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Feb. 23, 2023 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 fourth quarter and fiscal year ended December 31, 2022. Full Year 2022 Highlights (all metrics compared to Full Year 2021 unless otherwise noted) *Record Net Sales of $4.3 billion, an increase of 24.1% *Strong sales growth as Infrastructure grew to a record $2.9 billion and Agriculture grew to a record $1.3 billion, including 17.6% growth in agriculture technology products and services *Operating Income increased 51.1% to $433.2 million, or 10.0% of net sales (increased 34.6% to $449.7 million or 10.3% adjusted1) compared to $286.8 million or 8.2% of net sales ($334.0 million or 9.5% adjusted1) *Higher operating income was led by favorable pricing and volume growth in both Infrastructure and Agriculture Diluted EPS of $11.62 ($13.82 adjusted1) compared to $9.10 ($10.92 adjusted1) *Generated strong operating cash flows of $326.3 million, a significant improvement compared to 2021, driven by higher net earnings and improvements in working capital performance *Capital expenditures were $93.3 million, including approximately $30.0 million for strategic investments including a new concrete utility structures facility in Bristol, Indiana and irrigation capacity expansions in Brazil and Dubai *Deployed $39.3 million of cash to acquire a majority interest in ConcealFab, accelerating the Infrastructure segment's global telecommunications growth strategy Returned $86.3 million of capital to shareholders through dividends of $45.8 million and share repurchases of $40.5 million *Achieved Return on Invested Capital of 12.9% (13.3% adjusted1) *Year-end backlog of approximately $1.7 billion, an increase of 2.1% since the end of fiscal 2021, reflecting sustained pricing and continued strong market demand across the portfolio *Realigned financial reporting from four reportable segments to two: Infrastructure and Agriculture, to elevate focus on market growth strategies, capital allocation, and technology development To read the entire report click here. Tweet |
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