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8-K - VALMONT INDUSTRIES INCvmi8k_oct19.htm
News Release
For Immediate Release
   
Contact: Jeff Laudin
October 19, 2016
Phone:  402-963-1158
 
Fax: 402-963-1198
 
   

Valmont Reports Third Quarter 2016 Earnings
Omaha, NE - Valmont Industries, Inc. (NYSE: VMI), a leading global provider of engineered products and services for infrastructure development and mechanized irrigation equipment and services for agriculture, today reported third quarter results.
·
Revenues were $610.2 million, down 3.5% year-over-year reflecting lower sales in the Utility Support Structures, Coatings and Energy and Mining segments
·
Operating income on a GAAP basis was $53.2 million, up from $37.0 million last year. Before restructuring charges and impairments, operating income was $58.3 million, a slight decrease from last year’s $61.0 million
o
Improved profitability in the Energy and Mining, and Utility Support Structures segments was offset by lower profitability in the Coatings and Engineered Support Structures segments on an adjusted basis
o
While steel prices declined during the quarter, largely erasing second quarter increases, Valmont’s third quarter average steel costs were slightly higher than last year. Aside from LIFO accounting effects, the increase did not have a significant impact on operating results
·
Diluted EPS were $1.24 compared to $0.52 in 2015 (excluding restructuring expenses and impairments, diluted EPS were $1.48 and $1.39 in 2016 and 2015, respectively)
·
The Company incurred approximately $5.1 million of pre-tax restructuring expense this quarter, of which approximately $2.3 million was related to the previously announced $4.8 million 2016 Australia restructuring program. The remaining approximately $2.8 million expense was related to 2015 restructuring efforts
·
Year-to-date, savings recognized from the 2015 restructuring approximated $17 million
·
During the quarter, the Company appointed Stephen G. Kaniewski as President and Chief Operating Officer, effective October 1


·
The Company repurchased 139,000 shares for $18.0 million during the quarter; $139 million remains on the current authorization
·
The Company is slightly lowering its annual guidance primarily to reflect recent weakness in the Coatings Segment. Adjusted diluted EPS are now expected to range between $6.23 and $6.35, (GAAP EPS $5.88 to $6.00).  In response, coatings cost structure has been cut to better match current demand. The updated guidance meets the long-term earnings targets presented at the company’s February, 2016 investor day of achieving 10% adjusted EPS growth.
“The market environment continued to be challenging. Sales declines were largely driven by lower international volumes in Utility Support Structures and weaker Coatings demand in North America,” said Mogens C. Bay, Valmont’s Chairman and Chief Executive Officer. “Despite slightly lower overall sales, volatile steel prices and operational challenges in the Coatings Segment, we continue to benefit from the restructuring and operational actions undertaken over the last 18 months, delivering operating income at 8.7% of sales, or 9.6% of sales before charges.”
Summarized Financial Info.
Third
13 Weeks Ended
 
Year-to-date
39 Weeks Ended
 
24-Sep-16
 
26-Sep-15
 
24-Sep-16
 
26-Sep-15
Net sales
 $  610,247
 
 $  632,576
 
$ 1,847,101
 
$ 1,985,096
Operating income
       53,240
 
       37,012
 
      187,411
 
      148,695
  Operating income as a % of net sales GAAP
8.7%
 
5.9%
 
10.1%
 
7.5%
Operating income Adjusted*
       58,315
 
       61,013
 
      192,476
 
      187,738
  Operating income as a % of net sales Adjusted*
9.6%
 
9.6%
 
10.4%
 
9.5%
Net earnings - GAAP
       28,173
 
       12,066
 
      103,168
 
        70,678
Net earnings - Adjusted *
       33,488
 
       32,176
 
      109,518
 
      100,678
               
Diluted EPS - GAAP net earnings
 $        1.24
 
 $        0.52
 
$          4.54
 
$          3.00
Average Shares Outstanding - Diluted
       22,659
 
       23,170
 
        22,741
 
        23,534
               
Diluted EPS - Adjusted net earnings *
 $        1.48
 
 $        1.39
 
$          4.82
 
$          4.28
               
Average Shares Outstanding - Diluted
       22,659
 
       23,170
 
        22,741
 
        23,534
               
* Please see Reg. G reconciliation table on last page.
             
