Welcome to our dedicated page for Valmont Industries news (Ticker: VMI), a resource for investors and traders seeking the latest updates and insights on Valmont Industries stock.
Valmont Industries, Inc. (VMI) is a globally recognized leader in the design and manufacturing of poles, towers, and structures for a variety of markets, including lighting, traffic, wireless communication, and utilities. The company also excels in providing protective coating services to preserve metal products. Beyond infrastructure, Valmont is a pioneer in mechanized irrigation equipment, which plays a crucial role in enhancing agricultural productivity while conserving natural water resources. Additionally, Valmont produces a wide range of tubing for commercial and industrial applications.
Operating through two primary segments, Infrastructure and Agriculture, Valmont generates the majority of its revenue from its Infrastructure segment. This segment focuses on creating and distributing products and solutions that cater to utility, renewable energy, lighting, transportation, telecommunications, and coatings services. Geographically, the company derives most of its revenue from North America, underlining its strong presence in the region.
Valmont Industries is not just about producing high-quality products; it also emphasizes sustainability and innovation. Through its advanced irrigation solutions, the company supports sustainable agriculture by optimizing water use and increasing crop yields. These initiatives are vital for addressing global food security challenges.
Recently, Valmont has made significant strides in expanding its operations and forming strategic partnerships, further solidifying its position as a market leader. The company continually invests in research and development to stay ahead of industry trends and meet the evolving needs of its customers.
Financially, Valmont Industries remains robust, with consistent revenue growth and a stable market position. The company's commitment to innovation, sustainability, and quality makes it a reliable choice for investors looking to diversify their portfolios with a company that has a strong track record and promising future prospects.
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.
Valmont Industries (NYSE: VMI) is collaborating with Omaha Public Power District (OPPD) on the Power with Purpose initiative to enhance sustainability. This project aims to add 400-600 MW of solar energy and ~600 MW of natural gas generation to support OPPD's net-zero carbon goal by 2050. Valmont will engineer 263 structures for transmission lines to connect key locations. The company has reduced carbon emissions by over 18,000 metric tons since 2018, exceeding its emission target by 24%. This partnership further reinforces Valmont's commitment to renewable energy and sustainable infrastructure.
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