BUSINESS SEGMENTS AND RELATED REVENUE INFORMATION

3 Months Ended

Mar. 29, 2025

BUSINESS SEGMENTS AND RELATED REVENUE INFORMATION

BUSINESS SEGMENTS AND RELATED REVENUE INFORMATION

(7) BUSINESS SEGMENTS AND RELATED REVENUE INFORMATION

The Company’s chief operating decision maker (“CODM”) is the President and Chief Executive Officer. The CODM uses operating income as the profit measure to evaluate segment performance and allocate resources across segments. Segment selling, general, and administrative expenses include certain corporate expense allocations, typically based on employee headcounts and sales volumes. For segment reporting purposes, the Company excludes unallocated corporate general and administrative expenses, interest expenses, non-operating income and deductions, and income taxes from operating income.

The reportable segments are as follows:

Infrastructure: This segment consists of the manufacture and distribution of products and solutions to serve the infrastructure markets of utility, solar, lighting and transportation, and telecommunications, along with coatings services to protect metal products.

Agriculture: This segment consists of the manufacture of center pivot and linear irrigation equipment components for agricultural markets, including aftermarket parts and tubular products, and advanced technology solutions for precision agriculture.

In the fourth quarter of fiscal 2024, the Company realigned management’s reporting structure for certain composite structure sales and, accordingly, revised its presentation of sales across product lines to reflect how the product is currently managed. The reporting for the thirteen weeks ended March 30, 2024 was adjusted to conform to the realigned presentation. As a result, Utility product line sales increased and Lighting and Transportation product line sales decreased by $10,887 for the thirteen weeks ended March 30, 2024.

Summary by Business Segment

	Thirteen weeks ended March 29, 2025
	Infrastructure		Agriculture		Consolidated
Sales	$	706,221	$	267,271	$	973,492
Intersegment sales		(2,730)		(1,448)		(4,178)
Net sales		703,491		265,823		969,314
Cost of sales		490,616		187,596		678,212
Gross profit		212,875		78,227		291,102
Selling, general, and administrative expenses (a)		95,663		41,990		137,653
Segment operating income	$	117,212	$	36,237		153,449
Unallocated corporate expenses						25,135
Total operating income					$	128,314

	Thirteen weeks ended March 30, 2024
	Infrastructure		Agriculture		Consolidated
Sales	$	723,614	$	258,735	$	982,349
Intersegment sales		(2,881)		(1,640)		(4,521)
Net sales		720,733		257,095		977,828
Cost of sales		503,116		168,496		671,612
Gross profit		217,617		88,599		306,216
Selling, general, and administrative expenses (a)		99,753		47,626		147,379
Segment operating income	$	117,864	$	40,973		158,837
Unallocated corporate expenses						27,284
Total operating income					$	131,553

(a) Selling, general, and administrative expenses for each reportable segment includes compensation, certain allocated overhead expenses including information technology and enterprise resource planning, commissions, incentives, depreciation and amortization expense, and research and development.

	Thirteen weeks ended March 29, 2025
	Infrastructure		Agriculture		Intersegment		Consolidated
Geographical market:
North America	$	577,197	$	137,476	$	(4,112)	$	710,561
International		129,024		129,795		(66)		258,753
Total sales	$	706,221	$	267,271	$	(4,178)	$	969,314
Product line:
Utility	$	344,265	$	—	$	—	$	344,265
Lighting and Transportation		192,571		—		—		192,571
Coatings		82,357		—		(2,664)		79,693
Telecommunications		69,939		—		—		69,939
Solar		17,089		—		(66)		17,023
Irrigation Equipment and Parts		—		242,731		(1,448)		241,283
Technology Products and Services		—		24,540		—		24,540
Total sales	$	706,221	$	267,271	$	(4,178)	$	969,314

	Thirteen weeks ended March 30, 2024
	Infrastructure		Agriculture		Intersegment		Consolidated
Geographical market:
North America	$	568,572	$	159,915	$	(4,466)	$	724,021
International		155,042		98,820		(55)		253,807
Total sales	$	723,614	$	258,735	$	(4,521)	$	977,828
Product line:
Utility	$	336,143	$	—	$	—	$	336,143
Lighting and Transportation		211,209		—		—		211,209
Coatings		87,090		—		(2,826)		84,264
Telecommunications		53,961		—		—		53,961
Solar		35,211		—		(55)		35,156
Irrigation Equipment and Parts		—		233,120		(1,640)		231,480
Technology Products and Services		—		25,615		—		25,615
Total sales	$	723,614	$	258,735	$	(4,521)	$	977,828

	March 29,		December 28,
	2025		2024
ASSETS:
Infrastructure	$	2,265,122	$	2,181,345
Agriculture		897,469		876,486
Total segment assets		3,162,591		3,057,831
Unallocated corporate assets		212,832		272,141
Total assets	$	3,375,423	$	3,329,972

	Thirteen weeks ended
	March 29,		March 30,
	2025		2024
CAPITAL EXPENDITURES:
Infrastructure	$	25,932	$	13,437
Agriculture		2,232		1,263
Total segment capital expenditures		28,164		14,700
Unallocated corporate capital expenditures		2,155		310
Total capital expenditures	$	30,319	$	15,010

	Thirteen weeks ended
	March 29,		March 30,
	2025		2024
DEPRECIATION AND AMORTIZATION:
Infrastructure	$	15,582	$	16,249
Agriculture		3,811		4,923
Total segment depreciation and amortization expense		19,393		21,172
Unallocated corporate depreciation and amortization expense		2,125		2,364
Total depreciation and amortization expense	$	21,518	$	23,536

A breakdown of revenue recognized over time and at a point in time by segment for the thirteen weeks ended March 29, 2025 and March 30, 2024 is as follows:

	Thirteen weeks ended March 29, 2025
	Point in Time		Over Time		Total
Infrastructure	$	366,143	$	337,348	$	703,491
Agriculture		258,703		7,120		265,823
Total net sales	$	624,846	$	344,468	$	969,314

	Thirteen weeks ended March 30, 2024
	Point in Time		Over Time		Total
Infrastructure	$	389,935	$	330,798	$	720,733
Agriculture		250,760		6,335		257,095
Total net sales	$	640,695	$	337,133	$	977,828