               
Third Quarter Segment Review
Infrastructure-related
Engineered Support Structures (33% of Sales)
Poles, towers and components for the global lighting, traffic and wireless communication markets, and highway safety products.
Sales of $203.2 million were 2% higher than last year due to increased sales of wireless communication structures in the Asia Pacific region, particularly in Australia, which is undergoing an upgrade and expansion of their wireless network.


In North America, sales of lighting and traffic products were higher, mostly driven by increased non-residential construction. Sales of wireless communication products were lower.
In Europe, sales of lighting and traffic structures were flat with last year, reflecting continued weak markets and limited new infrastructure investments.
Operating income was $19.6 million or 9.6%, of sales ($20.2 million and 9.9% adjusted for restructuring) compared to $20.1 million, or 10.1% of sales in 2015 ($21.7 million and 10.9% adjusted for restructuring).
Utility Support Structures (25% of Sales)
Steel and concrete structures for the global electric utility industry.
Sales of $150.7 million decreased 9% year-over-year, largely a result of lower sales in international markets, which are typically project-based. North American sales were comparable with last year. Higher volumes largely offset lower pricing associated with lower average steel costs. The North American market remains robust. In general, increased volumes and extending lead times point to tightening industry capacity.
Operating income increased to $16.0 million or 10.6% of sales ($16.6 million and 11.0% adjusted for restructuring) compared to $14.5 million or 8.8% of sales in 2015 ($15.7 million and 9.5% adjusted for restructuring), benefitting from continuing operational improvements in North America somewhat offset by the effect of lower international volumes.
Coatings Segment (11% of Sales)
Global galvanizing, painting and anodizing services.
Sales of $70.1 million were 8% lower than last year, reflecting lower North American demand from both external and internal customers and a significant falloff in demand from the solar energy industry. The change in end market demand was sudden, as earlier in 2016 and last year, demand from solar energy customers was strong in anticipation of the expiration of certain energy tax credits, which did not materialize.
Operating income was $11.7 million, or 16.7% of sales, ($12.3 million and 17.5% adjusted for restructuring) compared to $3.1 million, or 4.1% of sales in 2015 ($14.2 million and 18.6% adjusted for restructuring and impairments).
Aside from volume and factory deleverage from the impact of lower volumes, there was unexpected downtime due to kettle and crane repairs at certain galvanizing facilities. These operational issues are unusual and have been corrected to ensure efficient operational performance going forward. Our network of plants allowed us to serve our customers uninterrupted, but with temporary inefficiencies and higher costs. Partially offsetting the volume and operational matters was a $2.6 million reversal of a contingent purchase price accrual associated with an acquisition.


Energy and Mining Segment (13% of Sales)
Offshore structures, engineered access systems and grinding media.
Segment sales of $81.6 million were 4% lower than last year due to lower grinding media revenues.
Operating income increased to $3.9 million or 4.8% of sales ($5.6 million and 6.8% adjusted for restructuring) compared to a loss of $4.3 million in 2015, (operating income of $3.6 million and 4.3% adjusted for restructuring and impairments). The increase was mostly driven by improved operational performance and the benefit of last year’s restructuring efforts in the Asia Pacific region to reduce cost while maintaining capability to serve customers.
Agriculture-related
Irrigation Segment (21% of Sales)
Agricultural irrigation equipment, parts, services and tubular products.
Segment sales of $127.8 million were comparable with last year. In North America, the third quarter is the seasonal low period. Irrigation equipment sales increased, led by stronger international markets in Brazil and Sub-Saharan Africa. Tubing sales were lower, driven by weak demand from agricultural OEM’s and service center customers.
Operating income was flat at $14.2 million. Operating income as a percent of sales of 11.1% was also similar to last year.
Fourth Quarter Outlook:
“We expect positive fourth quarter comparisons” Mr. Bay said. “On a positive note, Utility demand is firming in North America and we are shipping an international project during the quarter. Growth in the Engineered Support Structures Segment, should be driven by continued telecom strength in the Asia Pacific region. The Energy and Mining Segment is making good progress, and we expect favorable comparisons with last year. However, Coatings Segment sales are expected near current levels, which are weaker than last year’s fourth quarter. The operational issues we encountered in Coatings have been fixed and SG&A and labor costs were adjusted. Our Irrigation Segment outlook remains cautious. We expect lower North American demand than last year due to crop price levels and related pressure on net farm income. International irrigation markets are expected to be solid. Our guidance for adjusted earnings per share for the year, based on the first three quarters’ adjusted EPS of $4.82, is in the range of $6.23 to $6.35, (GAAP EPS $5.88 to $6.00).”


