VMI - Earnings call transcript Q3 2021 | Valmont Industries, Inc.

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Operator

Greetings and welcome to the Valmont Industries, Inc.

Third Quarter 2021 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] Please note this conference is being recorded. the Investor to Relations turn Campbell, host now President Vice and will conference your over Renee I Corporate Communications. Ms. begin. may you Campbell,

Renee Campbell

Thank today's which and of our remarks applies slide summary of be discussion and Executive balance presentation President to our will conference seven our me Vice provide like brief from on presentation. comment Controller. also this webcast call or over will our the Welcome a XXXX followed and results for outlook. to is call replay morning. Chief to two note of disclosure to days. review also on Francis, available with from and at Executive Steve quarter is will today's on of Officer, outlined President an you read Senior provide Chief Industries Applbaum, be page I A It on will will financial the by download accompany full now and would business today's the the our Financial in long-term and closing Steve end statements, quarter and that will next the available call. This valmont.com. for Executive This Officer; of of Investors forward-looking today’s discussion Avner the third Tim XXXX Please is subject at be the strategy Vice turn Kaniewski, call A Kaniewski. to third the President Corporate Q&A. earnings Chief webcast today's and Steve. morning, President on outlook Avner for performance Valmont live With and Officer; Steve call and are call. good and

Steve Kaniewski

overview like morning, Good brief sharing begin by then the would opening to everyone, for quarter. Renee. I provide you, comments and a and of us. some you Today, joining thank Thank

Jr. Walter He that, month. for board serves the and to more want contributions take years on than last Scott moment to recognize Before late I a XX our I do of away passed

incredible Valmont's and success over wisdom was kindness who leadership us at him Walter's community. missed by by council, will there losses be his Omaha those are truly an knew and entire While mentorship individual, and the His Valmont. deeply the all fell years. of critical to

the Moving on to business.

Australia Our Delta the this and consistent strong the demand the supply growth based our execution strategy, others, labor and and chain the faced Government business. have of some performance and facilities. broad North again delivered Despite even most profitability. quarter we've of variant our America, mandated impacted quarter challenging lockdowns and and a in shipments including irrigation workforce Coatings once certain demonstrated States impacts solid United amid environment. and utility of the affect disruptions. COVID-XX disruptions businesses Like the and we inflation, global chain strong this, of quarantines a our Supply growth across in solar timing in Southeast Mexico

operations and well. commercial exceptionally teams Our managing are

team's execution employee customers. and our this extremely perseverance, So throughout while dynamics, focus to of these safety proud the serve continuing year. our I'm prioritize of unique

broad by Sales me a more increase four based $XXX.X summarized XX% our overview let and with substantial the led to Now, growth of than segment, quarter demand pricing of particularly compared Record higher of million and quarter move in market brief last irrigation. third to sales sales is third on presentation. year. realized all slide growth strong

capital investments due into supply and that significantly higher utilities increasing were Utility. starting their last pricing to year, been marking million segments higher Moving compared chain renewable Sales higher slightly see generation. Further transmission both customers mostly repeat, of renewable to increase distribution spending. demand to and the our planned strong projects, were business. next sector With across utilities offset have capacity continuing favorable recent additions and by quarters future over renewable have projects the and of to not were proposed volumes with that utility or a years drivers comply of energy several pushed developers did energy We mandates demand the $XXX.X to in disruptions. increasing forecasts exceeding their additional as projects with are years even been energy

million, significant products carriers And international communications and Pricing Australia. good markets growth continued and engineered driving this Sales across XG support to providing led into quarter. major investments of business, all benefiting in are improvements and in from build all the product sales sight in more structure. wireless by communication favorable year-over-year, a than demand Moving line higher $XXX.X are markets, and infrastructure of components. increase outs XXXX. in especially pricing XX% lines XX% by of investments, stimulus our wireless

