Valmont Industries, Inc
(NYSE:VMI)

Valmont Industries, Inc. produces and sells fabricated metal products in the United States, Australia, Denmark, and internationally. The company operates through four segments: Engineered Support Structures, Utility Support Structures, Coatings, and Irrigation. The Engineered Support Structures segm...

Website: http://www.valmont.com

Founded: 1946

Full Time Employees: 9,862

Sector: Industrials

Industry: Metal Fabrication

Industrials

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Quarterly

Annual

Unit: USD	2025-12-27	2025-09-27	2025-06-28	2025-03-29	2024-12-28	2024-09-28	2024-06-29	2024-03-30	2023-12-30	2023-09-30	2023-07-01	2023-04-01	2022-12-31	2022-09-24	2022-06-25	2022-03-26	2021-12-25	2021-09-25	2021-06-26	2021-03-27	2020-12-26	2020-09-26	2020-06-27	2020-03-28	2019-12-28	2019-09-28	2019-06-29	2019-03-30	2018-12-29	2018-09-29	2018-06-30	2018-03-31	2017-12-30	2017-09-30	2017-07-01	2017-04-01	2016-12-31	2016-09-24	2016-06-25	2016-03-26	2015-12-26	2015-09-26	2007-09-29	2007-06-30	2007-03-31	2006-12-30	2006-09-30	2006-07-01	2006-04-01	2006-03-26	2005-12-31	2005-09-24	2005-06-25	2005-03-26	2004-12-25	2004-07-25	2004-06-26	2004-03-27	2003-12-27	2003-09-27	2003-06-28	2003-03-29	2002-09-28	2002-06-29	2002-03-30

