VMI - Earnings call transcript Q2 2022 | Valmont Industries, Inc.

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Operator

Hello, everybody and welcome to today's Valmont Industries Second Quarter 2022 Earnings Call. My name is Drew and I will be coordinating your call today. [Operator Instructions] I'm now going to hand over to Ms. Campbell to begin. Please go ahead.

Renee Campbell

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

Steve Kaniewski

Thank higher to by of commitments across you, Yesterday infrastructure bottom everyone announced driven us. morning, top solutions across our strong we another line thank continued delivering joining for and and as our Despite results, markets. demand and improved they and you deliver Renee. growing and volatility, demand we portfolio, our have ongoing supply to as customers to meet both products Good continued profitability. record robust on quarter afternoon, strive chain and our volumes agriculture global

can. what During taking these control steps we volatile times, are we to specific

single-source alternative of to Procurement impact reducing our mitigate partnering For example, on chain and Engineering teams are products disruptions. supply source, identify with our dependency to qualify the

have, facilities, with We're of stability costs. a added in workforce certain and reducing manufacturing often benefits of key we retaining global job the maintaining our leveraged such footprint the have We expand to good and talent Brazil, of components Dubai other and the as attracting localization. doing in also

second quarter team's demand, challenges, XX% across to that do Sales X. face. performance actions to our grew not eliminate strong continue efforts the increase volatility on us year-over-year and they our actions. we end-market manage Returning focused to positioned pricing volume through Slide to our footprint have due While better our continued

This of across markets signs growth. as growing Infrastructure no the quarter of in consecutive sales model evidenced continue improvements the quarter operating double-digit trends backlog demand Agriculture organization. show by Robust to abate and we marks that and deploy an seventh drives our year-over-year

our and we customers. to capture addition, to adequately provide the committed disciplined I pricing to the we our the are our strategic framework I very In our a ensure proud of am working world. that strategy value is team demonstrate that of believe and results around we Valmont performance

as power infrastructure pause XX% well by year. domestic sales led well Turning And lead sources. in the as grew recent higher utility a Energy, announcement all tariffs demand growth Telecommunications globally. favorable to and for in in the energy funding into panel continues production investments renewable driving solar next grid Renewable of electrification are on Ongoing year-over-year and pricing and segments. to of TDS, product volumes, double-digit sales Infrastructure in primarily lines with

outstanding market, well the Bill discuss will expect service which we more with Infrastructure of valued benefits Telecommunications shortly, in Additionally, in the addition our industry-leading seeing customers. detail And offering ConcealFab I products newest to growth to of we the begin acquisition, for our the U.S. are continued in XXXX. prepared and

recent ag Ag irrigation North from international growth those year-over-year. also consecutive markets nations America XX% row third season. in showed for Agriculture. stock demand improved for World many in strength projects Enhancing to have ratio including remains a world. solar A Sales strong that second wheat, recognized a the tech in Europe, notably the feeds grain economies global and with around tightened local both Bank in in drop agricultural equipment also security We with as expected and for study Turning a all double-digit to Brazil year-over-year and priority regions. and aggregate global year strong. grew markets, strengthening remains for corn the and regions food supplies, and customers sales and volume Western is

the framework, structure these and demand supply volatility, in more reach results and Despite greater are believe a efficiency continue and productivity unique challenge are will with current irrigation, economic positive. cycles. our a provides focus, in adapt input our We a technology to centralized costs deliver global customer rising resilient factories. productivity model to position reduce to operational we improve to that market to solutions we current the solar dynamics a us land improved very to with for business and and management environment our to with aligned increased be And through grower,

are We are stronger navigate and demonstrated to today positioned better a have that challenges. organization we macroeconomic ongoing

Turning X. to Slide

PIM aligns the transaction infrastructure to During Mitigation. helps our solutions. performance. leader are data issues intermodulation, cell and or ConcealFab's PIM of and degrade arises and sectors performance enhances we ConcealFab. improve identify strategy coverage portfolio passive site in lead portfolio industry solve to a market problem interference interest which PIM both speeds. can and high-growth to system in solutions is well the spotty our of the quarter, Telecommunication when acquired XG invest in ConcealFab This mixed unreliable signal at and fast-growing these with exciting a majority

step Valmont a the experience now telecom accelerate team of critical industry Valmont's the footprint, leveraging markets our a positioned the are we and are expertise With This minority we in carriers engineering immediate with toward owner our pain commercial to to the able markets global Ericsson market. and expansion who the combined as further enhancing the benefits, leader in and to address remains space of manufacturing XG accelerate Joining to partnership is in world. tremendous access the provides technology and points around business. delivery