Sales million, demand by market sales end pricing, Coatings. to of Turning XX% and year-over-year, $XX.X Pittsburgh. our driven general grew improved new Greenfield in higher facility from

record all our including the acquisition another million, in and highlighted growth and farmer year-over-year, Last on sales more Brazil. project, very of generating strong deliveries of grew strategy Egypt year-over-year, technology impact Middle XX% Integration sales International by $XXX.X a fundamentals building XX%, In demand or well America, our we to market with Moving strong doubled net substantial sense, is grow projections farm of income in and new solid Technologies. to recurring of positively global than in to ongoing led services. East Prospera the quarter irrigation, regions progress North solutions. are order making sales going we and nearly improved the higher flow. sales of sales sales revenue quarter, and Africa, continue

and to the have our forward shared we In of due solutions, our critical towards strategy. goals look financial components on sharing market progress unique these irrigation, highly global quarter, growth differentiated both are in advantage the and that targets future. last meet to a AI footprint we We to track

costs. labor light especially supply the the serve, environment, Over year, opportunities the we for freight challenging increasing in past of have chain in markets higher and been manufacturing we local availability,

of us market international and assembly device our example, electronics growth. our assembly, in some and recently increasing long-term our by For are total for the localize XX%. capacity factory Brazil we Positioning

to we our enhancing customers. While service and continue dealers

are that pleased at year-over-year. XX% irrigation our up end was quarter We million, $XXX backlog third very the of also

Turning X. Slide to

is pivots. prosperous into its the a But to of we've bring company's of To and and the the energy direct access GDP, these are for the lack quickly XX% the desert and One and to for pivots challenges, Solar our electricity, becoming team project life. to production. of As workforce. local XX% the the solutions the largest secondary driver, into in transform eliminating is its transformed Valmont We're independence are XXX% have conditions Sudan grid. continent. third hindering purpose. agricultural Agriculture accounting electricity And Sudan African PV the region economic nation's before, core for source. help region to our initiated energy on is overcome center captured by expansion. into our country primary recently this and installed sustainable improve battery immediately a power need a employing or solar close from resources, plant ESG our of powering Sunlight proud example is ways to there this a and of said to conserve is of many using solar embedded products services, recent

outlook. through and XXXX productivity. Sudan, are third doors build opening Our issues, Empower turn that financial I will innovative to review Avner will enhance a solve communities solutions agriculture to quarter the our world. other and precision sustainable call over security more local leading and to way With solutions help now that, for the for

Avner Applbaum

Thank and you, Steve good everyone. morning,

results Turning outlined irrigation last execution sales to $XX.X appendix. $X.XX higher structures. more X.X% like XX% release in favorable as X, the adjusted of higher comments through notably in income of and was in results, of the in of planning XX.X%, the driven press and tax Slide grew by year by a driven share certain compared in per tax year-over-year engineered strategy. grew Reg third operating which earnings and primarily disclosure the the to favorable rate focus realized presentation XX% million volumes pricing, Diluted in support on G income of or quarter Operating will

Turning to mechanism, continued quarter, last year. in not a quarantine increase sales to fully to costs X.X% points to lower impacting to operating to compared basis X, costs facilities we the few or Structures the workforce XXX segment. expect ability our pricing than do operational our of leading North lead Utility repeat. a the which On expected in recover Raw of material American margin. impact Also, $XX.X inefficiencies, to million, Slide during income of Support decreased to

leverage, including of Moving to results. pricing XX.X% of offset or of also the to to Support action inflation. contributed income benefits continued a record. Engineered increased cost Slide X, quarter proactive than $XX.X impact Structures costs The sales fixed million, Better rapid third more operating positive have SG&A in

income the was material labor Profitability XX.X% sales facility. pricing of Slide $XX.X million including operating year-over-year. impacted lag and costs, inflation a to Coatings points the recover in Turning higher costs by raw startup in XX, XXX Pittsburgh and or at of to basis segment decreased

