Valmont Industries Inc (VMI) 2016年年度报告「NYSE」.pdf

1、FOR THE FISCAL YEAR ENDED DECEMBER31,2016MESSAGE TO FELLOW SHAREHOLDERSFORM 10-K2016 was a year of improved performance in diffi-cult markets.While revenue growth was impeded by the continued cyclical weakness in a number of our markets,adj usted earnings per share grew 14 percent,(and 346 percent o

2、n a GAAP basis).Numerous headwinds were specific to our end markets:Lower farm income led to reduced revenues in our irrigation business.Governments around the world continue to limit investments in infrastructure,and a strong U.S.dollar resulted in unfavorable foreign currency translation.In additi

3、on,volatile steel prices affected most of our businesses,creating challenges in product pricing and inventory management.Despite these difficulties,we had many bright spots as our teams around the world continued to lower costs,identify new market opportunities,intro-duce new products and generate d

4、emand in this environment.We met all but one of our financial goals outlined at our Investor Day in February,2016.Adj usted earnings per share grew 14 percent,return on invested capital achieved our 10 percent goal,and our free cash flow exceeded adj usted net earnings.While we missed meeting our re

5、venue growth goal,we finished the year with revenue growth in the fourth quarter.While our markets and businesses are cyclical,it is important to keep in mind the strong long-term drivers:in our irrigation business,there will be an ever-present need to improve food produc-tion to feed a growing popu

6、lation while making efficient use of scarce fresh water resources.In our infrastructure businesses,in order to develop,grow and maintain economies,good roadway,wireless communication and power transmission and distribution infrastructure is critical.These are powerful secular drivers.Annual Segment