An audio discussion of Valmont’s third quarter results will be available live by
Telephone by dialing 1-877-493-2981 and entering Conference ID#:15297121 or via Webcast at 8:00 a.m. CDT October 20, 2016 at https://engage.vevent.com/rt/valmontindustries_ao~15297121.
A replay is available through the above link or by telephone (855) 859-2056 or +44 (0)1452550000, Conference ID#:15297121 beginning October 20, 2016 at 10:00 a.m. CDT through 12:00 p.m. CDT on October 28, 2016. The Company’s slide presentation for the call will be simultaneously available on the investor relations tab at www.valmont.com under Investor Relations.
Valmont is a global leader, designing and manufacturing highly engineered products that support global infrastructure development and agricultural productivity. Its products for infrastructure serve highway, transportation, wireless communication, electric transmission, and industrial construction and energy markets. Its mechanized irrigation equipment for large scale agriculture improves farm productivity while conserving fresh water resources. In addition, Valmont provides coatings services that protect against corrosion and improve the service lives of steel and other metal products.
This release contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on assumptions that management has made in light of experience in the industries in which Valmont operates, as well as management’s perceptions of historical trends, current conditions, expected future developments and other factors believed to be appropriate under the circumstances. As you read and consider this release, you should understand that these statements are not guarantees of performance or results. They involve risks, uncertainties (some of which are beyond Valmont’s control) and assumptions. Although management believes that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect Valmont’s actual financial results and cause them to differ materially from those anticipated in the forward-looking statements. These factors include among other things, risk factors described from time to time in Valmont’s reports to the Securities and Exchange Commission, as well as future economic and market circumstances, industry conditions, company performance and financial results, operating efficiencies, availability and price of raw material, availability and market acceptance of new products, product pricing, domestic and international competitive environments, and actions and policy changes of domestic and foreign governments. The Company cautions that any forward-looking statement included in this press release is made as of the date of this press release and the Company does not undertake to update any forward-looking statement.

VALMONT INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(Dollars in thousands, except per share amounts)
(unaudited)
   
Third Quarter
13 Weeks Ended
 
Year-to-Date
39 Weeks Ended
   
24-Sep-16
 
26-Sep-15
 
24-Sep-16
 
26-Sep-15
Net sales
 
 $        610,247
 
 $       632,575
 
 $      1,847,101
 
 $  1,985,096
Cost of sales
 
           455,224
 
          475,824
 
         1,355,992
 
     1,493,343
          Gross profit
 
           155,023
 
          156,751
 
            491,109
 
        491,753
Selling, general and administrative expenses
 
           101,783
 
          104,539
 
            303,698
 
        327,858
Impairment of goodwill and intangible assets
 
                      -
 
            15,200
 
                       -
 
          15,200
          Operating income
 
             53,240
 
            37,012
 
            187,411
 
        148,695
Other income (expense)
               
     Interest expense
 
           (11,100)
 
           (11,120)
 
            (33,276)
 
         (33,480)
     Interest income
 
                  771
 
                 905
 
                2,289
 
            2,395
     Investment gain (loss)
 
               1,455
 
             (2,253)
 
                   591
 
              (983)
     Other
 
                (577)
 
              1,023
 
                 (139)
 
               741
   
             (9,451)
 
           (11,445)
 
            (30,535)
 
         (31,327)
          Earnings before income taxes and equity in
               
          earnings of nonconsolidated subsidiaries
 
             43,789
 
            25,567
 
            156,876
 
        117,368
Income tax expense
 
             14,268
 
            12,018
 
              49,742
 
          42,873
          Net earnings
 
             29,521
 
            13,549
 
            107,134
 
          74,495
Less:  Earnings attributable to non-controlling interests
 
             (1,348)
 
             (1,483)
 
              (3,966)
 
           (3,817)
          Net earnings attributable to Valmont Industries, Inc.
 