consistent year-over-year. favorable the margin recent tubing doubled and by with partially sales Significantly global and pleased expenses XX, and international taking margin We're slide business profitability points offset industrial operating volumes pricing our last by to million actions Prospera Irrigation pricing improved higher and of the acquisition. income by operating our compared led basis higher from in SG&A to segment, extremely team. Moving $XX than of XXX were more of of year, the XX.X% also proactive improvement

operating cash level flow to of the working use sales $XX we higher XX. million this in of support delivered Year-to-date, cash strong cash Slide have that quarter with Turning growth. capital $X.X reflects million of to flows

rapid in flow. we creates cash inflation As impact short-term material said raw quarters, on prior

supply year, growth. availability strategically to line to with and also chain Accounts support raw remain material For strong increase to sales expect help mitigate the in sales levels of balance growth. the elevated disruption inventory receivable secure from will we

As shown, in inflation subsides. our working see historical as results improvements capital we will have

capital returned the with to repurchases, million of to $XXX shareholders of million spending of Slide for XX, million $XX a share and was through for approximately capital investments, summary growth $XX cash. capital dividends includes $XX Year-to-date of strategic deployment. Turning million ending quarter and

Slide our our to within EBITDA credit times desired sheet now X.XX our remains recently remains Moving range on net revolving X.X amended balance Based X.X XX, of to our of to debt strong. times. adjusted facility,

including outlook, to range fiscal for assumptions. solid in the execution $XX.XX press XXXX market XXXX and our tax We're release. summarized on strong Slide continue metric, including assumptions narrowing to slide this a XX in $XX.XX. this are Let increasing me rate Other and and earnings EPS few to turn This and now update impacts are an confident expectations the and reflects our currency this demand and year, ability for by to metrics performance. key our guidance to our

Structures, Support expect to improve more Utility Turning to steel with aligned operating in we segment on inflation. our pricing outlook becomes Slide XX, cost sequentially as margins

Support Moving rates in expected through on line and and products market Engineered sales Structures, are continued XX% track wireless and for to North growth. American with to Demand stable beginning order we communication condition we’re XX% grow remains improve. strong very in market to components market expect transportation

pricing our Moving we remain value to coatings, on actions customers. to and providing focused

to Ag to underlying global Moving a year, XX% grow irrigation, backlog. in global this XX% to based now expect strong we fundamentals, sales and on strength

at Looking ahead our targets the per in that over with growth to XX% give With growth strength our market call Investor X% year achieving share strategies and Steve. XX% of in to and businesses, global Day and back will our demand across strong of in to sales now I the XX%, us earnings continued growth communicated XXXX, turn the confidence line we May. to have to three flexibility of that, pricing our five team

Steve Kaniewski

Thank Avner. you,

drivers this XXXX up into are long-term our global evidenced as well to solid, positioned remain portfolio for and business $X.X sustain of place The XX% of XX. year-end These Slide to in demand record our is backlog billion by XXXX. businesses growth. than our Turning more drivers momentum

across disruptions, We where take also and actions COVID. inflation, others, chain Like businesses to monitoring needed. pricing supply continue our closely we’re

to state safe following waived. to actions customers across businesses is issues We’re all local to appropriate regulations our address Meanwhile, not our employees and keep needed. our focus take as and additional on ready these

disciplined growth and strategies, challenging XXXX, and Turning flexible build while to advancing summary, to customer some very been responding operational excellence innovation across we to employees margins our executing and invested have pleased navigate on repurchases. and In operations. Throughout our returning services dynamics. have high technology and strong drive and pricing being share our meet demonstrated strategic through also to upon market needs. Slide to ability capital our We've strength quarter operating footprint third of results ability with new XX. capital sales by I'm and in allocating products and dividends investments, quickly we improved the our through shareholders and our grow execution, to We've team's in while our to

our build I upon creating to to communicated additional we and Looking the will plan on that over our remain have and our and ahead XXXX, we’re on principles confident now to focused call deliver execution in back our capital. value to stakeholder Renee. the ESG invested while improving success, turn outlook return

Renee Campbell

this Thank you, time, up call Steve. At operator for open the will questions. the

Operator

you. At we question Please of session. comes question. question-and-answer line Thank the proceed Brian conducting with will first with your Drab this be William Instructions] time, a from Our [Operator Blair.