team Valmont. excited are to We to ConcealFab welcome the

ESG our initiatives. on update an and X Slide to Turning

stages Conserving will to Bristol, the with couple do. of expands of It a business. an manufactured the a I to factory core used diversity goals concrete Today, share us northern exemplify transmission align we production would four presence United everything progress and poles Indiana. U.S. build our part products This concrete commitment a begins plant customers project in and like our gives our XXXX at to our here environmental utility help includes by for Resources, of important tagline, Sustainable Valmont, be The our in single the Lives. XXX-kilowatt our For low-carbon Nations production with towards the more of in our resilient It's and new Development opened and sustainability recently you that spun Goals solution. We examples At that pole with installation goals. early reliable of those Improving the solar complements tracker the highly-engineered a this transmission site, poles. This we using are our concrete of installing electrical access grid. array naturally

Project. recognized Elsewhere, Valley, solar partners make Valmont business. will expected signed metering net recently an demonstrating example Scope provider the local the good these the is done our all Upon win-win. greenhouse with We the emissions for agreements to right, profitable real us We replaced and Energy initiatives, formed capital of of a electric by campus. fuel investments tons that allow vehicles compelling reduced a gasoline net offset at fully for metric also of gas X worked cost the with that Nebraska meter retail successfully site's plan. XXX X and field completion, an more true a with electricity Department price, consumption, are power at by agreement This have We Energy-Mobile to that ESG was site's enhance annually associated vehicles savings. has with emissions our annual than XXX growth, Source Alternative when

of led we Initiatives. reduce global of or This for a DOE's Better emissions a at the use launch facilities outstanding annual efforts across the with presented all we sustainability These and waste. project industrial our efficiency projects to and enhance in water this plan throughout have Fleet Projects For the model as Initiative Award to and Green award recognizes of our project, footprint. Building individual as that accomplishments Valmont improve were implementing Better waste energy, the part organizations to

quarter, Before backlog. turning in to call the performed summary, and over record EPS well second achieving in the Avner, we revenue,

our both and markets delivering End Infrastructure Agricultural remain innovative Our to in customers. is team market demand strong. solutions

detail minutes, outlook. we XXXX few our also a Avner in raising are As will

shareholders enables Our for financial strategic further our with us outlook. expand our quarter strength pleased value. call second and I our updated am to to With our to Avner now shareholder over support I excited to financial future. will returning about while turn the growth that, and review cash initiatives results

Avner Applbaum

morning, Thank you, Steve everyone. good and

Slide presentation disclosure X outlined in in the will to of as adjusted on my results G focus comments results, and press the in release the earnings. the Reg second-quarter Turning and

higher to XX% compared and fixed earnings tax by on XX.X% $X.XX of or higher income, of a higher last change income Second offset successfully XX% grew ability our $XXX.X geographic earnings driven execute to improved per expense year. is to in sales quarter a million due leverage primarily share the to which by Diluted strategy. to volume, year-over-year, due operating partially mix of net operating grew cost pricing

sales fixed cost to million increased of Turning and to SG&A. and XX.X% favorable income improved net or the segments $XX.X leverage, Slide driven on starting Infrastructure X. with by Operating pricing including

additional of higher $XX.X In technology volume prices net for XX. higher was SG&A, including incremental expense Slide XX.X% investments. to to offset benefit or by income increased The Agriculture selling million operating segment, of Moving and partially the leverage sales. average R&D

levels flow sales reflects first working expected, Turning capital improvement to XX. Year-to-date cash to operating growth. meet remain even compared $XX strong flow a million quarter of elevated as sequential on Slide to as cash

will exceed as we second deliver our earnings capital to the working stated, previously expect the flow level generation improvement team levels notable with net actions and in improve, full-year We're XXXX. as see cash of us capital that year. a confident in operating flow As to expected cash a cash strong working half help in

strategic quarter the of capital is to of $XX in million summary capital ConcealFab. for on for growth acquisition We including investments. $XX the Turning a for million, XX M&A million deployment. $XX second Year-to-date, spending spent Slide

dividends approximately of over repurchases million million $XXX and been of quarter year-to-date to and we Additionally, cash. shareholders has $XX share with capital the ended returned through

businesses to shareholders. We a in allocation balanced approach to that continue cash inorganically, grow enables reinvesting capital returning to and maintain to organically our and us

Slide to Moving XX.

