Valmont Industries Inc (VMI) 2017年年度报告「NYSE」.pdf

1、FOR THE FISCAL YEAR ENDED DECEMBER30,2017MESSAGE TO FELLOWSHAREHOLDERS ANDFORM 10-K2017 was a year of progress for Valmont.We recognized another year of revenue and earn-ings growth.A rebound in the Utility business,increased Irrigation demand,and a late-year recovery in our Coatings business more t

2、han ofset mixed results in Engineered Support Structures.Revenues grew 9.0%.While GAAP diluted earnings per share declined,on an adjusted basis,earnings per share increased commensurately with the growth in revenues.A challenge we faced in 2017 was rapid raw material inflation that was difcult to fu

3、lly recover in certain businesses.Overall,profitability improved through increased sales,a continued focus on cost reductions,and operational efcien-cies.We are pleased with our progress in 2017.As this is the first CEO change in nearly 25 years,looking ahead,you may be wondering what might change.F

4、irst,we are taking steps to expand our definition of our total addressable market,uncovering growth opportunities that may have been overlooked in the past.This broader view has energized our teams,providing new avenues of growth to pursue.We will keep you posted on our progress.Second,this renewed

5、emphasis on growth will bring a change to our organizational structure in two ways.To support our expanded market view,we are building commercially-focused teams to grow revenue.This allows us to leverage our global leadership position,our geographic footprint,and our unique engineering expertise to

6、 diferentiate ourselves in the market.Second,we are combining certain administrative and functional roles into central-ized regional back ofces,to leverage common expertise along cross-divisional lines.What will not change are the great drivers of our businesses that remain strong and supported by l