 $          28,173
 
 $         12,066
 
 $         103,168
 
 $       70,678
                 
                 
Average shares outstanding (000's) - Basic
 
             22,505
 
            23,057
 
              22,602
 
          23,420
Earnings per share - Basic
 
 $              1.25
 
 $             0.52
 
 $               4.56
 
 $           3.02
                 
Average shares outstanding (000's) - Diluted
 
             22,659
 
            23,170
 
              22,741
 
          23,534
Earnings per share - Diluted
 
 $              1.24
 
 $             0.52
 
 $               4.54
 
 $           3.00
                 
Cash dividends per share
 
 $            0.375
 
 $           0.375
 
 $             1.125
 
 $         1.125
                 

VALMONT INDUSTRIES, INC. AND SUBSIDIARIES
SUMMARY OPERATING RESULTS
(Dollars in thousands)
(unaudited)
   
Third Quarter
13 Weeks Ended
 
Year-to-Date
39 Weeks Ended
   
24-Sep-16
 
26-Sep-15
 
24-Sep-16
 
26-Sep-15
                 
Net sales
               
     Engineered Support Structures
 
 $        203,184
 
 $       199,410
 
 $         584,071
 
 $     578,070
     Utility Support Structures
 
           150,667
 
          164,684
 
            446,432
 
        503,954
     Energy and Mining
 
             81,552
 
            84,732
 
            234,693
 
        259,095
     Coatings
 
             70,082
 
            76,201
 
            213,961
 
        226,654
        Infrastructure products
 
           505,485
#
          525,027
 
         1,479,157
 
     1,567,773
                 
     Irrigation
 
           127,809
 
          126,775
 
            438,575
 
        474,655
     Other
 
                      -
 
              1,691
 
                       -
 
            6,202
     Less: Intersegment sales
 
           (23,047)
 
           (20,918)
 
            (70,631)
 
         (63,534)
          Total
 
 $        610,247
 
 $       632,575
 
 $      1,847,101
 
 $  1,985,096
                 
Operating Income
               
     Engineered Support Structures
 
 $          19,577
 
 $         20,073
 
 $           54,753
 
 $       45,742
     Utility Support Structures
 
             16,030
 
            14,505
 
              48,326
 
          40,261
     Energy & Mining
 
               3,941
 
             (4,302)
 
                9,184
 
            2,762
     Coatings
 
             11,696
 
              3,145
 
              37,132
 
          22,006
        Infrastructure products
 
             51,244
#
            33,421
 
            149,395
 
        110,771
                 
     Irrigation
 
             14,154
 
            14,194
 
              70,761
 
          76,233
     Other
 
                      -
 
             (1,386)
 
                       -
 
           (3,765)
     Corporate
 
           (12,158)
 
             (9,217)
 
            (32,745)
 
         (34,544)
          Total
 
 $          53,240
 
 $         37,012
 
 $         187,411
 
 $     148,695
                 
                 
Valmont has aggregated its business segments into five reportable segments as follows.
Engineered Support Structures: This segment consists of the manufacture of engineered metal structures and components for global lighting and traffic, wireless communication, and roadway safety.
Utility Support Structures: This segment consists of the manufacture of engineered steel and concrete structures for the global utility industry.
Energy and Mining: This segment includes the manufacture of access systems applications, forged steel grinding media, and offshore oil and gas and wind energy structures;
Coatings: This segment consists of global galvanizing, painting and anodizing services.
Irrigation: This segment consists of the manufacture of agricultural irrigation equipment and related parts and services worldwide.

VALMONT INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
(unaudited)
         
   
24-Sep-16
 
26-Sep-15
ASSETS
       
Current assets:
       
     Cash and cash equivalents
 
$          349,375
 
 $           312,851
     Accounts receivable, net
 
            455,692
 
              501,403
     Inventories
 
            379,625
 
              368,290
     Prepaid expenses
 
              69,231
 
               52,208
     Refundable and deferred income taxes
 
              20,342
 
               44,736
          Total current assets
 
         1,274,265
 
           1,279,488
Property, plant and equipment, net
 
            525,640
 
              543,235
Goodwill and other assets
 
            584,138
 
              666,978
   
 $     2,384,043
 
 $      2,489,701
         
LIABILITIES AND SHAREHOLDERS' EQUITY
       
Current liabilities:
       
