1ST QUARTER: VALMONT'S REVENUES UP 15%, EARNINGS UP 28%
Apr. 22, 2021
Source: Valmont Industries news release
OMAHA, Neb.--Valmont Industries, Inc. (NYSE: VMI), a leading global provider of engineered products and services for infrastructure development and irrigation equipment and services for agriculture, today reported financial results for the first quarter ended March 27, 2021.
First Quarter 2021 Highlights (all metrics compared to First Quarter 2020 unless otherwise noted)
*Net Sales of $774.9 million increased 14.9% led primarily by significantly higher sales in Irrigation and Utility Support Structures
*Operating Income increased 15.4% to $77.2 million, or 10.0% of sales compared to $66.9 million or 9.9% of sales last year, despite significant inflationary pressures
Diluted Earnings per Share (EPS) improved to $2.57 compared to $1.99, an increase of 29.1%
*Record global backlog of more than $1.3 billion, reflecting strong market demand
*Utility Support Structures global backlog increased 27.0% during the quarter to a record $717.0 million, including receipt of two additional purchase orders totaling approximately $220 million for the large 500kV project in the Southeast U.S.
*Irrigation global backlog increased to approximately $350.0 million during the quarter
*Generated operating cash flow of $33.2 million; cash and cash equivalents at end of first quarter were $391.5 million
*Repurchased 50,147 shares of company stock for $11.1 million, at an average price of $221.98 per share
*Announced an 11.0% quarterly dividend increase, from $0.45 to $0.50 ($1.80 to $2.00 annualized)
*Recognized a favorable tax rate of 21.9% primarily due to a non-recurring incremental tax benefit attributed to employee stock option exercises
Released the Valmont 2021 Sustainability Report, highlighting commitments to environmental, social and governance (ESG) principles along with key metrics and 2025 environmental goals:
*19% reduction in Scope I carbon intensity of Company vehicles
*12% additional reduction in normalized global electricity usage
*10% reduction in Scope I/II carbon intensity
Commissioned a 1MW solar installation at the Company's largest manufacturing facility in Valley, Nebraska, utilizing the Company's proprietary solar tracker technology to supply approximately 6.0% of the site's electricity demand
To read the entire report click here.