product sales	924,630,000	928,106,000	943,371,000	874,489,000	935,560,000	922,062,000	928,479,000	874,678,000	919,737,000	949,217,000	945,873,000	958,008,000	1,029,030,000	999,131,000	1,036,289,000	890,870,000	876,145,000	782,694,000	805,801,000	694,965,000	720,656,000	657,703,000	617,587,000	598,909,000	604,271,000	605,439,000	609,516,000	614,964,000	620,737,000	597,469,000	598,642,000	620,486,000	639,680,000	602,080,000	632,507,000	572,952,000	607,330,000	544,828,000	570,762,000	532,940,000	561,938,000	560,518,000									288,886,000	242,626,000	244,222	247,792,000	266,598,000	241,063,000
service sales	113,630,000	117,874,000	107,177,000	94,825,000	101,734,000	98,113,000	111,258,000	103,150,000	95,789,000	101,078,000	100,423,000
net sales	1,038,260,000	1,045,980,000	1,050,548,000	969,314,000	1,037,294,000	1,020,175,000	1,039,737,000	977,828,000	1,015,526,000	1,050,295,000	1,046,296,000	1,062,481,000	1,131,516,000	1,097,382,000	1,135,532,000	980,820,000	963,278,000	868,782,000	894,629,000	774,886,000	798,377,000	733,970,000	688,808,000	674,200,000	683,626,000	690,340,000	700,871,000	692,139,000	697,363,000	678,692,000	682,405,000	698,684,000	714,978,000	680,779,000	712,737,000	637,473,000	674,575,000	610,247,000	640,249,000	596,605,000	633,828,000	632,575,000		402,257,000	340,682,000	327,961,000	310,904,000	338,791,000	303,625	303,625	311,283,000	265,942,000	265,134	265,741,000	286,675,000	262,890,000	266,013,000	215,897,000	152,614,500	202,498,000	200,666,000
yoy	0.09%	2.53%	1.04%	-0.87%	2.14%	-2.87%	-0.63%	-7.97%	-10.25%	-4.29%	-7.86%	8.33%	17.47%	26.31%	26.93%	26.58%	20.65%	18.37%	29.88%	14.93%	16.79%	6.32%	-1.72%	-2.59%	-1.97%	1.72%	2.71%	-0.94%	-2.46%	-0.31%	-4.26%	9.60%	5.99%	11.56%	11.32%	6.85%	6.43%	-3.53%		48.31%	86.05%	92.88%		18.73%	112104.86%	107915.15%	-0.12%	27.39%	14.52%	-99.89%	8.58%	1.16%	-99.90%	23.09%	87.84%	29.82%	32.57%
qoq	-0.74%	-0.43%	8.38%	-6.55%	1.68%	-1.88%	6.33%	-3.71%	-3.31%	0.38%	-1.52%	-6.10%	3.11%	-3.36%	15.77%	1.82%	10.88%	-2.89%	15.45%	-2.94%	8.78%	6.56%	2.17%	-1.38%	-0.97%	-1.50%	1.26%	-0.75%	2.75%	-0.54%	-2.33%	-2.28%	5.02%	-4.48%	11.81%	-5.50%	10.54%	-4.69%	7.32%	-5.87%	0.20%			18.07%	3.88%	5.49%	-8.23%	111482.05%	0.00%	-99.90%	17.05%	100204.75%	-99.90%	-7.30%	9.05%	-1.17%	23.21%	41.47%	-24.63%	0.91%
product cost of sales	664,840,000	655,859,000	669,029,000	621,043,000	663,332,000	659,805,000	651,731,000	605,215,000	670,065,000	669,472,000	651,413,000	681,790,000	764,362,000	739,353,000	781,323,000	673,170,000	682,909,000	585,986,000	608,101,000	518,634,000	543,429,000	494,812,000	458,995,000	438,788,000	460,729,000	457,750,000	461,091,000	474,395,000	498,127,000	460,547,000	453,021,000	476,264,000	493,212,000	462,854,000	477,174,000	426,847,000	461,788,000	409,003,000	418,072,000	393,492,000	455,653,000	427,688,000									215,319,000	178,849,000	182,739	190,010,000	202,723,000	185,206,000
service cost of sales	63,999,000	71,875,000	60,352,000	57,169,000	60,941,000	58,677,000	67,724,000	66,397,000	62,520,000	65,712,000	65,486,000
total cost of sales	728,839,000	727,734,000	729,381,000	678,212,000	724,273,000	718,482,000	719,455,000	671,612,000	732,585,000	735,184,000	716,899,000	753,896,000	832,557,000	811,904,000	842,931,000	731,634,000	740,994,000	641,378,000	664,982,000	570,332,000	593,796,000	543,223,000	504,871,000	487,951,000	512,759,000	514,254,000	520,457,000	527,010,000	547,662,000	514,352,000	507,406,000	529,444,000	544,689,000	517,185,000	529,457,000	472,868,000	509,441,000	455,224,000	465,132,000	435,636,000	504,548,000	475,824,000												204,080,000	219,213,000	201,790,000
gross profit	309,421,000	318,246,000	321,167,000	291,102,000	313,021,000	301,693,000	320,282,000	306,216,000	282,941,000	315,111,000	329,397,000	308,585,000	298,959,000	285,478,000	292,601,000	249,186,000	222,284,000	227,404,000	229,647,000	204,554,000	204,581,000	190,747,000	183,937,000	186,249,000	170,867,000	176,086,000	180,414,000	165,129,000	149,701,000	164,340,000	174,999,000	169,240,000	170,289,000	163,594,000	183,280,000	164,605,000	165,134,000	155,023,000	175,117,000	160,969,000	129,280,000	156,751,000		108,914,000	88,767,000	85,301,000	80,670,000	85,062,000	75,693	75,693	79,431,000	69,610,000	67,593	61,661,000	67,462,000	61,100,000	66,080,000	51,280,000	38,036,750	47,806,000	51,488,000
yoy	-1.15%	5.49%	0.28%	-4.94%	10.63%	-4.26%	-2.77%	-0.77%	-5.36%	10.38%	12.58%	23.84%	34.49%	25.54%	27.41%	21.82%	8.65%	19.22%	24.85%	9.83%	19.73%	8.33%	1.95%	12.79%	14.14%	7.15%	3.09%	-2.43%	-12.09%	0.46%	-4.52%	2.82%	3.12%	5.53%	4.66%	2.26%	27.73%	-1.10%		47.79%	45.64%	83.76%		28.04%	117172.40%	112593.38%	1.56%	22.20%	11.98%	-99.88%	17.74%	13.93%	-99.90%	20.24%	77.36%	27.81%	28.34%
qoq	-2.77%	-0.91%	10.33%	-7.00%	3.75%	-5.80%	4.59%	8.23%	-10.21%	-4.34%	6.74%	3.22%	4.72%	-2.43%	17.42%	12.10%	-2.25%	-0.98%	12.27%	-0.01%	7.25%	3.70%	-1.24%	9.00%	-2.96%	-2.40%	9.26%	10.31%	-8.91%	-6.09%	3.40%	-0.62%	4.09%	-10.74%	11.35%	-0.32%	6.52%	-11.47%	8.79%	24.51%	-17.53%			22.70%	4.06%	5.74%	-5.16%	112277.63%	0.00%	-99.90%	14.11%	102884.04%	-99.89%	-8.60%	10.41%	-7.54%	28.86%	34.82%	-20.44%	-7.15%
gross margin %	29.80%	30.43%	30.57%	30.03%	30.18%	29.57%	30.80%	31.32%	27.86%	30.00%	31.48%	29.04%	26.42%	26.01%	25.77%	25.41%	23.08%	26.18%	25.67%	26.40%	25.62%	25.99%	26.70%	27.63%	24.99%	25.51%	25.74%	23.86%	21.47%	24.21%	25.64%	24.22%	23.82%	24.03%	25.71%	25.82%	24.48%	25.40%	27.35%	26.98%	20.40%	24.78%	NaN%	27.08%	26.06%	26.01%	25.95%	25.11%	24.93%	24.93%	25.52%	26.17%	25.49%	23.20%	23.53%	23.24%	24.84%	23.75%	24.92%	23.61%	25.66%	NaN%	NaN%	NaN%	NaN%
selling, general, and administrative expenses	186,385,000	176,790,000	191,670,000	162,788,000	193,033,000	175,958,000	172,974,000	174,663,000	188,363,000	194,277,000	195,664,000	190,119,000
impairment of long-lived assets			91,337,000						35,211,000	140,844,000
realignment charges	6,506,000		8,884,000						31,030,000	4,180,000
operating income	116,530,000	141,456,000	29,276,000	128,314,000	119,988,000	125,735,000	147,308,000	131,553,000	63,548,000	-24,190,000	133,733,000	118,466,000	109,716,000	109,972,000	118,719,000	94,842,000	50,754,000	76,195,000	82,625,000	77,211,000	54,139,000	61,479,000	43,440,000	66,895,000	55,041,000	63,863,000	63,712,000	55,104,000	36,290,000	38,360,000	63,670,000	63,960,000	63,717,000	59,923,000	78,290,000	64,502,000	56,093,000	53,240,000	71,806,000	62,365,000	-17,000,000	37,012,000		44,552,000	33,414,000	27,580,000	29,019,000	29,909,000	23,577	23,577	23,519,000	22,031,000	21,206	16,107,000	23,522,000	15,832,000	19,009,000	11,749,000	9,659,750	9,857,000	13,731,000
yoy	-2.88%	12.50%	-80.13%	-2.46%	88.81%	-619.78%	10.15%	11.05%	-42.08%	-122.00%	12.65%	24.91%	116.17%	44.33%	43.68%	22.83%	-6.25%	23.94%	90.20%	15.42%	-1.64%	-3.73%	-31.82%	21.40%	51.67%	66.48%	0.07%	-13.85%	-43.05%	-35.98%	-18.67%	-0.84%	13.59%	12.55%	9.03%	3.43%	-429.96%	43.85%		39.98%	-150.88%	34.20%		48.96%	141622.87%	116878.41%	23.39%	35.76%	11.18%	-99.85%	-0.01%	39.15%	-99.89%	37.09%	143.51%	60.62%	38.44%
qoq	-17.62%	383.18%	-77.18%	6.94%	-4.57%	-14.64%	11.98%	107.01%	-362.70%	-118.09%	12.89%	7.98%	-0.23%	-7.37%	25.18%	86.87%	-33.39%	-7.78%	7.01%	42.62%	-11.94%	41.53%	-35.06%	21.54%	-13.81%	0.24%	15.62%	51.84%	-5.40%	-39.75%	-0.45%	0.38%	6.33%	-23.46%	21.38%	14.99%	5.36%	-25.86%	15.14%	-466.85%	-145.93%			33.33%	21.15%	-4.96%	-2.98%	126756.68%	0.00%	-99.90%	6.75%	103790.41%	-99.87%	-31.52%	48.57%	-16.71%	61.79%	21.63%	-2.00%	-28.21%
operating margin %	11.22%	13.52%	2.79%	13.24%	11.57%	12.32%	14.17%	13.45%	6.26%	-2.30%	12.78%	11.15%	9.70%	10.02%	10.45%	9.67%	5.27%	8.77%	9.24%	9.96%	6.78%	8.38%	6.31%	9.92%	8.05%	9.25%	9.09%	7.96%	5.20%	5.65%	9.33%	9.15%	8.91%	8.80%	10.98%	10.12%	8.32%	8.72%	11.22%	10.45%	-2.68%	5.85%	NaN%	11.08%	9.81%	8.41%	9.33%	8.83%	7.77%	7.77%	7.56%	8.28%	8.00%	6.06%	8.21%	6.02%	7.15%	5.44%	6.33%	4.87%	6.84%	NaN%	NaN%	NaN%	NaN%
other income
interest expense	-10,146,000	-9,738,000	-10,543,000	-10,115,000	-12,342,000	-14,313,000	-15,846,000	-16,221,000	-15,314,000	-13,472,000	-14,917,000	-13,105,000	-13,256,000	-11,629,000	-11,386,000	-11,263,000	-11,146,000	-11,031,000	-10,436,000	-9,999,000	-10,509,000	-10,454,000	-10,098,000	-10,014,000	-10,182,000	-9,976,000	-10,117,000	-9,878,000	-10,418,000	-10,954,000	-11,791,000	-11,074,000	-11,333,000	-11,190,000	-10,818,000	-11,304,000	-11,133,000	-11,100,000	-11,122,000	-11,054,000	-11,141,000	-11,120,000													-2,776,000	-4,639,000	-4,067,000	-2,398,000
interest income	1,639,000	1,588,000	1,568,000	3,394,000	1,825,000	2,080,000	1,499,000	1,779,000	1,651,000	3,186,000	563,000	830,000	996,000	507,000	285,000	227,000	298,000	397,000	186,000	311,000	443,000	430,000	458,000	1,043,000	1,127,000	969,000	1,036,000	810,000	955,000	1,000,000	1,446,000	1,267,000	1,532,000	1,311,000	967,000	927,000	816,000	771,000	707,000	811,000	901,000	905,000		500,000	630,000	487,000	549,000	395,000	553	553	573,000	408,000	592	237,000	-49,000	687,000	419,000	276,000	196,250	234,000	317,000
gain on deferred compensation investments	857,000	1,187,000	2,384,000	-841,000	518,000	1,160,000	525,000	1,431,000
other	193,000	-2,956,000	-3,675,000	-2,730,000	138,000	-2,307,000	-1,250,000	-105,000	-9,486,000	165,000	612,000	-2,376,000	4,268,000	2,822,000	2,073,000	3,642,000	2,501,000	2,644,000	4,204,000	3,449,000	1,724,000	233,000	-694,000	1,810,000	266,000	768,000	156,000	1,014,000	-1,565,000	2,496,000	1,844,000	-1,141,000	256,000	517,000	-32,000	1,199,000	17,802,000	878,000	1,252,000	-1,678,000	2,879,000	-1,230,000
total other expenses	-7,457,000	-9,919,000	-10,266,000
earnings before income taxes and equity in loss of nonconsolidated subsidiaries	67,142,250	131,537,000	19,010,000	118,022,000	105,653,000	112,355,000	132,236,000	118,437,000	45,166,000	-34,655,000	120,932,000
income tax expense:
current	-35,447,000	22,872,000	35,275,000	20,360,000	35,895,000	46,133,000	40,961,000	19,644,000	16,969,000	29,654,000	37,791,000	24,356,000	26,601,000	33,278,000	27,620,000	22,413,000	6,274,000	21,109,000	25,413,000	8,547,000	8,090,000	14,968,000	21,645,000	6,309,000	13,214,000	12,375,000	17,913,000	2,765,000	9,580,000	10,777,000	16,724,000	7,713,000	16,126,000	21,163,000	27,803,000	1,298,000	14,472,000	18,017,000	22,745,000	10,514,000	4,913,000	6,746,000		13,299,000	9,052,000	8,218,000	9,636,000	13,093,000	10,900	10,900	10,314,000	8,239,000	5,129	2,612,000	5,017,000	3,885,000	6,081,000	5,845,000	2,432,500	2,888,000	3,699,000
deferred	-24,192,000	7,552,000	-12,995,000	10,439,000	-8,696,000	-16,409,000	-9,894,000	10,344,000	-6,087,000	-14,193,000	-5,856,000	7,487,000	1,555,000	-5,455,000	1,967,000	708,000	8,818,000	-5,029,000	-10,673,000	6,955,000	2,353,000	-2,884,000	-9,043,000	8,177,000	-3,158,000	1,388,000	-3,952,000	9,662,000	-2,473,000	-1,686,000	-2,319,000	4,819,000	39,676,000	-7,268,000	-6,718,000	14,065,000	-22,151,000	-3,749,000	-3,544,000	5,759,000	-359,000	5,272,000		365,000	1,258,000						187,000		996	1,532,000	-1,512,000	422,000	-4,154,000	-2,316,000	440,250		415,000
total income tax expense	-59,639,000	30,424,000	22,280,000	30,799,000	27,199,000	29,724,000	31,067,000	29,988,000	10,882,000	15,461,000	31,935,000
earnings before equity in loss of nonconsolidated subsidiaries	46,266,500	101,113,000	-3,270,000	87,223,000	78,454,000	82,631,000	101,169,000	88,449,000	34,284,000	-50,116,000	88,997,000	73,166,000
equity in loss of nonconsolidated subsidiaries	-150,500	-21,000	-21,000	-560,000	-19,000	-21,000	-19,000	-20,000	-200,000	-199,000	-199,000	-821,000	-19,000	-18,000	-555,000	-358,000	135,000	-360,000	-359,000	-360,000	-188,750	-276,000	-260,000
net earnings	169,224,000	101,092,000	-3,291,000	86,663,000	78,435,000	82,610,000	101,150,000	88,429,000	34,084,000	-50,315,000	88,798,000	72,345,000	41,208,000	72,930,000	77,207,000	62,906,000	27,814,000	52,253,000	62,657,000	55,001,000	36,446,000	40,228,000	22,754,000	42,721,000	37,402,000	42,263,000	42,346,000	37,455,000	18,155,000	6,991,000	34,680,000	40,480,000	-1,630,000	36,666,000	47,322,000	39,961,000	71,257,000	29,521,000	43,442,000	34,171,000	-29,162,000	13,549,000		26,961,000	18,728,000	16,112,000	15,062,000	17,285,000	13,085	13,085	11,620,000	10,206,000	10,443	6,810,000	11,464,000	7,104,000	2,812,000	5,501,000	4,438,250	4,093,000	6,367,000
