Valmont Industries, Inc. (NYSE: VMI) reported financial results last week for the fourth quarter and fiscal year ended December 31, 2022.
“These results were driven by a continued commitment to our disciplined pricing strategies, robust demand for our industry-leading products and services, and solid execution by our global teams,” said Stephen G. Kaniewski, President and Chief Executive Officer. “Ongoing investments in grid reliability, transportation infrastructure, 5G buildouts, and the clean energy transition are leading to a multi-year runway for growth across our Infrastructure businesses. Continued positive agriculture market fundamentals are driving demand for our irrigation products and technology solutions as elevated commodity prices, global drought conditions and ongoing food security concerns are all supporting market demand.”
Fourth Quarter 2022 Highlights included:
- Net Sales of $1.1 billion increased 17.5 percent, a fourth quarter record
- Operating Income increased 116.2 percent to $109.7 million, or 9.7 percent of net sales
- GAAP EPS includes a pre-tax loss of $33.3 million or $1.54 per diluted share from the divestiture of the offshore wind energy structures business
- Generated strong operating cash flows of $142.5 million
- Repurchased 60,200 shares of company stock for $20.0 million
Full Year 2022 Highlights included:
- Deployed $39.3 million of cash to acquire a majority interest in ConcealFab, accelerating the Infrastructure segment’s global telecommunications growth strategy
- Returned $86.3 million of capital to shareholders through dividends of $45.8 million and share repurchases of $40.5 million
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