewski

million, XG this north have a you don’t at or CAGR are know said we break XG, John, Well it based $XXX point. good on of at that roughly very telecom growing sales but out we

John Braatz

a you. that Mark thank accrual alright Okay, quarter. galvanizing there was it? One about question, What last in the was and much was how

Mark Jaksich

Well, is, sure. point I’m not at it check me, this

of we about related amounts it due to in matter its the nature it. to statutory can't of Okay, talk the California state exact and

John Braatz

thank Okay, alright, you.

Operator

you. Thank

Our Please next question. Davidson. question with Thielman Brent D.A. a proceed your from is with follow-up

Brent Thielman

acquired you sort you in have order. more one the tower maybe large business talked I touch on for about the Utility, it? Steve just on thanks. of latest that since backlog build Great, Could and expectations the

Steve Kaniewski

bid in we so Middle and the and that are the in to we so finally structures business this booking Canadian but telecom structures and have regulatory been U.S. can meantime up we certifications India Yes, utility finishing the to related all the East. markets,

galvanizing it We up There's time lot very plant said that work it attached would take a also as business the pick that party particular that and it's to of that almost was we're So is like starting but around in a to ramp India. to expected. third are able Greenfield, galvanizing doing track well. we there on

into now we’ll some as So North as quote to but you'll more itself. we're building, go like hear as and where discuss a is more, I to as point that quarters in backlog of we America the next said

Brent Thielman

a on great. didn't it Italia that's as presence. Convert then U.S. I have recall Okay, And

going. if there Utilities with are how is curious guess and inroads I Just you making reception

Steve Kaniewski

Yeah, us vendor a that specific the the that testing place wind as There tunnel that There's like having we structures. that is in testing is and of from U.S. perspective. going is as for be well know would very the of a some strong support demand technology you a have positively. just taking Valmont

you think necessarily that that have. the about world, are Midwest hurricanes, winds, tornadoes If around don't these and things you

So and in process solar U.S. built tests we that able go and have finishing to to we're in team the those to to a customers is of the still bid. help

the just demand are strong the itself we seeing So of release on shortly in U.S. the here and product

Brent Thielman

Okay, thank you.

Operator

you. Thank

remark. We question-and-answer Campbell to would our closing for back have the over Renee reached the any end to call of session. turn like Ms. I

Renee Campbell

Thank you today. joining for us

with next We our call phone forward today's be website by you or look for quarter. on seven to mentioned, days. will next speaking available As again playback for the

Operator

on Securities to within Private in historical circumstances. based other the light of Valmont as operates, Litigation be as statements future experience of perceptions management under believed Included conditions, management's are discussion current developments factors meaning the which industries appropriate trends, in Act forward-looking well of These in expected in and the this the made that statements XXXX. forward-looking Reform are of assumptions has

you involve comments, of As statements assumptions. and to Valmont's you which some of are beyond listen consider risks, control results. guarantees understand performance They and of not that uncertainties, are should these these

and forward-looking are based on could results these forward-looking Valmont's well the that statements. of should include Securities market and reasonable and actions governments. actual pricing, factors price and and from material, financial international raw and and policy efficiencies, acceptance These operating and foreign in products, of environments product changes Commission, and made believes availability to results, to time-to-time domestic of of statement that undertake domestic market from cause conditions, factors new as things, The update reports competitive assumptions, teleconference. financial be the materially availability company other any included aware statements. Although this that of is circumstances, industry concludes Exchange statements company forward-looking many This forward-looking affect you and factors today's to does those in and in management as performance company Valmont's the cautions economic any risk discussion future them anticipated discussion among this date not described differ as

your disconnect at this you may participation. lines for your time. Thank You

Valmont Industries (VMI) 24 Apr 192019 Q1 Earnings call transcript