yoy	115.75%	22.37%	-103.25%	-2.00%	130.12%	-264.19%	13.91%	22.23%	-17.29%	-168.99%	15.01%	15.00%	48.16%	39.57%	23.22%	14.37%	-23.68%	29.89%	175.37%	28.74%	-2.56%	-4.82%	-46.27%	14.06%	106.01%	504.53%	22.10%	-7.47%	-1213.80%	-80.93%	-26.71%	1.30%	-102.29%	24.20%	8.93%	16.94%	-344.35%	117.88%		26.74%	-255.71%	-15.91%		55.98%	143025.72%	123033.36%	29.62%	69.36%	25.30%	-99.81%	1.36%	43.67%	-99.63%	23.80%	158.30%	73.56%	-55.83%
qoq	67.40%	-3171.77%	-103.80%	10.49%	-5.05%	-18.33%	14.39%	159.44%	-167.74%	-156.66%	22.74%	75.56%	-43.50%	-5.54%	22.73%	126.17%	-46.77%	-16.60%	13.92%	50.91%	-9.40%	76.80%	-46.74%	14.22%	-11.50%	-0.20%	13.06%	106.31%	159.69%	-79.84%	-14.33%	-2583.44%	-104.45%	-22.52%	18.42%	-43.92%	141.38%	-32.05%	27.13%	-217.18%	-315.23%			43.96%	16.24%	6.97%	-12.86%	131997.82%	0.00%	-99.89%	13.85%	97630.54%	-99.85%	-40.60%	61.37%	152.63%	-48.88%	23.95%	8.44%	-35.72%
net income margin %	16.30%	9.66%	-0.31%	8.94%	7.56%	8.10%	9.73%	9.04%	3.36%	-4.79%	8.49%	6.81%	3.64%	6.65%	6.80%	6.41%	2.89%	6.01%	7.00%	7.10%	4.57%	5.48%	3.30%	6.34%	5.47%	6.12%	6.04%	5.41%	2.60%	1.03%	5.08%	5.79%	-0.23%	5.39%	6.64%	6.27%	10.56%	4.84%	6.79%	5.73%	-4.60%	2.14%	NaN%	6.70%	5.50%	4.91%	4.84%	5.10%	4.31%	4.31%	3.73%	3.84%	3.94%	2.56%	4.00%	2.70%	1.06%	2.55%	2.91%	2.02%	3.17%	NaN%	NaN%	NaN%	NaN%
loss (earnings) attributable to redeemable noncontrolling interests	-1,223,000	-2,061,000		598,000	-782,000	458,000	-1,434,000	-607,000
net earnings attributable to valmont industries, inc.	168,001,000	99,031,000	-4,020,000	87,261,000	77,653,000	83,068,000	99,716,000	87,822,000	35,961,000	-49,028,000	89,376,000	74,540,000	40,332,000	72,112,000	76,108,000	62,311,000	26,856,000	51,650,000	62,110,000	55,014,000	35,815,000	39,342,000	22,607,000	42,929,000	35,747,000	40,144,000	41,397,000	36,481,000	17,662,000	4,448,000	32,960,000	39,281,000	-3,611,000	35,208,000	45,664,000	38,979,000	70,064,000	28,173,000	42,026,000	32,969,000	-30,561,000	12,066,000
net earnings attributable to valmont industries, inc. per share:
basic	9.06	5.02	-1.53	4.35	3.88	4.13	4.94	4.35
diluted	8.99	4.98	-1.53	4.32	3.85	4.11	4.91	4.32
earnings attributable to redeemable noncontrolling interests			-729,000
total other income				-10,292,000	-14,335,000	-13,380,000	-15,072,000	-13,116,000	-18,382,000	-10,465,000	-12,801,000
impairment of goodwill and other intangible assets
gain on divestiture
gain on investments - unrealized									1,773,000	-344,000	941,000	1,194,000	932,000	-901,000	-2,342,000
loss (earnings) attributable to noncontrolling interests									1,015,000	1,287,000	578,000
earnings per share:
basic									1.4	-2.34	4.25	3.5	1.89	3.38	3.57	2.93	1.26	2.44	2.93	2.6	1.69	1.85	1.06	2	1.67	1.86	1.9	1.67	0.81	0.2	1.47	1.74	-0.17	1.56	2.03	1.73	3.12	1.25	1.86	1.45	-1.3	0.52
diluted									1.38	-2.34	4.21	3.47	1.85	3.34	3.53	2.9	1.24	2.4	2.89	2.57	1.68	1.84	1.06	1.99	1.65	1.85	1.9	1.66	0.8	0.2	1.46	1.72	-0.17	1.55	2.01	1.72	3.09	1.24	1.85	1.45	-1.29	0.52
services sales												104,473,000	102,486,000	98,251,000	99,243,000	89,950,000	87,133,000	86,088,000	88,828,000	79,921,000	77,721,000	76,267,000	71,221,000	75,291,000	79,355,000	84,901,000	91,355,000	77,175,000	76,626,000	81,223,000	83,763,000	78,198,000	75,298,000	78,699,000	80,230,000	64,521,000	67,245,000	65,419,000	69,487,000	63,665,000	71,890,000	72,057,000									22,397,000	23,316,000	20,912	17,949,000	20,077,000	21,827,000
services cost of sales												72,106,000	68,195,000	72,551,000	61,608,000	58,464,000	58,085,000	55,392,000	56,881,000	51,698,000	50,367,000	48,411,000	45,876,000	49,163,000	52,030,000	56,504,000	59,366,000	52,615,000	49,535,000	53,805,000	54,385,000	53,180,000	51,477,000	54,331,000	52,283,000	46,021,000	47,653,000	46,221,000	47,060,000	42,144,000	48,895,000	48,136,000									16,533,000	17,483,000	14,802	14,070,000	16,490,000	16,584,000
earnings before income taxes												105,009,000	69,383,000	100,771,000	107,349,000	86,385,000	54,328,000	68,693,000	77,756,000	70,863,000	36,407,500	52,588,000	35,616,000	57,426,000	40,553,750	56,026,000	56,307,000	49,882,000	29,544,750	16,082,000	49,085,000	53,012,000	43,573,000	50,561,000	68,407,000	55,324,000	39,219,000	43,789,000	62,643,000	50,444,000	29,342,000	25,567,000
income tax expense: - sum												31,843,000	28,156,000	27,823,000	29,587,000	23,121,000	15,092,000	16,080,000	14,740,000	15,502,000	10,443,000	12,084,000	12,602,000	14,486,000	10,056,000	13,763,000	13,961,000	12,427,000	7,107,000	9,091,000	14,405,000	12,532,000	55,802,000	13,895,000	21,085,000	15,363,000	-7,679,000	14,268,000	19,201,000	16,273,000	4,554,000	12,018,000
less: loss (earnings) attributable to noncontrolling interests												2,195,000							-547,000				-147,000	208,000
selling, general and administrative expenses													125,933,000	175,506,000	173,882,000	154,344,000	165,034,000	151,209,000	147,022,000	127,343,000	150,442,000	129,268,000	123,859,000	119,354,000	115,826,000	112,223,000	116,702,000	110,025,000	113,411,000	110,200,000	111,329,000	105,280,000	106,572,000	103,671,000	104,990,000	100,103,000	109,041,000	101,783,000	103,311,000	98,604,000	119,510,000	104,539,000		64,362,000	55,353,000	57,721,000	51,651,000	55,153,000	52,116	52,116	55,912,000	47,579,000	46,387	45,554,000	43,940,000	45,268,000	47,071,000	39,531,000	28,377,000	37,949,000	37,757,000
earnings before equity in earnings of nonconsolidated subsidiaries													41,227,000	72,948,000	77,762,000	63,264,000	27,679,000	52,613,000	63,016,000	55,361,000	36,695,000	40,504,000	23,014,000	42,940,000																	-28,915,000	13,549,000
less: earnings attributable to noncontrolling interests													-876,000	-818,000	-1,099,000		-958,000	-603,000			-631,000	-886,000			-1,655,000	-2,119,000	-949,000	-974,000	-493,000	-2,543,000	-1,720,000	-1,199,000	-1,981,000	-1,458,000	-1,658,000	-982,000	-1,193,000	-1,348,000	-1,416,000	-1,202,000	-1,399,000	-1,483,000
loss on investments																-1,063,000				-109,000
less: (earnings)/loss attributable to noncontrolling interests																-595,000
impairment of goodwill and trade names																					4,159,500
gain on investments																	389,000	488,000	1,177,000		275,500	900,000	2,510,000	-2,308,000	1,188,500	402,000	1,520,000	2,832,000
less: loss attributable to noncontrolling interests																				13,000
impairment of goodwill and intangible assets																							16,638,000							15,780,000											26,770,000	15,200,000
equity in earnings of nonconsolidated subsidiaries																								-219,000																											9,500	170,000
costs associated with refinancing of debt																														-14,820,000
loss from divestiture of grinding media business																															-6,084,000
cash dividends declared per share																													0.281	0.375	0.375	0.375	0.375	0.375	0.375	0.375	0.375	0.375	0.375	0.375	0.375	0.375
weighted-average number of shares of common stock outstanding - basic																														22,215	22,438	22,609		22,527	22,517	22,472		22,505	22,602	22,700		23,057
weighted-average number of shares of common stock outstanding - diluted																														22,352	22,573	22,796		22,751	22,740	22,660		22,659	22,749	22,816		23,170
cost of sales.																																												293,343,000				253,729,000
miscellaneous																																												256,000		77,000	113,000	286,000	897	897			33		-70,750	-23,000	-274,000	14,000		51,000
earnings before income taxes, minority interest and equity in earnings (losses) of nonconsolidated subsidiaries																																												40,904,000	29,480,000	18,121,000	25,353,000	26,252,000					16,947		6,681,250	11,857,000	5,227,000
income tax benefit:
earnings before minority interest and equity in earnings (losses) of nonconsolidated subsidiaries																																												27,240,000	19,170,000	12,206,000	17,858,000	17,758,000	13,208	13,208			10,822		4,240,500	7,550,000	3,300,000
minority interest																																																							-460,250	-668,000	-718,000	-455,000
equity in earnings (losses) of nonconsolidated subsidiaries																																												164,000					45	45					74,000	222,000	230,000
earnings per share—basic earnings per share—basic																																												1.06				0.69
earnings per share—diluted earnings per share—diluted																																												1.03				0.67
cash dividends per share																																												0.105	0.095	0.095	0.095	0.095	0.085	0.085	0.085	0.085	0.085	0.08	0.08	0.08	0.08	0.08	0.059	0.08	0.08
weighted-average number of shares of common stock outstanding																																												25,497	25,429		25,255	25,091	24,620	24,620		24,382	24,292	24,111		23,887	23,866	23,846		23,774	23,786
weighted-average number of shares of common stock outstanding plus dilutive potential common shares																																												26,107	25,970		25,851	25,859	25,330	25,330		25,380	25,035	25,042		24,464	24,413	24,520		24,285	24,300
cost of sales																																													251,915,000	242,660,000	230,234,000		227,932	227,932	149,488,250	196,332,000	197,541				199,933,000	164,617,000	114,577,750	154,692,000	149,178,000
earnings per share—basic:
earnings per share—basic																																													0.74	0.455	0.6		0.53	0.53	0.283	0.42	0.43	0.28					0.188	0.17	0.27
earnings per share—diluted:
earnings per share—diluted																																													0.72	0.44	0.58		0.52	0.52	0.273	0.4	0.42	0.27					0.183	0.17	0.26
income tax expense
earnings before income taxes, minority interest and equity in losses of nonconsolidated subsidiaries																																																	20,879	20,879				11,369,000				9,641,000
debt prepayment expenses																																																							-2,465,000		-9,860,000
earnings before income taxes, minority interest and equity in earnings of nonconsolidated subsidiaries																																																			11,322,750	16,975,000
earnings before minority interest and equity in earnings of nonconsolidated subsidiaries																																																			7,140,750	10,516,000
earnings before minority interest and equity in losses of nonconsolidated subsidiaries																																																						7,225,000				6,112,000
equity in losses of nonconsolidated subsidiaries																																																										-156,000
earnings per share — basic:
earnings per share — basic																																																							0.163	0.3	0.12
earnings per share — diluted:
earnings per share — diluted																																																							0.158	0.29	0.12
earnings before income taxes, minority interest, equity in earnings (losses) of nonconsolidated subsidiaries and cumulative effect of change in accounting principle																																																											7,828,000	7,450,000	11,300,000
earnings before minority interest, equity in earnings (losses) of nonconsolidated subsidiaries and cumulative effect of change in accounting principle																																																											4,955,250	4,721,000	7,186,000
equity in earnings																																																												9,000
cumulative effect of change in accounting principle
earnings before cumulative effect of change in accounting principle																																																											0.188	0.17	0.27