X.Xx to total remains balance remains sheet of Our X.Xx. range debt X.Xx desired of to within strong our adjusted and EBITDA

mid-single demand XX.X% full-year a XX% digits. and rate now XXXX, now Other me mix market per XXXX the to increase and pricing assumes unfavorable be impact. EPS to due the Full-year full-year an assumptions continued range and earnings are offset unfavorable is XX% press full-year estimated release. higher $X.X turn global of inflation. positive net to and across expected in to X% $XX.XX primarily currency its increase growth our continued are and of slide of to sales our due we to strong volume translation tax foreign This XX% broad-based the associated give our year-to-date Slide the earnings. to of The the our share confidence team outlook now for second half businesses, results approximately are updated Let on for Based us on expected our targets. guidance. outlook. Adjusted to a our Net to to XX pricing strong year-over-year expected to increasing year-over-year of in XX% summarized strategies of billion, impact our of achieving flexibility This and financial approximately also to sales expected geographic metrics strength in reflects $XX. is

technology a in us the growth year. and this Additionally, initiatives investments for remain strategic portfolio priority across

purposes Agriculture the of rest is the reminder typically segment, quarter lower third the that to quarter compared in a for year. sales Finally, the modeling a

due over now ongoing However, we lower to in year call I that, will to the Steve. of backlog the segment. expect a back effect delivery With this seasonality turn

Steve Kaniewski

Thank you, Avner.

and Slide this backlog $X strong, another year-end up great revenue quarter is of quarter of robust market XXXX. record We as to demand while XX. growing evidenced nearly delivered by billion, Turning activity remains global results record from order XX%

strong into to demand of the continue. Looking and momentum XXXX through we XXXX, expect end the

performed. has In am to extremely XX. pleased our Turning Slide how summary, with team I

the very past and while strength financial our the long our leveraging intentional and term. of have our to deliver with position we years, technology employees few to invest strategy Over over been by growth in continuing flexibility

haven't of uncertainty our drivers challenging portfolio solutions pressures. across and times on -- market that current businesses the operational recessionary there are growing recognize global diversified economy and and We is the global long-term focused Our products of these enduring changed. excellence around

remain And execution. in growth well Our growth balanced capital are customers drivers investing have macroeconomic growth focused markets disciplined driving has in we XXXX secular the strong and returning and with less our allocation giving on us supported us beyond. general and We that our independent are served approach by to innovation shareholders. and correlated economy effectively confidence to of into cycles, capital as to

managing and performance We continued well in control we approach call continue will a into back XXXX the can strong to over now the this enabling what shareholder focus to value I beyond, lead future. deliver and on to I'm will us confident Renee. turn to

Renee Campbell

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

Operator

[Operator question first going Moore come and just Instructions] is our to Chris CJS open from your will Securities now. So I line from

Chris Moore

break growth So Agriculture? further a in out the by you just the price volume terms and little if and of bit within segment, could Infrastructure

Avner Applbaum

of the in to stated, board, have year. volume question. look if we we a growth. getting pretty as in for the across volume quarter double-digit the expectation Overall, be remainder are the is much your start Infrastructure, do for you we growth Thanks right, I Agriculture, same When from and the

kind throughout we volume much lines the year and to pretty stated, in digits digit expecting product across As mid-single mid-single of get the the segment. growth

Chris Moore

Got And my just it. for follow-up.

expanding are perhaps a more little you detail growth talked there to segments capacity point? markets. about subsegments capacity So key about Can talk closest just in which at provide or you maybe and this strategically

Steve Kaniewski

increased doubled Irrigation, Steve. past Dubai, different is world. the Brazil, meet notably, capacity facility over the to years. methodically this parts demand size Chris, the we we've the the X.X adding been much obviously, pretty In there. of down in of

Telecom years. the about again, Monterrey, area We Utility Mexico, over X.X have added past and the in area in

continue lot of a really mean hours are production that so keep and we're that them. efforts some volume manufacturing brick-and-mortar. the versus Also, gain so one efforts And sure we without productivity of of coming pushing closely making that proper and balance can areas are of and we robotics a capacity the our around watching we that's reasons those advanced to through

Chris Moore

there. Got it. I'll leave it

Operator

Our next now is open. question comes Nathan your line from Jones from Stifel. Nathan,