Brian Drab

of by repeating taking morning. that just good I'm XXXX quickly Hi, it. you all Could sure Thanks for begin guide? not my got I question.

Steve Kaniewski

sales guide and X% the Steve, is XX% growth our EPS this Brian, the of to of reaffirmed was XX%. that XX% we to Yes, XXXX

at what was that Day. So Investor we our communicated

now pretty about look we XXXX. confident how we feel so And in

Brian Drab

Got it.

what Yes, and had XXXX. is is there the I some s right? operating expansion that's implying Okay. down EPS greater written in Obviously that given margin growth

Steve Kaniewski

That's correct.

Brian Drab

you this weigh last And you do talk have the enough what up in materially? stock won't can going that prices fuel Steve, steel price leg is assumption in steel about such forward? for lower prices in margins And,

Steve Kaniewski

albeit Well, the think still inflation overall the But fairly even in see we I some just see will quarter. quarter, it, saw kind with will utility the with quarter, it third at second sequential XXX about you will right of we've would still actually and stays points fourth fourth In for to look DFS first went the it inflation is. average if in utility, quarters. accounted with about margin we we was current well. which to business, is of quarter some on XX% continue we basis There improvement take that still inflation inflation see basis. if be a us now In till where about second through steel the consistent steel really

equal, then out fourth is should So we'll quarter bit by as being you a if it that little now plateauing drag more less, a bit things we have above. second in be continue, quarter, and little all again it first doesn't look quarter,

Brian Drab

some utility the XXXX Right, okay. from for gives that just like customers And a bit what I confidence there's and outlook we're if growth little that in maybe market other know then growth you're one are in that segments indicators expecting you more utility kind talking like what in given, reports seeing maybe XXXX, are you the in of guiding about of but you're thanks. segment in the ask, I can and not

Steve Kaniewski

be hardening renewable is momentum renewables the to a remain Just driver the robust, positive has continued mandates overall, the continues to energy market generation from grid marketplace, in there. us a or for positive

in will module not that area, actually side and which issues everybody the look strong both get projects particularly of to definitely the as ‘XX traditional of the transmission better in availability, side generation be, the of Some you and in albeit, XXXX, our solar kind where we backlog delayed some it in better. maybe we but And generation have XXXX. into wants to distribution see

of whether everything the from that market part XX customers it or of XX% to I'll from an cancelling just inflation. make other of not customers such kind forward. even if overall remain our are So that up. bring moves really inflates, order that a issues in maybe factors orders both is back there costs we're a the flow We're any hearing product project robust, small break project been and because will where suggests there's coming Again, the

Brian Drab

Right.

Okay. the for details. it. Thanks Appreciate

Steve Kaniewski

right. All

Operator

you. Thank

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

Nathan Jones

morning, Hi, good everyone.

Steve Kaniewski

Good morning, Nathan.

Nathan Jones

start a off, Wanted lot There's here. to lot of obviously, growth a of inflation.

fair is of coming that price. a amount growth from So

investments Love volume there's a there into can could do coming versus need that. I your well. think of price where forward? Is manufacturing growth? by starting going places it from volume see to you've here you're communicated capacity color footprint here if within make pretty there that might are give where some well on segment any you to as growth us any constraints we And lot you own

Steve Kaniewski

pricing off with seeing earlier little example, go at right a at we pricing I a we if look volume, that utility. if inflation where mechanism through coming we're definitely utility So see look an I mentioned going -- start as steel pricing. in if with the lot the and Steve pricing do

did utility by the global work part we reduction some there on volume the side, volume businesses. the the we project On so on timing, generation of offset other mentioned it that have increased did have some

