Valmont Industries, Inc. - VMI STOCK NEWS

Valmont Industries (NYSE: VMI) announced an increased quarterly dividend and the reauthorization of its share repurchase program. The new quarterly cash dividend is set at $0.60 per share, a 9% increase from the previous $0.55, payable on April 14, 2023, to shareholders of record on March 31, 2023. Additionally, the company will have authorization to repurchase up to $400 million in common stock under the renewed program. This decision is backed by strong cash flow generation and reflects the company's commitment to enhancing shareholder value while maintaining a disciplined growth strategy.

Valmont Industries (NYSE: VMI) reported record fourth-quarter 2022 net sales of $1.1 billion, a 17.5% increase year-over-year. Operating income surged 116.2% to $109.7 million, marking 9.7% of net sales. Diluted EPS rose 48.8% to $1.86, despite a $33.3 million loss from divesting the offshore wind energy structures business. For the full year, net sales hit $4.3 billion, up 24.1%, with diluted EPS at $11.62. Valmont anticipates 2023 net sales growth of 4%-7% and diluted EPS between $14.70 and $15.25. The company's robust financials reflect solid demand across its Infrastructure and Agriculture divisions.

Valmont Industries (NYSE: VMI) will conduct its fourth quarter and full year 2022 earnings conference call on February 23, 2023, at 8:00 a.m. CST. The earnings results will be released after the market closes on February 22, 2023. During the call, Stephen G. Kaniewski, President and CEO, along with Avner M. Applbaum, EVP and CFO, will discuss the results. Interested parties can join via telephone or a live webcast. A replay will be available three hours post-call until March 2, 2023.

Valmont Industries (NYSE: VMI) announced a supply agreement to provide mechanized irrigation equipment and technology for multiple agricultural projects in Africa. This initiative aims to enhance food production efficiency amid rising global demands and supports national agricultural investments. The project will utilize cutting-edge Valley Irrigation technology to optimize crop yields while conserving water. Shipments are projected to start in Q2 2023, reflecting the company's strong international project pipeline and commitment to sustainable farming practices.

Valmont Industries (NYSE: VMI) will participate in the CJS Securities New Ideas for the New Year Conference on January 11, 2023. Management, including CEO Stephen G. Kaniewski and CFO Avner Applbaum, will host virtual investor meetings throughout the day and a fireside chat at 2:20 PM ET. Investors can access a live webcast of this session at the company's website, with a replay available for 90 days. Valmont has been a leader in infrastructure and agricultural productivity for over 75 years, focusing on innovation and sustainability.

Valmont Industries, Inc. (NYSE: VMI) has successfully completed the sale of its offshore wind business, Valmont SM®. This divestiture is part of the company’s strategic focus on core infrastructure and agricultural productivity sectors, enhancing its innovation capabilities. Valmont continues to emphasize its commitment to improving resource efficiency and sustainability, with a history of over 75 years in the industry. Forward-looking statements in the release indicate management's awareness of risks including market conditions and economic factors affecting performance.

Valmont Industries (NYSE: VMI) has signed a definitive agreement to sell its offshore wind business, Valmont SM, to Denmark-based Euro Steel. The business, which generated approximately $100 million in revenue in fiscal 2022, will allow Valmont's Renewable Energy team to concentrate on expanding its solar operations. The transaction is expected to result in a GAAP diluted loss per share of $1.20 to $1.45, primarily due to non-cash currency translation losses. Completion of the deal is anticipated in Q4 2022, with proceeds being used to repay short-term debt.

Valmont Industries, Inc. (NYSE: VMI) will participate in Roth's 2nd Annual AgTech Answers Event on November 15, 2022, in New York City. CEO Stephen G. Kaniewski and SVP Renee L. Campbell will host investor meetings, providing opportunities for institutional investors to engage in 1x1 and fireside chat formats with management from about 15 companies. The event aims to foster interaction between investors and executive management. Interested parties can register through roth.com/agtech2022.

Valmont Industries, Inc. (NYSE: VMI) has received a nationwide Beyond Visual Line of Sight (BVLOS) waiver from the FAA, enabling its unmanned drones to conduct utility line inspections without geographic restrictions. This approval allows for immediate drone deployment, enhancing operational efficiency and reducing costs. Valmont aims to leverage drone technology for improved data collection and operational innovation, positioning itself as a leader in this sector. The company is among the first five entities to secure such a waiver, highlighting its capabilities in technology and training.