Balance Sheets:

Quarterly

Annual

Unit: USD	2025-12-27	2025-09-27	2025-06-28	2025-03-29	2024-12-28	2024-09-28	2024-06-29	2024-03-30	2023-12-30	2023-09-30	2023-07-01	2023-04-01	2022-12-31	2022-09-24	2022-06-25	2022-03-26	2021-12-25	2021-09-25	2021-06-26	2021-03-27	2020-12-26	2020-09-26	2020-06-27	2020-03-28	2019-12-28	2019-09-28	2019-06-29	2019-03-30	2018-12-29	2018-09-29	2018-06-30	2018-03-31	2017-12-30	2017-09-30	2017-07-01	2017-04-01	2016-12-31	2016-09-24	2016-06-25	2016-03-26	2015-12-26	2015-09-26	2007-06-30	2007-03-31	2006-12-30	2006-09-30	2006-07-01	2006-04-01	2005-12-31	2005-09-24	2005-06-25	2005-03-26	2004-12-25	2004-09-25	2004-06-26	2004-03-27	2003-12-27	2003-09-27	2003-06-28

assets
current assets:
cash and cash equivalents	187,140,000	226,107,000	208,533,000	184,399,000	164,315,000	200,477,000	163,142,000	169,195,000	203,041,000	172,566,000	166,907,000	172,948,000	185,406,000	166,221,000	154,579,000	149,700,000	177,232,000	169,795,000	199,285,000	391,458,000	400,726,000	443,055,000	353,348,000	294,645,000	353,542,000	327,200,000	256,944,000	211,237,000	313,210,000	295,622,000	722,588,000	479,663,000	492,805,000	493,490,000	448,222,000	425,216,000	399,948,000	349,375,000	344,346,000	387,714,000	349,074,000	312,851,000	47,924,000	42,309,000	63,504,000	55,249,000	34,547,000	36,005	46,867,000	33,941,000	39,827,000	37,031,000	30,210,000	30,557,000	29,699,000	24,197,000		26,734,000	28,642,000
receivables, less allowance of 54,991 and 30,408, respectively	590,127,000
inventories	566,396,000	591,351,000	581,360,000	579,270,000	590,263,000	611,422,000	633,232,000	668,743,000	658,428,000	693,629,000	729,738,000	725,360,000	728,762,000	746,282,000	786,600,000	807,471,000	728,834,000	655,903,000	593,498,000	512,924,000	448,941,000	448,088,000	449,516,000	416,613,000	374,565,000	377,300,000	406,546,000	395,799,000	383,566,000	399,905,000	381,971,000	370,005,000	420,948,000	403,234,000	382,648,000	389,156,000	350,028,000	379,625,000	372,106,000	350,768,000	340,672,000	368,290,000	218,197,000	210,556,000	194,278,000	176,160,000	165,248,000	172,869	158,327,000	164,070,000	172,914,000	176,424,000	186,988,000	197,803,000	159,433,000	132,068,000		113,103,000	115,973,000
contract assets	266,922,000	229,372,000	194,559,000	197,512,000	187,257,000	183,085,000	191,846,000	191,483,000	175,721,000	169,931,000	154,410,000	159,785,000	174,539,000	215,684,000	200,522,000	161,633,000		155,417,000	140,146,000	117,539,000		113,254,000
income taxes receivable	38,365,000
prepaid expenses and other current assets	70,698,000	95,498,000	93,394,000	94,371,000	87,197,000	98,165,000	92,560,000	91,114,000	91,754,000	97,302,000	99,994,000
total current assets	1,719,648,000	1,756,998,000	1,743,728,000	1,722,817,000	1,683,392,000	1,807,159,000	1,784,035,000	1,779,571,000	1,787,629,000	1,807,427,000	1,802,182,000	1,815,499,000	1,780,585,000	1,850,074,000	1,856,647,000	1,840,575,000	1,712,763,000	1,614,773,000	1,595,274,000	1,607,636,000	1,554,625,000	1,558,146,000	1,479,819,000	1,414,426,000	1,388,419,000	1,388,404,000	1,347,998,000	1,298,900,000	1,340,640,000	1,362,390,000	1,715,092,000	1,523,343,000	1,472,565,000	1,448,123,000	1,376,207,000	1,331,273,000	1,253,216,000	1,274,265,000	1,267,292,000	1,252,838,000	1,226,852,000	1,279,488,000	543,828,000	512,589,000	494,658,000	481,314,000	451,160,000	429,222	408,312,000	402,430,000	412,124,000	410,417,000	428,505,000					310,277,000	297,671,000
property, plant, and equipment, at cost	1,640,608,000	1,597,295,000	1,578,722,000	1,534,938,000	1,502,017,000	1,551,817,000	1,524,355,000	1,517,281,000	1,513,239,000	1,477,062,000	1,464,577,000	1,448,466,000	1,433,151,000
less accumulated depreciation	-966,745,000	-954,408,000	-957,047,000	-930,820,000	-913,045,000	-942,816,000	-920,029,000	-908,878,000	-895,845,000	-873,083,000	-861,465,000
property, plant, and equipment	673,863,000	642,887,000	621,675,000	604,118,000	588,972,000	609,001,000	604,326,000	608,403,000	617,394,000	603,979,000	603,112,000
goodwill	570,954,000	569,961,000	571,684,000	628,008,000	623,847,000	636,425,000	630,232,000	629,888,000	632,964,000	635,017,000	744,271,000	741,735,000	739,861,000	728,587,000	741,743,000	707,692,000	708,566,000	709,462,000	712,731,000	429,927,000	430,322,000	421,947,000	417,668,000	422,514,000	428,864,000	421,679,000	424,188,000	416,996,000	385,207,000	389,594,000	321,362,000	327,874,000	337,720,000	336,754,000	329,708,000	324,061,000	321,110,000	327,863,000	331,603,000	334,269,000	336,916,000	362,683,000	114,373,000	108,357,000	108,328,000	106,807,000	106,887,000	106,710	106,695,000	105,429,000	105,435,000	106,058,000	106,022,000	86,298,000	94,821,000	56,004,000		55,853,000	55,845,000
other intangible assets	121,341,000	123,417,000	126,641,000	132,799,000	134,082,000	141,878,000	142,527,000	145,839,000	150,687,000	140,252,000	165,728,000	172,300,000	176,615,000	182,796,000	192,333,000	169,424,000	175,364,000	193,449,000	200,995,000	161,539,000	167,193,000	167,681,000	169,744,000	173,006,000	175,742,000	177,734,000	189,014,000	192,897,000	175,956,000	178,693,000	124,549,000	129,540,000	138,599,000	142,090,000	141,557,000	142,000,000	144,378,000	152,469,000	158,814,000	164,537,000	170,197,000	175,157,000	59,080,000	55,503,000	56,333,000	57,163,000	57,919,000	59,228	60,140,000	60,633,000	61,534,000	62,435,000	63,337,000	63,393,000	55,300,000	14,036,000		14,679,000	15,001,000
defined benefit pension asset	39,666,000	53,370,000	52,754,000	49,555,000	46,520,000	37,716,000
operating lease right-of-use assets	139,857,000
deferred compensation investments	29,631,000
non-current deferred tax asset	57,751,000
other non-current assets	16,618,000	221,366,000	228,902,000	238,126,000	253,159,000	264,649,000	262,229,000	268,247,000	273,370,000	256,821,000	257,502,000
total assets	3,369,329,000	3,367,999,000	3,345,384,000	3,375,423,000	3,329,972,000	3,496,828,000	3,457,202,000	3,465,381,000	3,477,448,000	3,486,179,000	3,615,840,000	3,604,492,000	3,556,996,000	3,621,729,000	3,674,752,000	3,581,483,000	3,447,249,000	3,411,264,000	3,404,136,000	3,008,076,000	2,953,160,000	2,923,910,000	2,831,842,000	2,757,579,000	2,763,411,000	2,725,442,000	2,711,739,000	2,645,987,000	2,530,274,000	2,563,078,000	2,779,361,000	2,618,064,000	2,602,250,000	2,610,171,000	2,523,162,000	2,466,888,000	2,391,731,000	2,384,043,000	2,395,873,000	2,399,862,000	2,399,428,000	2,489,701,000	957,066,000	912,459,000	892,310,000	871,185,000	840,753,000	821,108	802,042,000	808,019,000	822,305,000	811,170,000	836,108,000					587,251,000	574,273,000
liabilities, redeemable noncontrolling interests, and shareholders’ equity
current liabilities:
current installments of long-term debt	513,000	571,000	623,000	669,000	692,000	531,000	569,000	620,000	719,000	941,000	1,041,000	1,165,000	1,194,000	2,106,000	3,018,000	4,226,000	4,884,000	4,803,000	5,628,000	5,147,000	2,748,000	1,922,000	2,587,000	757,000	760,000	745,000	774,000	764,000	779,000	829,000	253,081,000	951,000	966,000	949,000	921,000	860,000	851,000	895,000	889,000	1,110,000	1,077,000	1,099,000	22,166,000	19,921,000	18,353,000	18,254,000	15,587,000	15,306	13,583,000	8,542,000	8,938,000	7,373,000	7,962,000	1,251,000	1,217,000	15,115,000		14,626,000	11,778,000
notes payable to banks				51,000	1,669,000	1,309,000	1,876,000	2,029,000	3,205,000	3,639,000	1,665,000	11,436,000	5,846,000	4,935,000	4,428,000	8,380,000	13,439,000	13,765,000	29,449,000	38,182,000	35,147,000	14,227,000	14,577,000	19,719,000	21,774,000	19,324,000	20,375,000	19,816,000	10,678,000	3,328,000	271,000	377,000	161,000	197,000	376,000	957,000	746,000	853,000	3,735,000	2,402,000	976,000	1,496,000	17,900,000	13,694,000	13,114,000	8,708,000	4,825,000	4,226	4,918,000	5,214,000	6,364,000	1,806,000	4,682,000	17,078,000	11,913,000	20,705,000		23,890,000	12,415,000
mandatorily redeemable financial instrument	8,922,000
accounts payable	359,539,000	377,259,000	385,328,000	348,934,000	372,197,000	353,883,000	353,729,000	327,414,000	358,311,000	355,934,000	346,000,000	368,576,000	360,312,000	376,508,000	388,498,000	404,410,000	347,841,000	338,723,000	324,946,000	289,110,000	268,099,000	269,113,000	241,294,000	209,132,000	197,957,000	197,535,000	228,137,000	219,460,000	218,115,000	200,468,000	193,612,000	190,902,000	227,906,000	216,104,000	193,087,000	194,525,000	177,488,000	170,888,000	183,126,000	183,059,000	179,983,000	186,581,000	103,086,000	115,569,000	103,319,000	99,502,000	93,452,000	103,230	90,674,000	72,208,000	68,260,000	69,354,000	69,979,000	84,317,000	77,635,000	65,993,000		58,309,000	56,105,000
accrued employee compensation and benefits	128,155,000	113,354,000	106,698,000	82,477,000	143,028,000	119,073,000	108,009,000	89,100,000	130,861,000	115,201,000	109,155,000	80,362,000	124,355,000	125,565,000	107,108,000	96,547,000	144,559,000	124,212,000	103,694,000	85,932,000	137,939,000	114,310,000	91,857,000	70,731,000	83,528,000	78,540,000	65,723,000	63,425,000	79,291,000	80,843,000	71,813,000	67,928,000	84,426,000	81,494,000	68,944,000	65,663,000	72,404,000	69,549,000	66,626,000	58,002,000	70,354,000	70,249,000
contract liabilities	52,013,000	81,116,000	132,412,000	140,905,000	126,932,000	100,150,000	68,811,000	84,041,000	70,978,000	88,600,000	124,230,000	156,333,000	172,915,000	200,341,000	175,814,000	168,794,000	135,746,000	138,286,000	156,481,000	150,068,000	130,018,000	116,470,000
other accrued expenses	156,596,000	156,716,000	145,174,000	140,755,000	132,379,000	155,016,000	139,515,000	149,222,000	146,903,000	145,672,000	131,344,000	130,750,000	123,965,000	136,335,000	130,114,000	118,535,000	108,771,000	116,846,000	104,497,000	100,245,000	89,796,000	97,539,000	89,093,000	100,213,000
income taxes payable	12,604,000	36,172,000	25,937,000	33,409,000	22,509,000	28,066,000	20,427,000	10,295,000		2,062,000	23,152,000	20,093,000	3,664,000	10,668,000	10,036,000	6,074,000		3,734,000	11,920,000			724,000	16,984,000