EFS, at we're coming strategies again through pricing. and actions there, our you significantly look with seeing If pricing around

through and You're and you're we seeing year of telecom we the early that volume seeing so traffic coming well. a of expected with in that XX% a magnitude the that of some on decline or the lot business offset as and mining express the

Moving right of a to we're opal through lot pricing there. there, we're coming the Coatings, seeing seeing

our all taken had the has strong in through then businesses And the a that finally as volume been overall good year, planning a the been the we've across mix. order some our facility the backlog in and we've coming very new good both mentioned we've our of volume, we throughout the flow sales seen pricing in pretty think and They're that example and businesses through lot do and acquisitions quarter. strong I mean pricing. actions evidenced I volume all we by irrigation an and

Avner Applbaum

irrigation. I think from the we're capacity side, And in Nathan shape good

of the XXXX, the much back we've last self-sufficient. the facilities, international peak more in we be U.S. big facilities were increased to lot lot a If in more just producing you recall going and a to

out volume is than stronger is flow here. order not of it coming American it's now. And still back North then So

chain. in watch the of a we're And perspective, EFS, pushing good brick from on in to growth. we're supply But some doing. the shape excellence rented people obviously have really we good shape operational meet shape in utility, coatings to with and the that mortar automation AI welding we're So

nothing do a a to capacity And always mortar at the at footprint, to we timing this capacity, perspective, will ability we to from need do so the market. imminent point. to and the from our very pricing to we in to of look at something have and want look We cognizant be have brick do what if perspective add obviously we

Nathan Jones

Okay. Question do typical season extended are like customers you we could domestically, as seasonality selling to than lead start order strong maybe times, year? indicating for times to on Yes, an feel next the channel this get and XQ irrigation. very and lead demand checks drive this early XQ try better ahead these of into longer year and

Avner Applbaum

hearing Nathan. lead saw it month We It there's about chain thought past supply in I the the the even fields, between though very has journals that is over predicting the they're time. even in constraints robust, farm order all are harvesting, think, flow doesn't take news, long

So People in increases. they trying to people get And I use price that sure that. for are are make of plants good really position think anticipated trying ahead next to are year. and

seen wouldn't or So in as October the mentioned, we we see typically I more late straight which frame, order November. flow have through good time

that assumption think I is correct.

Nathan Jones

days like sounds price in impact it a not negative having old irrigation the market increases yet demand the either? on are So

Avner Applbaum

price if we're a in of say pushing market in if environment, a we through kind cause high not degradation. well Now, year product, I look to three get our is particularly market going typically any regular you you payback at commodity think one

is moving recently moving announced and increase far that through is price through. everything So well. as another We

But we price sure issues So are address. out think and to fixed labor there, necessary your continue chain that'll can I I that have are make be increase. to supply these

going it's well. So

Nathan Jones

taking Great. my Thanks for question.

Operator

you. Thank

comes Braatz Kansas of proceed question City with next from Jon Our the question. with Capital. Please your line

Jon Braatz

Good morning, Steve and Avner.

Steve Kaniewski

Good morning.

Avner Applbaum

Good morning.

Jon Braatz

or the Returning international business. of irrigation the to piece

any the in robust it side, been, market markets strong those change outside On international as outside in as you is as demand of Brazil, has and Brazil? of seen the as

Steve Kaniewski

that in quite continues on more market Australian obviously, and Eastern I say has pretty market to experiencing and frequently Africa, see Asia, rebounded nicely. the more growths out right Every And Central is growth. Africa Europe, even now particular, call we've would

seen Brazil, markets So really with But the if this the are you around growth that look to happens be performing well. other very there. we've exceptional

Jon Braatz

project project, was of And the the entire just of tracker? or secondly, extent on that your -- project? Okay. solar the you What do Sudan solar did in EPC provide then project, your you -- work the did on piece a

Steve Kaniewski

they with work did design as a Yes, of did the so the we work as some we and have capabilities. good they the well. worked portion local And who -- of then engineering some customer,

kind I of So kind say combined EPC its that sense. the of was of a of because would in kind it project, was type first it

we as than more did not but we do, true much So would traditionally as a EPC.