Nathan Jones

whether was question a through I efficiencies, In wanted face with healthy, pass-through, can more some through? running you the it of start to volume not inflation Operational inflation to you're on little impressive gross lot of or that expanded pretty and basis a bit that's those color margins Hoping price margins. with on really given inflation heavy able on the provide margin that's leverage pass the actually XX thought gross a margins points. gross on keeping it? I all

Avner Applbaum

take you, Nathan. one. that I'll Thank is This Avner.

by And So by in expand expand first areas. to pricing our all, have and of it's margins pretty we're do pretty opportunities pleased our differs with product market. yes, ability to margins line, market this in line pricing, through many It inflationary much product we environment.

leverage volume. getting additional improvement. Additionally, we of productivity are taking on advantage We're

as As we that improvement mentioned, doing localization region, we're is for driving well.

are environment. that able so Pretty And difficult we all, the in to fact this all with in margin. doing expand pleased that we're

Steve Kaniewski

And just Nathan, I'll that... add

Nathan Jones

Just put go to -- ahead.

Steve Kaniewski

out the really just the surcharges on. from saying ramped that's inflation. ever-evolving people's have attentive and parts expectations any and that perspective, a the there has of to just play job. add But business fuel something still catch so this so most in Obviously, that I that inflation plant fuel Avner and hyper about, above done talked that's we'll thing second excellent an was quarter, up going as up is Sorry. to we're productivity

Nathan Jones

a versus volume? price any us a volume price point give question up Is how backlog to that. guess as I ask color I'll is finer much the Great. just backlog you well there the get versus on can on on

Avner Applbaum

in indicative business what what of I the But for we're we're the our right you're the in of of remainder as and now year. additional as today results pretty pricing. pretty backlog the think seeing it's well seeing it's volume reflective where getting in

Nathan Jones

[Indiscernible] is to revenue then?

Avner Applbaum

Yes, is that correct.

Operator

Our next from Brian question Drab Blair. comes William from

Brian Drab

ROIC into rates Is wanted these maybe higher given that all as any and the to doesn't of 'XX on projects, the look around just half project change or you're changing ask I 'XX? rate as a interest in interest conversations attractive, activity and some of a the in at second about question seeing larger particularly environment whether in concern? projects utility

Steve Kaniewski

Yes. Brian, by on return been as investment the see vehicles really we are The most that still in of Utility, other yet don't interest rates. impacted strong. They market. very in anything particularly has outperformed equities,

targets, as electrical therefore, unabated. with to of amount continue And the I And hardening, so grid those need think that the that the will not with think we we're for into the starting 'XX fairly renewables top base and base. from the grow grid just congestion see I on terms everything a 'XX in but and at profile demand still we've maintaining of of very continuing looking looks just look strong to been

providers, of to telecom may guarantees ton it is a to degree, some a performance think the and auctions money they're financing to install auctions C-band while going they and have their -- where they out get too. be subsequent what to have going on fact the they're spent I have affecting there, coverage, of the to they

two most actually areas look that pretty to the will by be So financing affected healthy. be

Brian Drab

guess hate I'm think Okay. But for XX.X% models there XXXX is any best tax second looks the the going right just to that kind half blow bearing like going 'XX, rate us I the the XX.X% put second the in question does the on it for but And guess -- XX% And reason for number year? the the because best if be to here. to have on it's full-year not my for that would XXXX? of of range that, to to is the

Avner Applbaum

Yes.

have currently for and back and double rate, the main mix are of you're Brazil higher taxation forth a we strong the with with the familiar there. treasury kind getting penalized very -- seeing and and which we Brazil was out all geographic drivers, really, as of going mentioned, So performance like tax

stays slightly we same situation that strength get continue a Brazil, Assuming will higher see tax in the to and rate. we

right trying to So that's it at how I'm now. look

Steve Kaniewski

it is at we believe stay XX.X% will where So this point.

Operator

from next Our Brian Capital comes from ROTH Partners. Wright question

Brian Wright

be Congrats get far just for growth a little Ag between wanted drill and year? any from on the little give help revenue on Infrastructure Irrigation the I impressive down breaking could quarter, kind the of to of profile the -- modeling just and a really that -- the down as would side you kind try as Just on great. results. help side

Avner Applbaum

Avner. this So is

I'd internationally, way you then of would for grow across we volume look year, in infrastructure those at continue look actually. be see right Infrastructure, mid-single-digit volume the and the And the we're and the double-digit at you So expect growth would product look Agriculture, is look should the at you is now when remainder assume remainder America going it both to North much growth when lines let's look I pretty pricing. way that to to