dividends payable	13,278,000	13,396,000	13,418,000	13,648,000	12,019,000	12,021,000	12,098,000	12,113,000	12,125,000	12,533,000	12,607,000	12,634,000	11,742,000	11,733,000	11,743,000	11,721,000	10,616,000	10,610,000	10,607,000	10,625,000	9,556,000	9,614,000	9,613,000	9,625,000	8,079,000	8,088,000	8,129,000	8,213,000	8,230,000	8,310,000	8,412,000	8,493,000	8,510,000	8,478,000	8,472,000	8,468,000	8,445,000	8,455,000	8,505,000	8,527,000	8,571,000	8,649,000	2,708,000	2,444,000	2,437,000	2,430,000	2,426,000	2,125	2,107,000	2,086,000	2,077,000	1,945,000	1,932,000	1,913,000	1,911,000	1,910,000		1,916,000	1,915,000
total current liabilities	731,620,000	778,584,000	809,590,000	760,848,000	811,425,000	770,049,000	705,034,000	674,834,000	723,102,000	724,582,000	749,194,000	781,349,000	803,993,000	868,191,000	830,759,000	818,687,000	765,856,000	750,979,000	747,222,000	679,309,000	673,303,000	623,919,000	604,825,000	561,211,000	513,779,000	530,947,000	497,301,000	440,839,000	409,035,000	400,707,000	606,552,000	374,262,000	402,998,000	413,460,000	374,047,000	382,704,000	349,848,000	359,925,000	358,039,000	364,577,000	366,554,000	372,853,000	229,884,000	222,955,000	216,922,000	209,305,000	186,392,000	187,905	179,151,000	153,387,000	143,921,000	139,271,000	151,061,000					152,523,000	133,496,000
deferred income taxes	5,316,000	7,097,000	4,817,000	6,906,000	6,344,000	8,011,000	18,675,000	26,508,000	21,205,000	20,885,000	38,390,000	45,422,000	41,091,000	48,542,000	55,641,000	50,604,000	47,849,000	45,863,000	50,308,000	48,419,000	41,689,000	51,280,000	49,906,000	65,053,000	47,955,000	43,778,000	43,774,000	46,440,000	43,489,000	45,076,000	34,492,000	39,669,000	34,906,000	28,183,000	32,642,000	39,030,000	35,803,000	28,822,000	35,541,000	39,644,000	35,669,000	66,200,000	35,747,000	32,660,000	34,985,000	36,863,000	37,955,000	40,068	43,199,000	44,227,000	45,546,000	44,547,000	42,639,000	18,143,000	19,752,000	19,814,000		19,393,000	19,393,000
long-term debt, excluding current installments	795,150,000	730,094,000	730,039,000	729,983,000	729,941,000	898,201,000	1,017,543,000	1,107,644,000	1,107,885,000	977,260,000	952,704,000	985,636,000	870,935,000	935,129,000	995,647,000	963,065,000	947,072,000	897,488,000	860,878,000	729,589,000	728,431,000	779,788,000	778,283,000	776,139,000	764,944,000	764,524,000	765,558,000	741,629,000	741,822,000	736,185,000	736,302,000	753,647,000	753,888,000	754,202,000	754,436,000	754,523,000	754,795,000	755,584,000	756,543,000	756,878,000	763,964,000	764,823,000	206,235,000	198,139,000	202,784,000	205,880,000	212,030,000	214,103	218,757,000	255,211,000	290,421,000	293,482,000	314,813,000	324,905,000	301,886,000	129,847,000		130,549,000	142,836,000
operating lease liabilities	130,007,000	127,619,000	130,431,000	132,083,000	134,534,000	149,253,000	154,247,000	157,279,000	162,743,000	160,521,000	161,795,000	151,219,000	155,469,000	156,860,000	154,799,000	146,493,000	147,759,000	148,031,000	150,971,000	78,004,000	80,202,000	77,705,000	79,799,000	78,694,000	85,817,000	78,790,000	85,176,000	88,492,000
deferred compensation liabilities	29,631,000
other non-current liabilities	35,320,000	22,549,000	22,775,000	21,399,000	20,813,000	50,011,000	11,423,000	11,697,000	12,818,000	13,418,000	8,527,000
total liabilities	1,727,044,000	1,700,781,000	1,732,367,000	1,683,522,000	1,736,359,000	1,909,024,000	1,939,472,000	2,011,110,000	2,060,376,000	1,927,467,000	1,945,548,000
redeemable noncontrolling interests	9,498,000	71,468,000	84,062,000	56,899,000	51,519,000	46,111,000	46,249,000	44,980,000	62,792,000
shareholders’ equity:
common stock of 1 par value, authorized 75,000,000 shares; issued 27,900,000 shares	27,900,000	27,900,000	27,900,000	27,900,000	27,900,000	27,900,000	27,900,000
retained earnings	3,156,235,000	3,044,019,000	2,956,362,000	2,999,046,000	2,940,838,000	2,877,980,000	2,806,933,000	2,719,315,000	2,643,606,000	2,657,174,000	2,710,382,000	2,635,628,000	2,593,039,000	2,569,641,000	2,509,262,000	2,444,897,000	2,394,307,000	2,378,075,000	2,337,015,000	2,282,355,000	2,245,035,000	2,219,182,000	2,194,916,000	2,171,329,000	2,140,948,000	2,119,843,000	2,085,594,000	2,049,438,000	2,027,596,000	2,022,538,000	2,023,919,000	1,996,474,000	1,954,344,000	1,974,601,000	1,945,874,000	1,906,161,000	1,874,722,000	1,811,947,000	1,790,120,000	1,756,082,000	1,729,679,000	1,767,621,000	448,560,000	423,519,000	405,567,000	391,827,000	377,429,000	364,485	357,025,000	350,317,000	339,329,000	330,498,000	324,748,000	316,359,000	310,949,000	310,453,000		300,946,000	298,827,000
accumulated other comprehensive loss	-290,515,000	-279,287,000	-278,524,000	-310,099,000	-332,775,000	-282,160,000	-313,829,000	-295,211,000	-273,236,000	-281,632,000	-255,602,000	-266,133,000	-274,909,000	-328,120,000	-288,184,000	-232,160,000	-263,127,000	-310,222,000	-283,435,000	-307,556,000		-322,334,000	-332,486,000	-347,868,000		-316,717,000	-303,072,000	-298,740,000		-322,554,000	-311,166,000	-276,629,000		-288,102,000	-305,799,000	-326,253,000		-265,969,000	-268,459,000															-2,093,000	-3,406,000	-3,089,000		-5,158,000
treasury stock	-1,260,833,000	-1,196,882,000	-1,176,783,000	-1,081,845,000	-1,093,869,000	-1,091,748,000	-1,054,658,000	-1,048,381,000	-1,043,990,000	-901,700,000	-870,456,000	-857,296,000		-769,941,000	-764,917,000	-769,835,000		-784,282,000	-786,857,000	-777,885,000		-770,802,000	-763,495,000	-763,950,000		-744,335,000	-728,680,000	-700,333,000		-670,667,000	-628,487,000	-602,504,000		-601,565,000	-603,726,000	-604,969,000		-610,680,000	-593,479,000	-587,117,000		-552,780,000				-37,263,000				-56,710,000	-55,155,000			-64,431,000	-64,880,000	-65,371,000		-67,206,000
total shareholders’ equity	1,632,787,000	1,595,750,000	1,528,955,000	1,635,002,000	1,542,094,000	1,541,693,000	1,471,481,000	1,409,291,000	1,354,280,000	1,558,712,000	1,670,292,000	1,598,400,000	1,641,712,000	1,572,751,000	1,553,150,000	1,504,491,000	1,413,597,000	1,344,732,000	1,321,484,000	1,250,102,000	1,207,836,000	1,189,664,000	1,152,702,000	1,110,130,000	1,156,891,000	1,131,171,000	1,127,014,000	1,131,215,000	1,135,523,000	1,133,748,000	1,149,824,000	1,185,356,000	1,151,795,000	1,152,595,000	1,102,446,000	1,041,280,000	982,586,000	1,002,301,000	994,171,000	980,151,000	965,211,000	1,065,777,000	451,314,000	422,165,000	401,281,000	383,710,000	369,828,000	345,255	328,675,000	319,901,000	308,679,000	300,279,000	294,655,000					256,482,000	254,456,000
total liabilities, redeemable noncontrolling interests, and shareholders’ equity	3,369,329,000	3,367,999,000	3,345,384,000	3,375,423,000	3,329,972,000	3,496,828,000	3,457,202,000	3,465,381,000	3,477,448,000
receivables, less allowance of 48,504 and 30,408, respectively		614,670,000
deferred compensation		34,838,000	34,715,000	32,303,000	33,302,000	33,499,000	32,550,000	33,148,000	32,623,000	30,801,000	34,938,000	33,885,000	30,316,000	28,754,000	33,778,000	36,469,000	35,373,000	34,723,000	45,115,000	45,513,000	44,519,000	42,587,000	45,736,000	42,894,000	45,114,000	43,837,000	49,445,000	49,615,000	46,107,000	48,174,000	48,118,000	48,597,000	48,526,000	48,612,000	47,799,000	46,567,000	44,319,000	47,783,000	48,965,000	48,456,000	48,417,000	48,637,000
receivables, less allowance of 30,783 and 30,408, respectively			665,882,000
receivables				667,265,000		714,010,000	703,255,000	659,036,000		673,999,000	651,133,000	650,041,000		614,411,000	627,876,000	616,538,000		537,693,000	559,323,000	491,383,000		502,004,000	500,838,000	492,785,000		501,215,000	507,061,000	512,852,000		500,406,000	472,849,000	467,010,000		492,842,000	496,962,000	455,044,000		455,692,000	466,749,000	449,379,000		501,403,000	247,929,000	228,848,000		219,744,000	223,068,000	195,504		182,431,000	176,095,000	172,681,000		189,337,000	177,677,000	149,505,000		150,034,000	135,341,000
receivables, less allowance of 30,408 and 32,897, respectively					654,360,000
additional paid-in capital						9,721,000	5,135,000	5,668,000									1,479,000				335,000
defined pension benefit asset							33,853,000	33,433,000	15,404,000	42,683,000	43,045,000	41,744,000	24,216,000
common stock of 1 par value, authorized 75,000,000 shares; issued 27,900,000								27,900,000
receivables, less allowance of 32,897 and 20,890, respectively									657,960,000
refundable income taxes									725,000								8,815,000			4,810,000	9,945,000			2,300,000	6,947,000	11,893,000	8,579,000	4,747,000	4,576,000	13,182,000	9,841,000	6,749,000	11,492,000	8,493,000	4,830,000	7,325,000	6,601,000	20,342,000	20,441,000	18,897,000
common stock of 1 par value, authorized 75,000,000 shares; 27,900,000 issued									27,900,000	27,900,000
liabilities and shareholders’ equity
total valmont industries, inc. shareholders’ equity										1,501,742,000	1,612,224,000	1,540,099,000	1,580,847,000	1,512,731,000	1,488,382,000	1,476,053,000	1,386,847,000	1,318,139,000	1,294,623,000	1,224,814,000	1,182,062,000	1,162,439,000	1,126,835,000	1,087,411,000	1,111,484,000	1,086,691,000	1,081,742,000	1,078,265,000	1,059,762,000	1,057,217,000	1,112,166,000	1,145,241,000	1,112,836,000	1,112,834,000	1,064,249,000	1,002,839,000	943,482,000	963,198,000	956,082,000	931,054,000	918,441,000	1,019,734,000
noncontrolling interest in consolidated subsidiaries										56,970,000	58,068,000	58,301,000	60,865,000	60,020,000	64,768,000	28,438,000	26,750,000	26,593,000	26,861,000	25,288,000	25,774,000	27,225,000	25,867,000	22,719,000	45,407,000	44,480,000	45,272,000	52,950,000	75,761,000	76,531,000	37,658,000	40,115,000	38,959,000	39,761,000	38,197,000	38,441,000	39,104,000	39,103,000	38,089,000	49,097,000	46,770,000	46,043,000
total liabilities and shareholders’ equity										3,486,179,000	3,615,840,000	3,604,492,000	3,556,996,000	3,621,729,000	3,674,752,000	3,581,483,000	3,447,249,000	3,411,264,000	3,404,136,000	3,008,076,000	2,953,160,000	2,923,910,000	2,831,842,000	2,757,579,000	2,763,411,000	2,725,442,000	2,711,739,000	2,645,987,000	2,530,274,000	2,563,078,000	2,779,361,000	2,618,064,000	2,602,250,000	2,610,171,000	2,523,162,000	2,466,888,000	2,391,731,000	2,384,043,000	2,395,873,000	2,399,862,000	2,399,428,000	2,489,701,000	957,066,000	912,459,000	892,310,000	871,185,000	840,753,000	821,108	802,042,000	808,019,000	822,305,000	811,170,000	836,108,000					587,251,000	574,273,000
common stock of 1 par value																																											27,900,000	27,900,000		27,900,000	27,900,000	27,900		27,900,000	27,900,000	27,900,000		27,900,000	27,900,000	27,900,000		27,900,000	27,900,000