Jon Braatz

capabilities, capabilities your those be where we something future? and of that Is more in see can applied Okay. the that elsewhere,

Steve Kaniewski

Tam Husker month. It's is grid outside we that new did really last now, Absolutely. have something the that's is expanding create in And Right something that Harvest Days what that it here power. allowing showcase of us in to do footprint. not places that to Nebraska we'll be

that was gensets so own. of really is on this we make operate power, of farm and a no kind its the can out, of kind that sustainable And put concept no there's proof

in as power as hydro Brazil it there. doing And like it we've things becomes particularly so well. We're And done constrained. more

us significant we move a be So this we advantage market as forward. will think for

Jon Braatz

question domestically. last One Okay. here

Solar tracker any on you -- are awarded you have projects, projects size been utility contracts?

Steve Kaniewski

the quarter. they're backlog not well. the second we're maybe XXX they're generation quite enough. megawatts -- And Yes, market even we for megawatts, And pretty distributed XXX still front nicely our on have also over quarter utility developer utilities, for or did some as compared the the but increase not scale to sizable continuing

Jon Braatz

Thank Okay. Steve. you,

Operator

you. Thank

the CJS of with with Moore Chris next Securities. from proceed Please question. comes your question Our line

Chris Moore

the a morning. good little bit ask volume Hey, question price just Yes, differently. maybe

in rough there? XX% what's Kind growth is guidance to the XX% 'XX. of sales So volume breakdown between fiscal and pricing

Steve Kaniewski

on. detail give Chris, just to

You're of growth? year the that meaning whole much for how

Chris Moore

just in most terms pricing assume to the trying year it the Yes, is a of of. picture for right. just side. I on I'm get

is big to trying is what irrigation volume get kind trying But a better? of to Just there. driven sense overall understand driver the

Tim Francis

be… may There

Steve Kaniewski

Yes.

Tim Francis

year, Francis. closer I This quarters XX:XX going price. be first would split your we're XX:XX to for tell is for and volume versus currency, got that's a to we the three QX. more at split, I'd Tim probably of the you, X% the probably tell through you, then And

So that's average to probably going down XX:XX. back you to

Steve Kaniewski

XX volume correct.

Chris Moore

Got you. growth? irrigation, segment any Okay. that's And is other kind really driving there volume than of the one

Steve Kaniewski

On had or the COVID in a year-over-year coatings is first because basis half last such half me, COVID of improvement, first of issues the seeing year. in they coating year. ESS excuse the had restrictions

in And The growth first that mostly so is there volume, half in then is the is volume. our way. that price. but some telecom majority of utility, And

Chris Moore

the And helpful. Very invest don't today. market, it. Got just on solar

can bit will we're was a it you about market you to talking Are expect were that second kind any sounds issues. hoping reasonable improvement supply little in like You pricing chain catch be of half And that there rational? more that that is -- seeing up, it for?

Steve Kaniewski

Good question. Yes, we pricing. seeing are better

they whole market the has the than digest as changed has in be had I to the Obviously marginal think will different a game. past. that were costs field

then is said broke at that had minus if this is now willing was that we adding year. those there not and for lose pricing We you backlog that paradigm And pretty we us. we our to that So wanted. Pardon, that were a the that cost had advantageous, we're good way that think point orders. that every was pricing much idea

now. are for that is believe for where appropriate growth, business our us is at least margins we at the right So

Chris Moore

Got leave it. it. there. I I'll it appreciate

Steve Kaniewski

Thanks, Chris.