     Current installments of long-term debt
 
 $                895
 
 $              1,099
     Notes payable to banks
 
                   853
 
                 1,496
     Accounts payable
 
            170,888
 
              186,581
     Accrued expenses
 
            178,834
 
              175,028
     Dividend payable
 
                8,455
 
                 8,649
          Total current liabilities
 
             359,925
 
              372,853
Long-term debt, excluding current installments
 
            755,584
 
              764,823
Other long-term liabilities
 
            266,233
 
              286,248
Shareholders' equity
 
         1,002,301
 
           1,065,777
   
 $     2,384,043
 
 $      2,489,701
         

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(unaudited) and dollars in thousands
   
Year to Date
24-Sep-16
 
Year to Date
26-Sep-15
Cash flows from operating activities
       
   Net Earnings
 
$          107,134
 
 $             74,495
   Depreciation and Amortization
 
              61,242
 
               70,859
   Impairment of assets - restructuring activities
 
                   618
 
               12,659
   Impairment of goodwill and trade names
 
                     -
 
               15,200
   Change in working capital
 
           (31,596)
 
                 8,637
   Other
 
           (10,144)
 
                    972
        Net cash flows from operating activities
 
            127,254
 
              182,822
         
Cash flows from investing activities
       
   Purchase of property, plant, and equipment
 
           (42,233)
 
              (34,447)
   Acquisitions, net of cash acquired
 
                     -
 
                      -
   Other
 
                1,114
 
                 9,236
        Net cash flows from investing activities
 
           (41,119)
 
              (25,211)
         
Cash flows from financing activities
       
   Proceeds from long-term borrowings
 
                     -
 
               37,000
   Principal payments on long-term borrowings
 
             (1,563)
 
              (37,878)
   Purchase of treasury shares
 
           (46,581)
 
            (148,220)
   Dividends paid
 
           (25,604)
 
              (26,708)
   Other
 
             (8,608)
 
              (14,420)
        Net cash flows from financing activities
 
           (82,356)
 
            (190,226)
Effect of exchange rates on cash and cash equivalents
 
             (3,478)
 
              (26,113)
Net change in cash and cash equivalents
 
                   301
 
              (58,728)
Cash and cash equivalents - beginning of year
 
            349,074
 
              371,579
Cash and cash equivalents - end of period
 
$          349,375
 
 $           312,851
         
         


VALMONT INDUSTRIES, INC. AND SUBSIDIARIES
SUMMARY OF EFFECT OF SIGNIFICANT NON-RECURRING ITEMS ON REPORTED RESULTS
REGULATION G RECONCILIATION
(Dollars in thousands, except per share amounts)
(unaudited)

The non-GAAP tables below disclose the impact on (a) diluted earnings per share of (1) restructuring costs, (2) non-recurring deferred income tax expense, (3) asset impairment charges in 2015, and (4) the non-cash after-tax loss or gain associated with adjusting the fair value of Delta EMD Pty. Ltd (Delta EMD) shares owned to its quoted market price at September 24, 2016, and September 26, 2015, (b) segment operating income from restructuring costs and asset impairment charges in 2015. Amounts may be impacted by rounding. We believe it is useful when considering company performance for the non-GAAP adjusted net earnings and operating income to be taken into consideration by management and investors with the related reported GAAP measures.

   
Third Quarter Ended Sept. 24, 2016
 
Diluted earnings per share
 
Year-to-Date Sept. 24, 2016
 
Diluted earnings per share
Net earnings attributable to Valmont Industries, Inc. - as reported
 
 $           28,173
 
 $              1.24
 
 $           103,168
 
 $            4.54
                 
Restructuring expenses - after tax
 
                3,520
 
                 0.16
 
                 3,520
 
               0.15
                 
Deferred tax expense - Change in UK rate
 
                1,860
 
                 0.08
 
                 1,860
 
               0.08
                 
Fair market value adjustment, Delta EMD - after-tax
 
                   (65)
 
                    -
 
                    970
 
               0.04
                 
Net earnings attributable to Valmont Industries, Inc. - Adjusted
 
 $           33,488
 
 $              1.48
 
 $           109,518
 
 $            4.82
Average shares outstanding (000's) - Diluted
     
             22,659
     
           22,741

* With respect to our annual 2016 diluted EPS guidance, we are estimating GAAP EPS of $5.88 to $6.00.  This assumes $1.7 million (after-tax) of estimated fourth quarter restructuring expense.  When this restructuring expense and the same year-to-date third quarter 2016 adjustments (detailed above) are added back, that results in an adjusted diluted EPS range of $6.23 to $6.35 for 2016.*