Brian Wright

the And things? so kind that. continue? past like the the on just has that up and that would of commodity month Okay. following kind a on things Just come how in bit if and were just where are of impact prices in of Recently, kind about to or sensitivities think

Steve Kaniewski

there's our are Yes. it the exists. we've and of you to if on the and give able If of strength. and plans side, than pullback the back lot to factors at contractual the the get those thinking other dollar a that go this other soy inflationary farmer that been business back it's are about on cost to in side, From there, some that other kind have to that due commodities no many do need and the others you're supply-demand utility on input recent to profile cost no space. steel the -- And we're corn of if through that -- with There zinc so the we point. parts is with decline, that with

markets. the has North were this even kind or see you'll out And rightly a But going the harvest weaken, assessment As back. to in -- go no in difference there. from lull We a American to If kind believe up. dollar positive. XXXX see upturn some of back predicted see in We happen of strengthened, to they'd perspective to the those XXXX. had remain pull should farmers from economists health crop dollar actually what's Ag the period probably we're very

that farm net as the come and so down have bit, little change will income farmer stabilized they And or will obviously a XXXX. the costs think help fertilizer about

much there. change to not changes out due recent overall, the So commodity

Brian Wright

of about any catch-up, the side? a the part kind to it's on is it's think on And to kind to of And just it, did process into takes -- more near-term pressure speak, so than offset time Great. kind would -- or some the further everything -- and the metal is get through of so it it of of pricing?

Steve Kaniewski

Yes, that's correct.

at in of it We took And was backlog, the have you priced weeks, with let's that utility the we why the that backlog already and you purchased, say, inventory around mark-to-market the order. higher area, point. that's let's longest at XX kind that and rates you've at it in purchased time say, the

move downward just squeeze, lot on should pressure say, without that let's pricing. So through a of for

Operator

from comes North question next Our Instructions] Coast Research. Ryan Connors [Operator from

Ryan Connors

could a Great. my you old enough more in kind process deploying toward in pretty plants industry Steve, decision-making cycle little that pricing at -- its if a result and ago was later of around I the depth, going XX, of being the lot and a I Transmission ahead to capital wonder, XX years a the manufacturing capacity remember the skis. I'm in cycle. age, of new the tough discuss getting guess point

I'm that background, diligence. there that sure of you that was lot thought I'm and on with can different and considerations the curious the a do due just front? process So But

Steve Kaniewski

Yes.

we and it a little 'XX 'XX different dynamic in distinctly. I most remember and of think sense. specifically battle-tested through this than had the One, us our quite is that

the And gain way real the push to plants. on as through capacity productivity is now a so

existing move focused things cutting automation, more more, and So the product better towards facilities, through of footprint. improved first the through better welding machines, are flow the capital foremost, you can help just your machines, that decisions really

the like do. big thing we it's to brick-and-mortar, want In last terms of a that

lead going close to And market. close We'll stay times. so very on the very we're be therefore, to

other the with dynamic years. for build-out last think I kind five consistently, steady renewables, with was curve It's real the in back Like background. the the a Texas big lurking over particularly then acted is CREZ of market big which no growth has big the very projects. been

we you their utilities slightly from need be And as down model very operations successful demand really of long there Obviously, compound build these line. in product close operations another which that may on our we can stay quite volume I'll as the numbers declined put of quickly been to the operations we're lines call out, and a the where profile, the centralization the came everyone not one somewhere we've of to pack if is as through product are teams expected, But towards as going right putting or market. product so that's smart then because line their we fairly our group. capital, it, where as we year-over-year continuing capital, long expects and productivity those productivity things, to

us boost just also of a for to sitting that's us latent was So capacity take. given large there that, frankly,

date. so that's us to helped And

Ryan Connors

Yes.

there. line -- other Okay, like is And Avner, that's kind in leverage with grows for a to then In sales, Avner, seems other I seem guess, we've my some times, it be been on you of quarters, tougher line something is the really. it time modeling. pretty very good getting helpful. one some SG&A more having is

of help think and cost? targeting? about growth should of appreciated. inflation Is a of we a SG&A about you us rate that type can how with percent out ahead, Or think in is can there Anything there you're sales be with we would that? it looking So more

Avner Applbaum

Yes.

said, of sales. look goes overall, correlation course, SG&A, down a clearly, with That's like and you up there. So it at I there's

in go when when focus and of that kind the is that that increase another those the R&D main as incentive will kind kind impact are can -- I of But investment your the I area P&L. that Possibly your up on SG&A at can through well. areas look of track in look will Continued SG&A. at you you size,

Steve Kaniewski

front strategically would We're last would Yes. I that gaining base and say with choosing both rate exceed And just a invest are R&D Technology leverage. SG&A, to Agriculture along from a run in in Infrastructure year. we at

So incentives side leverage the may leverage if that what with side. you quarter. two reinvesting to more throw piece, likely, gained the base other the from on than offset the this But on we're we

Ryan Connors

Okay, great.