Operator

of your Our Instructions] with [Operator you. Brent Davidson. Thank question comes question. from Thielman the proceed D.A. next with line Please

Brent Thielman

morning. Thank Good you.

Steve Kaniewski

Brent. Good morning,

Brent Thielman

or that, about looking the guess gain I'm orders, the like year larger pricing, cost thinking that sort margins, you you today, the more can that can for I beyond business, segment? that factory for the that in efficiencies, margins anything to the real into there on at for represent a discussion, the question segment for look things margins tailwind utility next and on backlog when of first future advantageous mix is potential

Steve Kaniewski

is years, think the goes Brent, basically think I point. we've order I traditional Southeast, last obviously, that And over mix we of have which it's XXXX a few at what the large the us. of to still this in part through seen advantageous

large mix call small plays that of us, the many and for more nicely of or it poles poles orders So but I’ll versus large them.

been recovery, robustness. is pushing about for inflation where pricing, but pure not that it of that have also think market because see just we we the I said

So contracts as to looking things up, change do are we're that at come terms and price, move and advantageous. trying more conditions, up that

think, starts COVID had this I that labor in efficiency more there. hard has very have we've we're in so fits because probably working something the on side, that quarantines. played a we availability lot there, issue and on of factory had and We've also the and

the backlog the we recovery significant. We see would I in will and to would So the inflation can see prices up. say those be more additional that moving average the the inflation selling But recovery. be

at in point. So there's issues fundamental no this utilities

Brent Thielman

And in side can inroads within the distribution that the Steve, making you the T&D the you're about -- talk within segment?

Steve Kaniewski

on that early we're from Yes, I think new it's bringing to market. the products

the year. next have we'll over introducing we things that be So some

things at we're saying backlog. to without nice business. seeing coming of very are lot a is other margin it Inspection the more improved compared will think products as orders the play into in drone Services, we're the doing and our around goes I And margins the The And some growth historical performance services, those way some Investor the of we to that highlighted now that services. Day, nice

D things at all really now think combined, look start to the you of And the touched so I those because entire grid.

think concrete nicely, wood. arms, but much matches lightweight even And some real fiberglass which to solutions expand so against cross us fiberglass we more the continued competitive poles, make really have has will quite market that and we

So more come on that. to

Brent Thielman

that's recall. more a that that, to Very on been I ESS, segment been outlook for seems now What can guess working better volume. given related be despite improved I first doing transportation does I or the to that you? you good. do quite guess quarter One overall it's outlook this against mean, what well the see that and

Steve Kaniewski

the anticipated that order better seeing played Yes, played we U.S., as we well. being way. international order and out what kind saw down much quarters the And of flow that's is in out had that well, And we've been then the two inquiries. markets first the in volume just not and that's

spend of, so XX% gets see we But other supplies U.S. of continued as the federal think volume that And government infrastructure particularly sheets towards the into states COVID constituents spend particularly I jobs on the Highway, want to lot is of that good say create why most expansion locally, to look the we shape. done always XXXX, it had, is And the they XX% plus of this, in by seeing and coming they balance very money show think progress. their to we'll that headlines. in receipts states about ESS a the improved XX% in tax states. money stimulus of are And we out are

confidence most really, the XX have do. get to we months thing It's they last as people that's months, for or So in forward. XX what more we infrastructure wanted couldn't a of And everything go do. was is COVID, to it good just done

much effect catch-up the financials think So better. there's plus, bit of are fact little I that a

Brent Thielman

Very good, thank you.

Operator

the have reached the closing call remarks. and the we Renee for Thank you. of session. end turn now to question-and-answer I will gentlemen, over Ladies Campbell

Renee Campbell

Thank you today. for joining us

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

Operator

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

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

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

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

Valmont Industries (VMI) 21 Oct 212021 Q3 Earnings call transcript