Welcome to our dedicated page for Valmont Industrs news (Ticker: VMI), a resource for investors and traders seeking the latest updates and insights on Valmont Industrs stock.
Valmont Industries, Inc. manufactures products and services for infrastructure and agriculture markets. Its Infrastructure segment serves utility, solar, lighting, transportation and telecommunications markets and provides coatings services to protect metal products, while its Agriculture segment supplies irrigation equipment, aftermarket parts, tubular products and precision agriculture technology.
Company news commonly centers on quarterly results, segment demand, North America Utility capacity and throughput investments, grid modernization and electrification trends, and agriculture market conditions. Other recurring updates include dividend actions, capital allocation priorities, investor presentations, leadership appointments and guidance that may include non-GAAP measures such as adjusted diluted earnings per share and adjusted effective tax rate.
Valmont Industries, Inc. (NYSE: VMI) launched its AgTech Tour 2023 in Omaha, Nebraska, showcasing advanced agricultural technologies from its subsidiaries, Valley and Prospera. The tour aims to address challenges like high input costs and labor shortages by providing innovative solutions that enhance efficiency and profitability for growers. Nebraska Governor Jim Pillen emphasized the importance of AgTech in achieving sustainability. The tour will feature interactive technology demonstrations, including Plant Insights and irrigation management tools, allowing growers to optimize resources and crop health while maximizing yields.
Valmont Industries (NYSE: VMI) will host its first quarter 2023 earnings conference call on April 21, 2023, at 8:00 a.m. CDT. A news release detailing the earnings results will be issued after market close on April 20, 2023. The call will feature Stephen G. Kaniewski, CEO, and Avner M. Applbaum, CFO, and can be accessed at this link. A replay will be available three hours after the event and can be accessed until April 28, 2023.
Valmont Industries (NYSE: VMI) has announced its Investor Day set for May 23, 2023, at the New York Stock Exchange. This event will be available both in-person and virtually. Key executives, including CEO Stephen G. Kaniewski and CFO Avner M. Applbaum, will present an overview of the company's strategies, capital priorities, and financial objectives. The event will begin at 9:00 a.m. ET and will include a live webcast with Q&A sessions. Advanced registration is required for in-person attendance. For more details, visit the Valmont Investor Day website.
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.