authorized 75,000,000 shares; 27,900,000 issued											27,900,000	27,900,000	27,900,000	27,900,000	27,900,000	27,900,000	27,900,000	27,900,000	27,900,000	27,900,000	27,900,000	27,900,000	27,900,000	27,900,000	27,900,000	27,900,000	27,900,000	27,900,000	27,900,000	27,900,000	27,900,000	27,900,000	27,900,000	27,900,000	27,900,000	27,900,000	27,900,000	27,900,000	27,900,000	27,900,000	27,900,000	27,900,000
prepaid expenses and other assets												107,365,000	87,697,000	107,476,000	87,070,000	105,233,000	83,646,000	95,965,000	103,022,000	89,522,000	59,804,000	51,745,000	51,113,000	63,306,000		50,420,000	44,942,000	54,379,000		40,655,000	127,843,000	127,251,000
less accumulated depreciation and amortization												849,618,000	837,573,000	830,033,000	844,850,000	840,826,000	823,496,000	766,579,000	760,035,000	749,079,000	743,653,000	722,286,000	705,448,000	683,914,000	687,132,000	685,394,000	682,281,000	669,304,000	646,873,000	646,122,000	639,386,000	633,440,000	646,759,000	647,430,000	628,375,000	610,129,000	587,401,000	594,710,000	579,608,000	568,297,000	548,567,000	539,976,000	337,129,000	328,680,000	321,634,000	316,164,000	310,375,000	301,474	294,984,000	308,029,000	299,627,000	294,235,000	288,342,000	280,168,000	271,989,000	265,130,000		248,772,000	241,331,000
net property, plant, and equipment												598,848,000
other assets												234,366,000	240,141,000	263,422,000	276,466,000	253,574,000	251,951,000	276,267,000	285,269,000	203,620,000	203,293,000	202,783,000	200,828,000	193,652,000	212,257,000	189,257,000	206,982,000	209,865,000		124,680,000	125,670,000	133,595,000		160,780,000	155,583,000	149,896,000		103,806,000	111,817,000	115,711,000		129,138,000	22,650,000	29,236,000	32,381,000	36,095,000	34,381,000	32,755	32,219,000	32,152,000	32,032,000	32,231,000	32,589,000	31,493,000	30,828,000	25,767,000		22,138,000	18,751,000
other noncurrent liabilities												8,581,000	13,480,000	11,502,000	50,978,000	61,674,000	89,207,000	84,273,000	115,189,000	61,271,000	58,657,000	45,587,000	9,066,000	9,099,000	8,904,000	11,113,000	13,261,000	13,996,000	10,394,000	19,311,000	20,385,000	21,043,000	20,585,000	13,557,000	17,275,000	15,508,000	14,910,000	33,104,000	38,285,000	39,953,000	40,290,000	41,811,000	24,166,000	28,753,000	28,049,000	27,868,000	27,105,000	26,262	24,889,000	24,078,000	23,476,000	23,663,000	22,833,000	22,018,000	21,818,000	21,980,000		19,786,000	15,818,000
common stock of 1 par value -
receivables, less allowance of 20,890 in 2022 and 18,050 in 2021													604,181,000
net property, plant and equipment													595,578,000	596,850,000	607,563,000	610,218,000	598,605,000	617,313,000	609,867,000	605,354,000	597,727,000	573,353,000	563,783,000	553,981,000	558,129,000	548,368,000	543,557,000	527,329,000	513,992,000	507,721,000	492,688,000	503,712,000	518,928,000	522,424,000	520,107,000	519,658,000	518,335,000	525,640,000	526,347,000	532,507,000	532,489,000	543,235,000	217,135,000	206,774,000	200,610,000	189,806,000	190,406,000	193,193	194,676,000	207,375,000	211,180,000	200,029,000	205,655,000					184,304,000	187,005,000
cost of treasury stock, common shares of 6,549,833 in 2022 and 6,619,860 in 2021													-765,183,000
property, plant and equipment, at cost														1,426,883,000	1,452,413,000	1,451,044,000	1,422,101,000	1,383,892,000	1,369,902,000	1,354,433,000	1,341,380,000	1,295,639,000	1,269,231,000	1,237,895,000	1,245,261,000	1,233,762,000	1,225,838,000	1,196,633,000	1,160,865,000	1,153,843,000	1,132,074,000	1,137,152,000	1,165,687,000	1,169,854,000	1,148,482,000	1,129,787,000	1,105,736,000	1,120,350,000	1,105,955,000	1,100,804,000	1,081,056,000	1,083,211,000	554,264,000	535,454,000	522,244,000	505,970,000	500,781,000	494,667	489,660,000	515,404,000	510,807,000	494,264,000	493,997,000	489,240,000	481,612,000	449,914,000		433,076,000	428,336,000
defined benefit pension liability																	536,000	105,175,000	112,969,000	115,869,000	118,523,000	113,380,000	111,525,000	114,359,000	140,007,000	121,282,000	130,210,000	133,761,000	143,904,000	179,877,000	183,688,000	195,490,000	189,552,000	199,562,000	194,517,000	187,276,000	209,470,000	156,524,000	164,329,000	170,203,000	179,323,000	129,600,000
additional paid in capital														13,251,000	4,321,000	5,251,000		6,668,000				8,493,000
receivables, less allowance of 18,050 in 2021 and 15,952 in 2020																	571,593,000
contract asset - costs and profits in excess of billings																	142,643,000				123,495,000		125,004,000	144,777,000	141,322,000	120,376,000	123,926,000	119,886,000	112,525,000	112,620,000
cost of treasury stock, common shares of 6,619,860 in 2021 and 6,674,866 in 2020																	-773,712,000
receivables, less allowance of 15,952 in 2020 and 9,548 in 2019																					511,714,000
preferred stock of 1 par value -
authorized 500,000 shares; none issued
accumulated other comprehensive income																					-309,786,000				-313,422,000				-303,185,000				-279,022,000				-346,359,000			-265,811,000	-267,218,000	-223,007,000	8,283,000	5,205,000	3,626,000	1,246,000	1,510,000			375,000	-1,311,000	763,000	3,499,000
cost of treasury stock, common shares of 6,674,866 in 2020 and 6,356,103 in 2019																					-781,422,000
contract liability - billings in excess of costs and earnings																							138,820,000	151,034,000
receivables, less allowance of 9,548 in 2019 and 8,277 in 2018																									480,000,000
prepaid expenses, restricted cash, and other assets																									32,043,000				42,800,000				43,643,000	50,064,000	43,545,000	54,532,000	57,297,000	69,231,000	63,650,000
accrued expenses																									201,681,000	226,715,000	174,163,000	129,161,000	91,942,000	106,929,000	79,363,000	92,651,000	81,029,000	106,238,000	102,247,000	112,231,000	89,914,000	109,285,000	95,158,000	111,477,000	105,593,000	104,779,000	84,024,000	71,327,000	79,699,000	80,411,000	70,102,000	63,018	67,869,000	65,337,000	58,282,000	58,793,000	66,506,000	71,052,000	62,852,000	52,070,000		53,782,000	51,283,000
cost of treasury stock, common shares of 6,356,103 in 2019 and 5,951,971 in 2018																									-743,942,000
receivables, less allowance of 8,277 in 2018 and 9,396 in 2017																													483,963,000
other assets, less allowance for doubtful receivables of 417 in 2017																													114,479,000
cost of treasury stock, common shares of 5,951,971 in 2018 and 5,206,474 in 2017																													-692,549,000
assets held for sale																																72,665,000
liabilities held for sale																																12,960,000
receivables, less allowance of 9,396 in 2017 and 10,250 in 2016																																	503,677,000
other assets, less allowance for doubtful receivables of 417 in 2017 and 8,741 in 2016																																	134,438,000
cost of treasury stock, common shares of 5,206,474 in 2017 and 5,379,106 in 2016																																	-590,386,000
receivables, less allowance of 10,250 in 2016 and 10,055 in 2015																																					439,342,000
other assets, less allowance for doubtful receivables of 8,741 in 2016 and 10,953 in 2015																																					154,692,000
cost of treasury stock, common shares of 5,379,106 in 2016 and 5,042,775 in 2015																																					-612,781,000
prepaid expenses																																								46,080,000	46,137,000	52,208,000	11,133,000	13,751,000	6,086,000	11,438,000	10,818,000	10,238	7,643,000	9,148,000	10,911,000	11,809,000	8,408,000	9,556,000	8,703,000	7,601,000		9,979,000	7,447,000
receivables, less allowance of 10,055 in 2015 and 6,672 in 2014																																									466,443,000
refundable and deferred income taxes																																									24,526,000	44,736,000	18,645,000	17,125,000	17,130,000	18,723,000	17,479,000	14,606	14,506,000	12,840,000	12,377,000	12,472,000	14,387,000	8,842,000	10,949,000	10,284,000		10,427,000	10,268,000
other assets, less allowance for doubtful receivables of 10,953 in 2015 and 3,250 in 2014																																									132,974,000
cost of treasury stock, common shares of 5,042,775 in 2015 and 3,670,781 in 2014																																									-571,920,000
minority interest in consolidated subsidiaries																																											9,720,000	7,787,000	8,289,000	7,559,000	7,443,000	7,515	7,371,000	11,215,000	10,262,000	9,928,000	10,107,000	9,005,000	8,598,000	8,077,000		8,518,000	8,274,000
preferred stock
receivables, less allowance for doubtful receivables of 5,952 in 2006 and 5,323 in 2005																																													213,660,000
commitments and contingencies
preferred stock of 1 par value
authorized 75,000,000 shares; issued 27,900,000 shares																																													27,900,000				27,900,000
less:
cost of common shares in treasury 2,266,388 in 2006																																													35,812,000
unearned restricted stock																																																		-1,981,000	-2,084,000			-1,066,000	-1,112,000	-1,158,000
receivables, less allowance for doubtful receivables of 5,323 in 2005 and 5,372 in 2004																																																	180,969,000
common stock of 1 par value.
cost of common shares in treasury-3,135,338 shares in 2005																																																	50,067,000
unearned restricted stock-154,666 shares in 2005																																																	3,662,000
receivables, less allowance for doubtful receivables of 5,372 in 2004 and 4,363 in 2003																																																					188,512,000
common stock of 1 par value. authorized 75,000,000 shares; issued 27,900,000 shares																																																					27,900,000
cost of common shares in treasury—3,737,773 shares in 2004																																																					59,200,000
unearned restricted stock-102,666 shares in 2004																																																					2,292,000
liabilities and shareholders' equity
shareholders' equity:

