| Valmont Industries, Inc. (NYSE: VMI), a global leader that provides products and solutions to support vital infrastructure and advance agricultural productivity, today reported financial results for the fourth quarter and fiscal year ending December 28, 2024. |
| President and Chief Executive Officer Avner M. Appelbaum commented, “The fourth quarter capped off an outstanding year for Valmont as we continued executing our strategy. Both our Infrastructure and Agriculture segments achieved sales growth, and we expanded consolidated operating profit margins year-over-year through strategic pricing, improved operational efficiencies, and disciplined cost management. I want to thank the entire Valmont team for their dedication and hard work in delivering these strong results.” |
| “Looking ahead to 2025, demand for our Infrastructure products and solutions will drive continued sales growth. In Agriculture, international sales, particularly large-scale projects, will help offset expected market softness in North America. Across both segments, we remain focused on commercial and operational excellence, leveraging our streamlined organization to deliver exceptional value to our customers and shareholders.” |
| Fourth Quarter 2024 Highlights (all metrics compared to Fourth Quarter 2023 unless otherwise noted) |
- Net sales increased 2.1% to $1.04 billion, compared to $1.02 billion
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- Operating income increased to $120.0 million or 11.6% of net sales, compared to $63.5 million or 6.3% of net sales ($100.2 million or 9.9% adjusted1in 2023)
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- Diluted earnings per share (“EPS”) increased to $3.84, compared to $1.38 ($3.18 adjusted1in 2023)
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- Operating cash flows increased 66.9% to $193.4 million, compared to $115.9 million
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- Cash and cash equivalents at the end of the fourth quarter were $164.3 million
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- Invested $25.6 million in capital expenditures and returned $27.0 million to shareholders through share repurchases and dividends
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- Moody's Ratings upgraded the Company's credit rating to Baa2
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| Full Year 2024 Highlights (all metrics compared to Full Year 2023 unless otherwise noted) |
- Net sales decreased 2.4% to $4.08 billion, compared to $4.17 billion
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- Infrastructure sales of $3.0 billion were similar to the prior year, while Agriculture sales declined 8.3%
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- Operating income increased to $524.6 million or 12.9% of net sales, compared to $291.6 million or 7.0% of net sales ($473.2 million or 11.3% adjusted1in 2023)
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- Diluted EPS increased to $17.19, compared to $6.78 ($14.98 adjusted1in 2023)
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- Operating cash flows meaningfully increased 86.7% to $572.7 million, compared to $306.8 million, driven by strong net earnings and effective working capital management
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- Free cash increased 134.9% to $493.2 million, compared to $210.0 million
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- Invested $79.5 million in capital expenditures and returned $118.4 million to shareholders through share repurchases and dividends
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- Deployed $393.0 million to fully repay the revolving credit facility balance, achieving a net leverage ratio of 1.0
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- Achieved return on invested capital of 16.4%
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| For the full document click the link below: |
| Valmont Industries, Inc. |
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