Financial Highlights



financial highlights graph 2011



Operating Data   2011     2010     2009     2008     2007  
  Net Sales $ 2,661,480   $ 1,975,505   $ 1,786,601   $ 1,907,278   $ 1,499,834  
  Operating income   263,310     178,413     237,994     228,591     155,626  
  Net earnings1   228,308     94,379     150,562     132,397     94,713  
  Deprecation and amortization   74,560     59,663     44,748     39,597     35,176  
  Capital expenditures   83,069     36,092     44,129     50,879     56,610  
Per Share Data                              
  Earnings:                              
  Basic $ 8.67   $ 3.62   $ 5.80   $ 5.13   $ 3.71  
  Diluted   8.60     3.57     5.73     5.04     3.63  
  Cash dividends   0.705     0.645     0.580     0.495     0.410  
Financial Position                              
  Working capital $ 844,873   $ 747,312   $ 458,605   $ 475,215   $ 350,561  
  Property, plant and equipment, net   454,877     439,609     283,088     269,320     232,684  
  Total assets   2,306,076     2,090,743     1,302,169     1,326,288     1,052,613  
  Long-term debt, including current
   installments
  474,650     468,834     160,482     338,032     223,248  
  Shareholders’ equity2   1,146,962     915,892     786,261     624,131     510,613  
Cash Flow Data                              
  Net cash flows from operations $ 149,671   $ 152,220   $ 349,520   $ 52,575   $ 110,249  
  Net cash flows from
    investing activities
  (84,063 )   (262,713 )   (43,595 )   (194,077 )   (71,040 )
  Net cash flows from
    financing activities
  (45,911  )   269,685     (198,400   )   108,753     (210 )
Financial Measures(e)                              
  Invested capital(a) $ 1,769,461   $ 1,577,707   $ 1,029,970   $ 1,043,684   $ 794,786  
  Return on invested capital(a)   11.0  %   8.8  %   15.6  %   16.4  %   14.5  %
  EBITDA(b) $ 343,633   $ 239,997   $ 283,964   $ 260,474   $ 191,635  
  Return on beginning
    shareholders’ equity(c)
  24.9  %   12.0  %   24.1  %   25.9  %   23.6  %
  Long-term debt as a percent
    of invested capital(d)
  26.8  %   29.7  %   15.6  %   32.4  %   28.1  %
Year End Data                              
  Shares outstanding (000)   26,481     26,374     26,297     26,168     25,945  
  Approximate number
    of shareholders
  5,000     5,200     5,400     5,800     5,800  
  Number of employees   9,476     9,188     6,626     7,380     6,029  

See footnotes in appendix.
1 Net earnings attributable to Valmont Industries, Inc.
2 Total Valmont Industries, Inc. shareholders’ equity.