Overview

• US infrastructure and irrigation supplier's Q1 net sales grew 6.2% yr/yr

• Diluted EPS for Q1 rose 27.5% yr/yr to a record level

• Company raised full-year 2026 EPS guidance and increased quarterly dividend by 13%

Outlook

• Valmont raises 2026 diluted EPS outlook to $21.50-$23.50 from $20.50-$23.50

• Company maintains full-year 2026 net sales outlook at $4.2-$4.4 bln

• Infrastructure net sales outlook raised to $3.3-$3.45 bln; Agriculture lowered to $0.9-$0.95 bln

Result Drivers

• INFRASTRUCTURE GROWTH - Higher pricing and increased volumes in North America Utility drove Infrastructure segment sales and operating income growth

• MARGIN EXPANSION - Margin gains attributed to value-based pricing, disciplined commercial approach, and capacity and throughput initiatives, per CEO Avner M. Applbaum

• AGRICULTURE SOFTNESS - Agriculture segment sales declined due to market softness, operational disruptions in the Middle East, and lower volumes in Brazil

Company press release: ID:nBw5cT220a

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Net Sales		$1.03 bln
Q1 EPS		$5.51
Q1 Net Earnings		$108.03 mln

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 5 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the construction & engineering peer group is "buy"

• Wall Street's median 12-month price target for Valmont Industries Inc is $490.44, about 19.7% above its April 20 closing price of $409.88

• The stock recently traded at 18 times the next 12-month earnings vs. a P/E of 19 three months ago

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