Cashflow Statements:

Quarterly

Annual

Unit: USD	2025-12-27	2025-09-27	2025-06-28	2025-03-29	2024-12-28	2024-09-28	2024-06-29	2024-03-30	2023-12-30	2023-09-30	2023-07-01	2023-04-01	2022-12-31	2022-09-24	2022-06-25	2022-03-26	2021-12-25	2021-09-25	2021-06-26	2021-03-27	2020-12-26	2020-09-26	2020-06-27	2020-03-28	2019-12-28	2019-09-28	2019-06-29	2019-03-30	2018-12-29	2018-09-29	2018-06-30	2018-03-31	2017-12-30	2017-09-30	2017-07-01	2017-04-01	2016-12-31	2016-09-24	2016-06-25	2016-03-26	2015-12-26	2015-09-26	2007-06-30	2007-03-31	2006-12-30	2006-09-30	2005-12-31	2005-03-26	2004-12-25	2004-07-25	2004-06-26	2004-03-27	2003-09-27

cash flows from operating activities:
net earnings	169,224,000	101,092,000	-3,291,000	86,663,000	78,435,000	82,610,000	101,150,000	88,429,000	34,084,000	-50,315,000	88,798,000	72,345,000	41,208,000	72,930,000	77,207,000	62,906,000	27,814,000	52,253,000	62,657,000	55,001,000	36,446,000	40,228,000	22,754,000	42,721,000	37,402,000	42,263,000	42,346,000	37,455,000	18,155,000	6,991,000	34,680,000	40,480,000	-1,630,000	36,666,000	47,322,000	39,961,000	71,257,000	29,521,000	43,442,000	34,171,000	-29,162,000	28,806,000	26,961,000	18,728,000	16,112,000	15,062,000	11,620,000	6,810,000	11,464,000	7,104,000	2,812,000	5,501,000
adjustments to reconcile net earnings to net cash flows from operating activities:
depreciation and amortization	23,080,000	21,648,000	22,263,000	21,518,000	24,854,000	24,015,000	22,990,000	23,536,000	25,070,000	24,846,000	24,234,000	24,558,000	24,364,000	24,791,000	24,128,000	23,884,000	24,813,000	23,701,000	23,032,000	21,031,000	21,369,000	20,939,000	20,241,000	20,343,000	21,840,000	19,841,000	20,330,000	20,253,000	20,809,000	20,361,000	20,479,000	21,178,000	21,457,000	21,746,000	20,927,000	20,827,000	21,175,000	20,438,000	20,206,000	20,598,000	20,285,000	53,872,000	8,457,000	8,530,000	8,215,000	9,213,000	9,602,000	9,751,000
contribution to defined benefit pension plan	-4,000	-1,663,000	0	-1,492,000	-60,000	-1,530,000	-1,295,000	-16,714,000	-2,086,000	0	0	-15,259,000	0	0			-954,000	0	-6,000	-964,000	-18,001,000	-260,000	-99,000	-17,039,000	-1,035,000	-3,744,000	261,000	-13,943,000	18,000	-824,000	0	-731,000	-14,181,000	-685,000	0	-25,379,000	-776,000	0			-765,000
impairment of long-lived assets	0	0							0
loss on divestitures
stock-based compensation	4,912,000	6,019,000	6,166,000	7,211,000	8,204,000	7,557,000	6,925,000	7,183,000	10,409,000	8,954,000	11,167,000	8,689,000	11,852,000	10,415,000	10,120,000	9,463,000	10,825,000	8,947,000	4,277,000	4,671,000	6,138,000	3,065,000	2,346,000	3,325,000	2,698,000	2,519,000	2,700,000	3,670,000	2,316,000	2,702,000	2,599,000	2,775,000	3,406,000	2,710,000	2,096,000	2,494,000	3,359,000	2,371,000	2,152,000	2,049,000	1,577,000	3,915,000	860,000	892,000
net periodic pension cost	252,000	271,000	271,000	258,000	158,000	165,000	159,000	158,000
loss on sale of property, plant, and equipment	-664,000	38,000	63,000	18,000	7,145,000	159,000	284,000	31,000	151,000	-475,000	1,246,000	51,000
equity method investment loss
deferred income taxes	-24,192,000	7,552,000	-12,995,000	10,439,000	-8,696,000	-16,409,000	-9,894,000	10,344,000	-6,087,000	-14,193,000	-5,856,000	7,487,000	1,555,000	-5,455,000	1,967,000	708,000	8,818,000	-5,029,000	-10,673,000	6,955,000	2,353,000	-2,884,000	-9,043,000	8,177,000	-3,158,000	1,388,000	-3,952,000	9,662,000	-2,473,000	-1,686,000	-2,319,000	4,819,000	39,676,000	-7,268,000	-6,718,000	14,065,000	-22,151,000	-3,749,000	-3,544,000	5,759,000	-359,000	3,594,000	365,000	1,258,000				1,532,000
other	5,239,000	322,000	-2,522,000	-215,000	-2,251,000	1,753,000	367,000	-3,769,000	-483,000	229,000	-678,000	-449,000	-979,000	-1,225,000	3,124,000	-2,007,000	-654,000	3,560,000	278,000	-1,947,000	-5,570,000	3,680,000	299,000	-1,436,000	-1,572,000	-1,776,000	5,560,000	-1,667,000	449,000	-4,775,000	4,186,000	-1,782,000	1,167,000	-995,000	-752,000	-1,715,000	2,569,000	-1,216,000	714,000	-2,322,000	846,000							562,000		-2,167,000	862,000	-218,000	-1,345,000
changes in assets and liabilities:
receivables	22,399,000	51,804,000	12,730,000	-4,467,000	35,539,000	-2,083,000	-54,231,000	-8,699,000	19,882,000	-28,043,000	4,028,000	-42,175,000	-13,713,000	-6,641,000	-17,166,000	-36,643,000	-38,566,000	14,689,000	-61,442,000	16,044,000	1,895,000	2,598,000	-1,780,000	-27,116,000	26,525,000	-1,484,000	5,791,000	-25,424,000	13,183,000	-11,276,000	-19,130,000	29,794,000	-9,528,000	9,832,000	-36,687,000	-12,729,000	8,186,000	13,494,000	-17,402,000	20,344,000	44,716,000						-59,000	13,996,000
inventories	26,874,000	-9,855,000	6,261,000	16,162,000	1,602,000	29,241,000	31,772,000	-16,972,000	38,300,000	43,731,000	-2,650,000	9,052,000	27,714,000	25,482,000	11,611,000	-68,236,000	-78,669,000	-69,055,000	-74,832,000	-67,386,000	11,104,000	6,321,000	-30,639,000	-8,674,000	6,965,000	23,711,000	-10,747,000	-7,616,000	19,230,000	-12,412,000	-19,391,000	-1,201,000	-15,897,000	-16,582,000	9,854,000	-34,817,000	22,952,000	-5,078,000	-21,313,000	-8,022,000	28,743,000						5,088,000	8,821,000
contract assets	-37,566,000	-34,981,000	2,985,000	-10,242,000	-4,534,000	8,831,000	-305,000	-15,836,000	-5,649,000	-15,633,000	5,357,000	14,695,000	23,879,000	-17,351,000	-40,050,000	-19,486,000		-16,034,000	-22,283,000	5,118,000
prepaid expenses and other assets	7,566,000	4,375,000	13,592,000	-3,683,000	7,568,000	2,829,000	-6,189,000	-3,595,000	-5,175,000	5,015,000	-848,000	-25,153,000	19,887,000	1,369,000	9,821,000	-4,452,000	-14,477,000	-1,909,000	2,834,000	-22,514,000	8,524,000	-5,173,000	-3,835,000	-10,149,000		-1,084,000	-6,057,000	-7,310,000		15,610,000	-2,071,000	-32,025,000		-5,744,000	3,906,000	-9,798,000		-5,765,000
accounts payable	-19,603,000	-6,082,000	25,658,000	-26,307,000	28,529,000	-4,952,000	28,785,000	-27,561,000	683,000	9,538,000	-24,877,000	4,127,000	-797,000	-2,088,000	-9,131,000	49,006,000	12,502,000	21,471,000	30,840,000	24,605,000	-30,583,000	23,852,000	25,895,000	13,880,000	-2,154,000	-27,229,000	8,677,000	-704,000	17,583,000	-424,000	10,804,000	-29,449,000	10,510,000	18,180,000	-3,409,000	14,124,000	11,442,000	-12,768,000	47,000	1,383,000	-7,637,000			6,791,000	-3,946,000	6,117,000		614,000
contract liabilities	-28,914,000	-51,573,000	-12,886,000	12,869,000	-2,545,000	66,274,000	-13,820,000	13,773,000	-18,591,000	-34,565,000	-31,169,000	-22,559,000	9,484,000	-14,849,000	490,000	4,308,000	-179,000	-18,195,000	4,912,000	20,051,000	13,547,000
accrued expenses	15,041,000	19,948,000	22,752,000	-54,183,000	14,618,000	21,975,000	10,077,000	-38,465,000	11,569,000	22,224,000	25,349,000	-36,551,000	-10,280,000	26,938,000	18,152,000	-34,186,000	15,033,000	33,642,000	17,440,000	-35,559,000	-8,574,000	18,925,000	3,392,000	38,805,000	-21,117,000	67,434,000	57,882,000	4,585,000	-7,239,000	17,811,000	-4,116,000	-6,407,000	-22,155,000	14,905,000	-8,768,000	14,020,000	-15,479,000	16,908,000	-6,458,000	-7,178,000	1,550,000	3,934,000			-2,989,000	10,562,000
current income taxes
other non-current liabilities	-4,808,000	-7,000	4,313,000	423,000	3,043,000	5,613,000	-146,000	-731,000	9,895,000	-17,031,000
net cash flows from operating activities	111,241,000	112,504,000	167,609,000	65,130,000	193,414,000	225,121,000	130,811,000	23,332,000	115,907,000	81,322,000	88,347,000	21,199,000	142,539,000	115,707,000	65,316,000	2,703,000	4,109,000	-8,356,000	37,032,000	33,153,000	43,248,000	122,302,000	88,392,000	62,352,000	68,384,000	125,793,000	105,524,000	7,913,000	84,955,000	14,395,000	20,610,000	33,048,000	11,312,000	66,106,000	32,315,000	35,983,000	91,914,000	47,332,000	-605,000	80,527,000	89,445,000	176,368,000
cash flows from investing activities:
purchases of property, plant, and equipment	-40,805,000	-41,924,000	-31,987,000	-30,319,000	-25,618,000	-20,505,000
proceeds from divestitures, net of cash divested
proceeds from sales of assets	614,000	838,000	381,000	343,000	260,000
proceeds from property damage insurance claims	636,000								698,000	1,926,000
acquisitions, net of cash acquired									-837,000				0	10,000			0	0			0	0	-7,058,000	-8,804,000	0	0	-24,735,000	-57,106,000	-17,711,000	-116,009,000	-4,500,000	-4,800,000	0																	-5,876,000
net cash flows from investing activities	-38,428,000	-39,992,000	-34,128,000	-30,191,000	-23,779,000	-18,595,000	-17,865,000	-18,639,000	-26,015,000	-55,220,000	-12,257,000	-21,789,000	-25,634,000	-18,635,000	-58,711,000	-29,100,000	-27,845,000	-28,065,000	-332,090,000	-29,308,000	-32,644,000	-18,373,000	-19,876,000	-33,136,000	-28,954,000	-23,588,000	-36,148,000	-79,460,000	-42,011,000	-137,494,000	47,039,000	-22,979,000	-7,591,000	-19,387,000	-7,056,000	-15,581,000	-11,930,000	-15,319,000	-9,659,000	-16,141,000	-22,960,000
cash flows from financing activities:
proceeds from short-term borrowings	0	0	0	2,840,000	7,605,000	1,343,000	2,078,000	4,015,000	6,136,000	9,744,000	3,815,000	11,090,000	5,528,000
repayments on short-term borrowings	0	0	-51,000	-4,441,000	-7,191,000	-1,967,000
proceeds from long-term borrowings	85,785,000	0	70,000,000	60,000,000	0	15,000,000	14,999,000	10,000	155,000,000	50,000,000	40,012,000	125,000,000	18,529,000	34,008,000	104,462,000	97,000,000	75,775,000	87,368,000	145,161,000	4,181,000	0	0	78,872,000	10,000,000	0	0	21,000,000	10,000,000	14,719,000	-705,000											31,000,000	22,949,000	13,948,000	103,000	144,000	0	181,000		0	24,171,000			682,000
principal repayments on long-term borrowings	-21,032,000	-173,000	-70,184,000	-60,174,000	-167,558,000
proceeds from settlement of financial derivatives					0	0	0	2,711,000
dividends paid	-13,396,000	-13,418,000	-13,648,000	-12,019,000	-12,021,000	-12,098,000	-12,113,000	-12,126,000	-12,532,000	-12,607,000	-12,634,000	-11,742,000	-11,733,000	-11,743,000	-11,721,000	-10,616,000	-10,618,000	-10,613,000	-10,625,000	-9,556,000	-9,614,000	-9,612,000	-9,625,000	-8,079,000	-8,088,000	-8,129,000	-8,212,000	-8,213,000	-8,311,000	-8,412,000	-8,493,000	-8,510,000	-8,476,000	-8,473,000	-8,468,000	-8,445,000	-8,449,000	-8,506,000	-8,527,000	-8,571,000	-8,649,000									-1,911,000	-1,909,000	-1,921,000
dividends to redeemable noncontrolling interests	0	-465,000	0	-233,000	0	0	0	-664,000
purchases of redeemable noncontrolling interests	-87,147,000				0	0
repurchases of common stock	-72,250,000	-25,832,000			-15,000,000	-40,128,000
proceeds from exercises under stock plans	0	3,247,000	0	3,107,000	2,065,000	234,000	2,374,000	1,959,000	493,000	147,000	183,000	5,018,000	8,071,000	2,932,000	5,133,000	713,000	1,148,000	2,856,000	573,000	19,318,000	17,981,000	256,000	664,000	60,000	10,408,000	1,467,000	570,000	1,174,000	981,000	665,000	2,739,000	2,972,000	22,713,000	2,278,000	1,274,000	8,894,000	4,644,000	534,000	4,686,000	1,289,000	2,173,000	7,565,000	1,894,000	1,443,000	2,287,000	1,314,000	4,658,000	3,861,000	4,624,000	788,000	273,000	620,000	353,000
tax withholdings on exercises under stock plans	-4,631,000	-1,325,000	-340,000	-6,600,000	-4,583,000	223,000	-1,047,000	-7,668,000	-3,189,000	-151,000
net cash flows from financing activities	-112,693,000	-54,946,000	-114,230,000	-16,993,000	-196,683,000	-175,002,000	-116,041,000	-34,834,000	-64,914,000	-17,337,000	-81,145,000	-13,009,000	-102,762,000	-79,713,000	4,091,000	-3,521,000		10,956,000	100,710,000	-10,650,000	-63,772,000	-18,009,000	-12,966,000	-79,009,000	-16,291,000	-26,997,000	-23,668,000	-31,994,000	-25,403,000	-301,772,000	193,718,000	-28,653,000	-10,039,000	-8,478,000	-10,633,000	-2,860,000	-12,802,000	-30,161,000	-28,821,000	-23,374,000	-29,779,000	-198,391,000				-1,266,000
effect of exchange rate changes on cash and cash equivalents	913,000	8,000	4,883,000	2,138,000	-9,114,000	5,811,000	-2,958,000	-3,705,000	5,497,000	-3,106,000	-986,000	1,141,000	5,042,000	-5,717,000	-5,817,000	2,386,000	-1,311,000	-4,025,000	2,175,000	-2,463,000	10,839,000	3,787,000	3,153,000	-9,104,000	3,203,000	-4,952,000	-1,000	1,568,000	47,000	-2,095,000	-18,442,000	5,442,000	5,633,000	7,027,000	8,380,000	7,726,000	-16,609,000	3,177,000	-4,283,000	-2,372,000	-483,000	-27,612,000	1,132,000	367,000	599,000	201,000			1,504,000	474,000	-166,000	-162,000	28,000
net change in cash and cash equivalents	-38,967,000	17,574,000	24,134,000	20,084,000	-36,162,000	37,335,000	-6,053,000	-33,846,000	30,475,000	5,659,000	-6,041,000	-12,458,000	19,185,000	11,642,000	4,879,000	-27,532,000	7,437,000	-29,490,000	-192,173,000	-9,268,000	-42,329,000	89,707,000	58,703,000	-58,897,000	26,342,000	70,256,000	45,707,000	-101,973,000	17,588,000	-426,966,000	242,925,000	-13,142,000	-685,000	45,268,000	23,006,000	25,268,000	50,573,000	5,029,000	-43,368,000	38,640,000	36,223,000				8,255,000		5,683,000	6,821,000					-1,908,000
cash and cash equivalents—beginning of period	0	0	0	164,315,000	0	0	0	203,041,000	0	0																																		63,504,000		0		30,210,000					0
cash and cash equivalents—end of period	-38,967,000	17,574,000	24,134,000	184,399,000	-36,162,000	37,335,000	-6,053,000	169,195,000	30,475,000	5,659,000	-6,041,000	172,948,000	19,185,000	11,642,000	4,879,000	149,700,000		-29,490,000	-192,173,000	391,458,000													-685,000	45,268,000	23,006,000	425,216,000	50,573,000	5,029,000	-43,368,000	387,714,000	36,223,000	264,927,000	5,615,000	42,309,000		20,702,000		37,031,000					-1,908,000
supplemental disclosures of cash flow information:
interest paid	19,273,000	93,000	19,406,000	225,000	21,736,000
