Valmont Industries (NYSE: VMI), last week reported financial results for the first quarter ended March 31, 2024. The company cited “significantly lower Telecommunications volumes” due to “lingering telecom softness.” Telecommunications sales for the quarter were $54 million, down 21 percent on a year-over-year basis.
Valmont President/CEO Avner Applbaum commented, “In Infrastructure,” accounting for 73.7 percent of net sales, “our strong results reflect continued robust utility market demand and effective pricing strategies across the portfolio, and we achieved another quarter of operating margin improvement YoY even as telecommunications markets remain muted.”
First Quarter 2024 Highlights:
- Net Sales decreased 8.0 percent YoY to $1.0 billion compared to $1.1 billion
- Operating Income increased 11.0 percent to $131.6 million or 13.5 percent of net sales compared to $118.5 million or 11.1 percent of net sales
- Diluted Earnings per Share grew 24.5 percent to $4.32 compared to $3.47
- Generated operating cash flows of $23.3 million; cash and cash equivalents at the end of the first quarter were $169.2 million
Infrastructure sales of $723.6 million decreased 1.7 percent YoY. Higher volumes in the Transmission, Distribution and Substation, and Solar product lines were driven by continued strong utility market demand and ongoing investments in the global energy transition.
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