Valmont Industries Inc. (NYSE:VMI) Q2 2022 Earnings Conference Call July 21, 2022 9:00 AM ET

Company Participants

Renee Campbell - Senior Vice President of Investor Relations & Treasurer

Steve Kaniewski - President & Chief Executive Officer

Avner Applbaum - Executive Vice President & Chief Financial Officer

Conference Call Participants

Chris Moore - CJS Securities

Nathan Jones - Stifel

Brian Drab - William Blair

Brian Wright - ROTH Capital Partners

Ryan Connors - North Coast Research

Bill Baldwin - Baldwin Anthony Securities

Operator

Hello, everybody and welcome to today's Valmont Industries Second Quarter 2022 Earnings Call. My name is Drew and I will be coordinating your call today. [Operator Instructions]

I'm now going to hand over to Ms. Campbell to begin. Please go ahead.

Renee Campbell

Thank you and good morning. Welcome to Valmont Industries second quarter 2022 earnings call. With me today are Steve Kaniewski, President and Chief Executive Officer; Avner Applbaum, Executive Vice President and Chief Financial Officer; and Tim Francis, Senior Vice President and Corporate Controller.

This morning, Steve will provide a brief summary of our second quarter results, commenting on our market and long-term business strategy. Avner will review our financial performance and provide our outlook and indications for 2022, with closing remarks from Steve. This will be followed by Q&A. A live webcast of the presentation will accompany today's call and is available for download from the webcast or on the investors page at Valmont.com. A replay will be available on our website later this morning.

Please note that this call is subject to our disclosure on forward-looking statements which applies to today's discussion, is outlined on Slide 2 of the presentation and will be read in full at the end of today's call.

I would now like to turn the call over to our President and Chief Executive Officer, Steve Kaniewski.

Steve Kaniewski

Thank you, Renee. Good morning, everyone and thank you for joining us. Yesterday afternoon, we announced another record quarter of results, delivering on our commitments and growing both our top and bottom line as strong demand continued across our portfolio, driven by higher volumes and improved profitability. Despite ongoing supply chain volatility, we have continued to deliver products and solutions to our customers as they strive to meet robust demand across global infrastructure and agriculture markets. During these volatile times, we are taking specific steps to control what we can. For example, our Procurement teams are partnering with Engineering to identify and qualify alternative source, reducing our dependency on single-source products to mitigate the impact of supply chain disruptions. We have also leveraged our global footprint to expand manufacturing of certain key components in other facilities, such as Dubai and Brazil, often with the added benefits of localization. We're doing a good job of attracting and retaining the talent we have, maintaining stability in the workforce and reducing costs.