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● ● ● Contact : Phone : Date : ● Press Release Renee Campbell +1 402.963.1057 July 21 , 2021 Omaha , NE - Valmont Industries , Inc. ( NYSE : VMI ) , a leading global provider of engineered products and services for infrastructure development and irrigation equipment and services for agriculture , today reported financial results for the second quarter ended June 26 , 2021 . Second Quarter 2021 Highlights ( all metrics compared to Second Quarter 2020 unless otherwise noted ) Record Net Sales of $ 894.6 million , an increase of 29.9 % with growth in all segments , led by significantly higher sales in Irrigation and Utility Support Structures valmont V FOR IMMEDIATE RELEASE Valmont Reports Second Quarter 2021 Results and Increases 2021 Full - Year Guidance Operating Income improved to $ 82.6 million , or 9.2 % of sales ( $ 90.9 million or 10.2 % adjusted¹ ) compared to $ 43.4 million or 6.3 % of sales last year ( $ 65.7 million or 9.5 % adjusted¹ ) , despite continued inflationary pressures Diluted Earnings per Share ( EPS ) improved to $ 2.89 ( $ 3.06 adjusted¹ ) compared to $ 1.06 ( $ 2.00 adjusted¹ ) Record global backlog of more than $ 1.34 billion , an increase of 17.5 % since the end of fiscal 2020 , reflecting strong market demand Received purchase orders and project awards totaling $ 72.0 million to supply Valmont Solar Solutions to the utility and agricultural markets Generated operating cash flow of $ 37.0 million ; cash and cash equivalents at end of second quarter were $ 199.3 million Repurchased 42,150 shares of company stock for $ 10.5 million , at an average price of $ 248.47 per share Recognized a favorable tax rate of 19.0 % on a GAAP basis , primarily due to a non - recurring incremental tax benefit of $ 2.8 million attributed to a change in the United Kingdom tax rate ; adjusted tax rate was 22.5 % ¹ Completed two acquisitions in the Irrigation segment ; purchased 100 % of the shares of Prospera Technologies , Ltd. and acquired 100 % of the assets of Pivo Trac 1 Please see Reg G reconciliation of GAAP sales , operating income , net earnings and EPS to Adjusted figures at end of document