income taxes paid	16,085,000	12,649,000	44,822,000	10,672,000	41,000,000
equity in loss of nonconsolidated subsidiaries		21,000	21,000	560,000	19,000	21,000	19,000	20,000	200,000
income taxes payable		3,897,000	-11,631,000	9,383,000	-4,939,000	805,000				-13,838,000																																		5,308,000				2,420,000
impairment of goodwill and other intangible assets
proceeds from divestiture, net of cash divested										0
gain on divestiture										0
adjustments to reconcile net earnings to net cash flows from operations:
proceeds from sale of assets							86,000	140,000	145,000	304,000	240,000	1,021,000	1,511,000	26,000	43,000	2,000	90,000	60,000	1,391,000	204,000	9,949,000	742,000	-515,000	684,000	4,231,000	859,000	44,000	422,000	-1,683,000	393,000	63,679,000	714,000	6,610,000	685,000	588,000	302,000	1,188,000	2,111,000	1,685,000	142,000	-7,000	-6,093,000				2,258,000
principal payments on long-term borrowings							-105,174,000	-175,000	-25,413,000	-25,230,000	-73,309,000	-10,796,000	-85,248,000	-94,182,000	-74,444,000	-82,529,000	-25,185,000	-50,707,000	-14,709,000	-712,000	-45,248,000	-849,000	-75,380,000	-188,000	-190,000	-192,000	-192,000	-10,194,000	-9,239,000	-252,457,000	-246,000	-249,000	-229,000	-224,000	-219,000	-215,000	-443,000	-904,000	-439,000	-220,000	-31,220,000
income taxes payable / refundable								8,431,000				15,358,000
purchase of property, plant, and equipment								-15,010,000	-25,538,000	-25,840,000	-23,032,000	-22,361,000
payments on short-term borrowings								-5,151,000	-6,793,000	-7,692,000	-13,810,000	-5,788,000	-4,876,000	-3,211,000	-3,593,000	-5,562,000
purchase of redeemable noncontrolling interests								-17,745,000
purchase of treasury shares									-178,616,000	-31,548,000	-24,000,000	-111,115,000	-19,983,000	-10,715,000			-1,999,000	-2,501,000	-10,469,000	-11,131,000	-28,485,000	-7,525,000	0	-20,481,000	-7,743,000	-16,822,000	-28,929,000	-9,421,000	-27,886,000	-42,920,000	-29,209,000	-14,790,000					-7,219,000	-17,960,000	-11,682,000	-16,939,000	-20,763,000
defined benefit pension plan cost
debt issuance costs																													0	0																				403,000
defined benefit pension plan expense										64,000	61,000	61,000																	-538,000	-554,000	-565,000	-594,000	167,000	167,000	160,000	154,000	384,000	527,000	575,000	384,000	-150,000
dividends to noncontrolling interest										0	-8,000	-654,000									0	0	-300,000	-5,342,000	-1,188,000	-2,090,000	-3,621,000	-838,000	-1,318,000	-885,000	-3,571,000	-1,281,000	-1,779,000	-1,006,000	-2,467,000	-422,000	-411,000	-604,000			-311,000
purchase of noncontrolling interests													0
equity in loss in nonconsolidated subsidiaries											199,000	821,000	19,000	18,000	555,000	358,000		360,000	359,000	360,000		276,000	260,000	219,000
other noncurrent liabilities												5,652,000	-7,592,000	-2,865,000	-6,461,000	14,000	9,953,000	-42,001,000	48,014,000	4,215,000	25,730,000	22,192,000	1,761,000	-2,971,000	3,289,000	1,019,000	-5,348,000	-234,000	-9,639,000	-769,000	-920,000	440,000	-5,601,000	-3,600,000	1,361,000	612,000	-24,120,000	-87,000	1,150,000	-823,000	-2,651,000	-263,000	1,025,000	125,000	243,000	-211,000	-1,010,000	828,000
purchase of common treasury shares—stock plan exercises												-14,022,000	-13,625,000	-136,000	-1,678,000	-2,527,000	-4,592,000	-33,000	-197,000	-16,725,000	-14,412,000	-72,000	-2,000	-3,000	-11,533,000	-629,000	-80,000	-747,000	-1,675,000	-145,000	-265,000	-1,504,000	-22,232,000	-873,000	-186,000	-2,870,000	-852,000	0	-1,234,000	-219,000	-1,719,000
cash and cash equivalents—beginning of year												185,406,000	0	0	0	177,232,000		0	0	400,726,000													0	0	0	399,948,000	0	0	0	349,074,000	0	308,075,000
noncash loss on trading securities																					0	5,000	2,000	32,000	-124,000	-76,000	-59,000	87,000	0	-291,000	158,000	71,000	-158,000	207,000	118,000	70,000	-387,000	-62,000	40,000	995,000	-465,000
loss on sale of offshore wind energy structures business
defined benefit pension plan benefit													-2,490,000	-2,355,000	-2,537,000	-2,705,000	-3,516,000	-3,651,000	-3,724,000	-3,676,000		-1,854,000	-1,784,000	-1,763,000		-123,000	-127,000	-132,000
loss on sale of property, plant and equipment													-553,000	53,000					-1,390,000	60,000			33,000	53,000							-7,000	-280,000	-3,192,000	-668,000	38,000	-102,000								57,000
proceeds from settlement of net investment hedge																																	0	0
investments in nonconsolidated subsidiaries
income taxes payable/refundable														5,315,000	3,032,000	17,760,000		-7,625,000	17,017,000	5,141,000
purchase of property, plant and equipment														-17,446,000	-22,581,000	-27,095,000	-27,281,000	-31,685,000	-21,259,000	-27,565,000	-35,740,000	-22,795,000	-24,585,000	-23,580,000	-25,444,000	-22,671,000	-28,201,000	-21,109,000	-23,066,000	-17,103,000	-15,568,000	-16,248,000	-15,368,000	-13,715,000	-12,015,000	-14,168,000	-15,687,000	-16,214,000	-12,058,000	-13,961,000	-11,021,000
settlement of financial derivatives																													0	0
purchase of noncontrolling interest																					-3,500,000	0	-2,382,000	-53,534,000	0	0	-4,763,000	-23,082,000	0	0	0	-5,510,000					0	0
gain on sale of property, plant and equipment																4,000										-187,000	-51,000	-227,000										-824,000	930,000	144,000
equity in earnings in nonconsolidated subsidiaries
changes in assets and liabilities
contract asset
settlement of net investment hedge
proceeds from short-term agreements																			-2,762,000	14,734,000	16,739,000	1,245,000	-745,000	3,751,000		-602,000	559,000	9,327,000
principal payments on short-term agreements
net cash flows from (used) in financing activities
cash, cash equivalents, and restricted cash—beginning of year																					0	0	0	353,542,000	0	0	0	313,210,000	0	0	0	492,805,000
cash, cash equivalents, and restricted cash—end of year
impairment of property, plant and equipment																					940,000	553,000							803,000	1,406,000	1,646,000	1,145,000
impairment of goodwill & intangible assets																					0	0							0												26,770,000
settlement of net investment hedges																						0				0				0
payments on short-term agreements																			-6,262,000	-10,759,000	2,767,000	-1,452,000	-4,068,000	-5,193,000
loss on divestiture of grinding media business																													0	0
contract asset - costs and profits in excess of billings																							20,080,000	-3,933,000	-21,424,000	3,550,000	-4,039,000	-7,361,000	97,000
cash, cash equivalents, and restricted cash—end of period																						89,707,000	58,703,000	294,645,000		70,256,000	45,707,000	211,237,000		-426,966,000	242,925,000	479,663,000
income taxes refundable																							19,912,000	6,442,000		-2,005,000	-2,083,000	-4,848,000		-4,935,000	-7,321,000	3,033,000		-3,760,000	2,115,000	-87,000		-4,685,000	-297,000	9,813,000
prepaid expenses																																								910,000	5,569,000
borrowings (payments) under short-term agreements
change in fair value of contingent consideration																																					285,000
proceeds under short-term agreements																														3,087,000
loss from settlement of net investment hedge																																-863,000
borrowings under short-term agreements																																219,000
decrease in restricted cash - pension plan trust
payments under short-term agreements
excess tax benefits from stock option exercises																																								-66,000	241,000	-1,006,000	1,388,000	1,076,000	1,400,000	674,000
impairment of assets - restructuring activities
change in restricted cash - pension plan trust																																		0	0	12,568,000
net borrowings under short-term agreements																																		-180,000	-567,000	198,000		-2,721,000	1,241,000	1,352,000	-531,000											5,446,000	11,309,000
increase in restricted cash - pension plan trust																																					0	0
non-cash debt refinancing costs
net payments under short-term agreements
debt issuance fees
deconsolidation of subsidiary
cash decrease due to deconsolidation of subsidiary
loss on sale of assets
equity in losses in nonconsolidated subsidiaries
minority interest																																											443,000	212,000		393,000		349,000
other adjustments																																															1,759,000
payment of deferred compensation
changes in assets and liabilities, net of business acquisitions:
purchase of property, plant & equipment																																																		-6,155,000	-2,760,000	-3,428,000
investment in nonconsolidated subsidiary																																																		0	0	-2,450,000
dividends to minority interests
net borrowings (payments) under short-term agreements																																																		2,343,000
principal payments on long-term obligations																																																		1,151,000	-84,429,000	-4,698,000
cash flows from operations:
equity in (earnings)/losses of nonconsolidated subsidiaries																																												230,000
net cash flows from operations																																													30,089,000		42,842,000	33,806,000					3,096,000
proceeds from sale of property and equipment																																												96,000				376,000		564,000	712,000	160,000	27,000
net borrowings/(payments) under short-term agreements																																												581,000
purchase of common treasury shares-stock plan exercises
raw materials and purchased parts																																												128,352,000				110,172,000
work-in-process																																												28,750,000		1,870,000		18,648,000
finished goods and manufactured goods																																												89,533,000		2,352,000		77,905,000
subtotal																																												246,635,000		14,359,000		206,725,000
lifo reserve																																												36,079,000		3,447,000		30,301,000
net inventory																																												210,556,000				176,424,000
equity in (earnings)/losses in nonconsolidated subsidiaries
minority interest in net earnings of consolidated subsidiaries
changes in assets and liabilities, before acquisitions:
investments in and advances to nonconsolidated subsidiary
proceeds from sale of property, plant and equipment
net borrowings (repayments) under short-term agreements
fees paid to issue debt
sale of treasury shares
purchase of common treasury shares:
stock plan exercises
cash and cash equivalents—end of year
balance at december 27, 2003
comprehensive income:
net derivative adjustment
currency translation adjustment
total comprehensive income
cash dividends
purchase of treasury shares:
stock plan exercises, 123,497 shares
stock options exercised; 397,238 shares issued
tax benefit from exercise of stock options
stock awards; 63,333 shares issued
balance at december 25, 2004
stock plan exercises, 337,545 shares
stock options exercised; 858,588 shares issued
stock awards; 71,595 shares issued
balance at december 31, 2005
adoption of sfas no. 123r
sale of 7,180 treasury shares
stock plan exercises, 693,601 shares
stock options exercised; 1,505,668 shares issued
stock option expense
stock awards; 45,540 shares issued
balance at december 30, 2006
stock based compensation
(gain)loss on sale of assets
equity in earnings (losses) in nonconsolidated subsidiaries
cumulative effect of change in accounting principle
stock repurchases
balance at december 28, 2002
stock repurchases, 175,959 shares
stock plan exercises, 29,224 shares
stock options exercised; 75,876 shares issued
stock awards; 70,975 shares issued
(gain)/loss on sale of property, plant and equipment
equity in losses of nonconsolidated subsidiaries																																																66,000
minority interest in net incomees of consolidated subsidiaries
purchase of minority interest
proceeds from sale to minority shareholder
balance at december 29, 2001
stock repurchases, 820,932 shares
stock plan exercises, 291,935 shares
stock options exercised; 507,723 shares issued
stock awards; 18,795 shares issued
proceeds from minority interests																																																		-637,000	-124,000	-596,000
cash and cash equivalents — beginning of period																																																		0	0	33,345,000
cash and cash equivalents — end of period																																																		858,000	5,502,000	24,197,000
1.
net earnings as reported																																																					-2,274,000
deduct: total stock-based employee compensation expense determined under fair value based method for all awards, net of related tax effects																																																					-43,000
pro forma net income
additional investment in nonconsolidated subsidiary
stock repurchase program
pro forma net earnings																																																					-2,231,000
earnings per share
as reported: basic																																																					-100
diluted																																																					-90
pro forma: basic																																																					-100

Valmont Industries, Inc(NYSE:VMI)

Valmont Industries, Inc
(NYSE:VMI)