   
Third Quarter Ended Sept. 26, 2015
 
Diluted earnings per share
 
Year-to-Date Sept. 26, 2015
 
Diluted earnings per share
Net earnings attributable to Valmont Industries, Inc. - as reported
 
 $           12,066
 
 $              0.52
 
 $            70,678
 
 $            3.00
                 
Restructuring expenses - after tax
 
                6,310
 
                 0.27
 
               16,634
 
               0.71
                 
Impairment of goodwill and trade names - after tax
 
              13,370
 
                 0.58
 
               13,370
 
               0.57
                 
Fair market value adjustment, Delta EMD - after-tax
 
430
 
                 0.02
 
                      (4)
 
NM
                 
Net earnings attributable to Valmont Industries, Inc. - Adjusted
 
 $           32,176
 
 $              1.39
 
 $           100,678
 
 $            4.28
Average shares outstanding (000's) - Diluted
     
             23,170
     
           23,534
                 

 
For the Third Quarter Ended Sept. 24, 2016
Segment Operating Income Reconciliation
Operating Income- As Reported
 
Restructuring expenses - before tax
 
Adjusted Operating Income
 
Net Sales
               
Engineered Support Structures
 $         19,577
 
 $                587
 
 $           20,164
 
 $           203,184
  Op Inc. & Adjusted Op Inc. as a % of Sales
9.6%
     
9.9%
   
Utility Support Structures
            16,030
 
                   528
 
             16,558
 
             150,667
  Op Inc. & Adjusted Op Inc. as a % of Sales
10.6%
     
11.0%
   
Energy & Mining
             3,941
 
                1,610
 
               5,551
 
               81,552
  Op Inc. & Adjusted Op Inc. as a % of Sales
4.8%
     
6.8%
   
Coatings
            11,696
 
                   545
 
             12,241
 
               70,082
  Op Inc. & Adjusted Op Inc. as a % of Sales
16.7%
     
17.5%
   
Irrigation
            14,154
 
                     -
 
             14,154
 
             127,809
  Op Inc. & Adjusted Op Inc. as a % of Sales
11.1%
     
11.1%
   
Corporate/Other
          (12,158)
 
                1,795
 
            (10,363)
   
               
Consolidated Results
 $         53,240
 
 $             5,065
 
             58,305
 
 $           610,247
  Op Inc. & Adjusted Op Inc. as a % of Sales
8.7%
     
9.6%
   
               


 
For the Third Quarter Ended Sept. 26, 2015
Segment Operating Income Reconciliation
Operating Income- As Reported
 
Restructuring expenses - before tax
 
Impairment of goodwill and TM - before tax
 
Adjusted Operating Income
 
Net Sales
                   
Engineered Support Structures
 $         20,073
 
 $             1,634
 
 $                 -
 
 $            21,707
 
 $       199,410
  Op Inc. & Adjusted Op Inc. as a % of Sales
10.1%
         
10.9%
   
Utility Support Structures
            14,505
 
                1,159
 
                    -
 
               15,664
 
          164,684
  Op Inc. & Adjusted Op Inc. as a % of Sales
8.8%
         
9.5%
   
Energy & Mining
            (4,302)
 
                2,934
 
               5,000
 
                 3,632
 
           84,732
  Op Inc. & Adjusted Op Inc. as a % of Sales
-5.1%
         
4.3%
   
Coatings
             3,145
 
 $                806
 
             10,200
 
               14,151
 
           76,201
  Op Inc. & Adjusted Op Inc. as a % of Sales
4.1%
         
18.6%
   
Irrigation
            14,194
 
52
 
                    -
 
               14,246
 
          126,775
  Op Inc. & Adjusted Op Inc. as a % of Sales
11.2%
         
11.2%
   
Corporate/Other
          (10,603)
 
                2,215
 
                    -
 
               (8,388)
 
             1,691
                   
Consolidated Results
 $         37,012
 
 $             8,800
 
 $           15,200
 
 $            61,013
 
 $       632,575
                   
  Op Inc. & Adjusted Op Inc. as a % of Sales
5.9%
         
9.6%