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Oct. 27, 2022 Source: Valmont Industries news release OMAHA, Neb.--Valmont Industries, Inc. (NYSE: VMI), a global leader that provides vital infrastructure and advances agricultural productivity while driving innovation through technology, today reported financial results for the third quarter ended September 24, 2022. Third Quarter 2022 Highlights (all metrics compared to Third Quarter 2021 unless otherwise noted) *Record Third Quarter Net Sales of $1.1 billion increased 26.3% *Operating Income increased 44.3% to $110.0 million, or 10.0% of net sales (increased 41.9% to $114.1 million or 10.4% adjusted1) compared to $76.2 million or 8.8% of net sales ($80.4 million or 9.3% adjusted1) *Record Third Quarter Diluted Earnings per Share (EPS) of $3.34 ($3.49 adjusted1) compared to $2.40 ($2.57 adjusted1) *Generated strong third quarter operating cash flows of $116 million driven by better overall working capital management including a reduction in inventory compared to second quarter 2022 *Record backlog of $2.0 billion, an increase of 25.4% or $412 million since the end of fiscal 2021 and sequentially higher due to continued strong market demand across the portfolio Returned $22.4 million to shareholders through dividends and share repurchases "I am extremely pleased with the outstanding performance and record results delivered by the entire Valmont team this quarter," said Stephen G. Kaniewski, President and Chief Executive Officer. "We continue to see strong demand globally for our products and solutions across infrastructure and agriculture markets. Broad-based infrastructure market strength is being driven by continued investments in grid resiliency and upgrades to aging infrastructure, ongoing demand for renewable power and clean energy solutions and the 5G network transition. "Agriculture markets remain extremely favorable, as elevated commodity prices are being driven by tighter global grain supplies, ongoing demand for increased food production and a heightened focus on food security concerns. The typical seasonal decline in third quarter North America agriculture sales was less pronounced this year due to ongoing delivery of backlog and strong demand throughout the quarter. "Despite continued challenges of inflation and supply chain volatility, we delivered record third quarter earnings per share as our team continues to live our core values of passion, integrity, and continuous improvement, with an unwavering focus on delivering results. Across our global portfolio we remain committed to the execution of our growth strategy while also improving profitability and delivering long-term value for our shareholders." To read the entire report click here. Tweet |
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