Valmont Industrs - VMI STOCK NEWS

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.

Valmont Industries (NYSE: VMI) announces the appointment of Gene Padgett as SVP, Finance and Chief Accounting Officer, effective November 1, 2022. Padgett, who has nearly three decades of experience, will oversee accounting and SEC reporting, reporting directly to CFO Avner Applbaum. Previously, he served as Chief Accounting Officer at DXP Enterprises and held roles at Enbridge Energy and Duke Energy. Additionally, Tim Francis has been appointed as Senior Vice President and Finance Business Partner, Global Operations. Both appointments aim to enhance Valmont's global finance and operational efficiency.

Valmont Industries, Inc. (NYSE: VMI) has declared a quarterly dividend of $0.55 per share, payable on January 17, 2023, to shareholders of record on December 30, 2022. This dividend reflects an annual rate of $2.20 per share, showcasing the company's commitment to returning value to its shareholders. Valmont has a long-standing reputation as a global leader in infrastructure and agricultural productivity, emphasizing technological innovation to enhance resource conservation.

Valmont Industries (NYSE: VMI) reported record third quarter results, with net sales increasing by 26.3% to $1.1 billion. Operating income rose 44.3% to $110 million, and diluted EPS reached $3.34, up 39.2% from last year. A robust backlog of $2.0 billion highlights continued strong demand in infrastructure and agriculture markets. The company updated its 2022 financial outlook, projecting a 22% growth in net sales and adjusted EPS between $13.65 and $14.00. For 2023, Valmont anticipates net sales growth of 6% to 9% and EPS growth of 11% to 15%.

Valmont Industries (NYSE: VMI) will host its third quarter 2022 earnings conference call on October 27, 2022 at 8:00 a.m. CDT. A news release detailing the results will be available after market close on October 26, 2022. The call will feature President and CEO Stephen G. Kaniewski and CFO Avner M. Applbaum, accessible via telephone or webcast. A replay will be available after the event until November 3, 2022. Valmont has a strong history of advancing agricultural productivity and infrastructure innovation, committed to Conserving Resources. Improving Life.

Valmont Industries, Inc. (NYSE: VMI) announces participation in two investor conferences in September 2022. Management will engage in discussions at Stifel’s London Industrials & Renewables Summit on September 7, featuring Executive VP Avner M. Applbaum and SVP Renee L. Campbell. Additionally, CEO Stephen G. Kaniewski and Applbaum will attend DA Davidson’s 21st Annual Diversified Industrials and Services Conference on September 22 at 9:30 AM CDT. Both events will include investor meetings and a fireside chat with available presentations and webcasts.