Valmont Industries, Inc. (NYSE: VMI) yesterday reported financial results for the fourth quarter and fiscal year ended December 28, 2024.
President and Chief Executive Officer Avner M. Applbaum commented, “The fourth quarter capped off an outstanding year for Valmont as we continued executing our strategy. 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:
- Net sales increased 2.1 percent to $1.04 billion, compared to $1.02 billion from the third quarter
- Operating income increased to $120.0 million or 11.6 percent of net sales, compared to $63.5 million or 6.3 percent of net sales from the third quarter ($100.2 million or 9.9 percent adjusted in 2023)
- Diluted earnings per share (EPS) increased to $3.84, compared to $1.38 from the third quarter ($3.18 adjusted in 2023)
- Operating cash flows increased 66.9 percent to $193.4 million, compared to $115.9 million
- Cash and cash equivalents at the end of the fourth quarter were $164.3 million
- Invested $25.6 million in capital expenditures and returned $27.0 million to shareholders through share repurchases and dividends
- Moody’s Ratings upgraded the company’s credit rating to Baa2
Full Year 2024 Highlights:
- Net sales decreased 2.4 percent to $4.08 billion, compared to $4.17 billion
- Infrastructure sales of $3.0 billion were unchanged from the prior year
- Operating income increased to $524.6 million or 12.9 percent of net sales, compared to $291.6 million or 7.0 percent of net sales to prior year ($473.2 million or 11.3 percent adjusted in 2023)
- Diluted EPS increased to $17.19, compared to $6.78 to prior year ($14.98 adjusted in 2023)
- Operating cash flows increased 86.7 percent to $572.7 million, compared to $306.8 million to prior year, driven by strong net earnings and effective working capital management
- Free cash flow increased 134.9 percent to $493.2 million, compared to $210.0 million
- Invested $79.5 million in capital expenditures and returned $118.4 million to shareholders through share repurchases and dividends
- Achieved return on invested capital of 16.4 percent
Reader Interactions