Operator

Anthony from from Securities. comes question Final Bill Baldwin Baldwin

Bill Baldwin

I very volume provide Can impressed in North driving was the ag growth performance? to the a with that you insight American growth, double-digit Okay. outstanding little as business. what's

Steve Kaniewski

dealers, really job Bill. performing very is and America there team capturing our tech well. the third that to will normally demand of we That growth. that's has program whether lot North mature Thanks, volume doing to we're the think selling the additional being market, it's I that quarter. additional did the kind a a Southeast, there been out of backlog It's a pretty good probably performance and that. We the services, than the led did carry dealer than year has Northwest, been across of the Midwest. growth little And that all events, some the storm would incentivize regions, universal our over the have, the a lot let's But this say, from normal we really damage has what a bit said, in they're different of more of particularly time more have Midwest. of into

it So little albeit issues. have could even supply some of been the of bit a because better, chain maybe

kind net or for different it in need really developing world story is market here represents and is the Europe. No security. Western farm global than strong the it in the food the of and income So

Avner Applbaum

Avner. thing. more This And just one is

had. region our region help North that demand can the production America support which us because localization support of been we on produce we the America, efforts, side, for able we've So to against the North region. In

Bill Baldwin

new Are addition replacement to does Steve, new upgrading you're for it that customers? in look like capturing you in customers existing gaining customers business existing actually or customers?

Steve Kaniewski

we some a to have around degree, think, efforts farmers. after cattle In I North America, yes. going

crops certain that potatoes to have North are think I historically. have We've in solar new have America that. would and also like of to projects some contributed peanuts mix We that had the that had we sales

and conserving to, irrigation water is also So measures in growers to for asking becoming the place. conservation sell because the all need who [indiscernible] for for I think they be put of really

So have Unilever, to think to sustainable in the think buy And from of they growth want America. additional and the in market, the farm farms they North new those that's PepsiCo driver of driving or a I kind particularly and want to able substantiate that's that. be

Bill Baldwin

question. for systems? demand quick any interesting. And is this think in developed Very hardware, one ag Pivot just platform area that your for technology driving last you've you the Do of

Steve Kaniewski

ability I ability Pivot. insights, much more think really the to around Pivot makes emergence to disease the to particularly technology the definitely remotely, farmer. operate enhances valuable tool pest get a the The story payback plant the and on and

so question, And the equipment, irrigation, have the was Pivot answer then I your did it and as mechanical well. it -- to same other advanced in doesn't growers' just value if technology static most yes, Because proposition. equipment all have therefore, think pieces were of

And so straight able look And just and the a in on is it's, the through at our to and very being area expectation. to early simple solution market I crop harvest believe, unique pretty insights the process.

Operator

session. further for Q&A will back refer concludes That now remarks. I today's Campbell to Ms.

Renee Campbell

joining for us everyone, you, Thank today.

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

Operator

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

understand of of and They or controls uncertainties, some these which are consider assumptions. results. the guaranteed risks, read and you As statements not Valmont's involve are beyond should you performance release,

should and the other based Although these customers Valmont's factors many the and forward-looking company including domestic time this cause and Exchange and of effects new availability for financial price company management of release foreign performance market statements could domestic financial participation. product are governments. availability is of geopolitical undertake outbreak developing and Securities the actions of That and not well forward-looking the competitive statements. suppliers. be and raw and policy to company's efficiencies, forward-looking included results and the and of believes you reasonable assumptions, that of operating on economic anticipated Thank conditions, COVID-XX, include, described industry on economy affect any to economic Valmont's to future things, does you in environments, international products, as and in its and as market company today's this materially differ that them risks pricing, effects press among business and concludes effects circumstances, factors actual continuing the to acceptance results, forward-looking of from specific those time change from in the aware The cautions Commission, the your date that of These update as and statement. press that factors release any Risk reports call. and made general the of statement material,

your disconnect now may You lines.

Valmont Industries (VMI) 21 Jul 222022 Q2 Earnings call transcript