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Jul. 27, 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 second quarter ended July 1, 2023. Second Quarter 2023 Highlights (all metrics compared to Second Quarter 2022 unless otherwise noted) *Net Sales of $1.0 billion decreased 7.9%; accounting for the 2022 divestiture of the offshore wind energy structures business, reported in the "Other" segment, Net Sales decreased 5.7%1 *Operating Income increased 12.6% to $133.7 million, or 12.8% of net sales (increased 12.0% to $137.6 million or 13.2% adjusted1) compared to $118.7 million or 10.5% of net sales ($122.9 million or 11.1% adjusted1) *Diluted Earnings per Share ("EPS") grew to $4.21 ($4.37 adjusted1) compared to $3.53 ($3.70 adjusted1) Generated solid operating cash flows of $88.3 million in the second quarter and $109.5 million year-to-date; cash and cash equivalents at the end of the second quarter were $166.9 million *Returned $36.6 million to shareholders through dividends and share repurchases including repurchasing 85,300 shares of Company stock for $24.0 million *Recognized a more favorable effective tax rate of 26.4% driven by the geographic mix of earnings *Released the Valmont 2023 Sustainability Report and enhanced the Company's dedicated Sustainability website while updating key disclosures and highlighting Valmont products and solutions that support ESG principles *Hosted an Investor Day at the New York Stock Exchange, introducing a refreshed strategy and a new "Run Grow Transform" strategic framework to deliver sustainable outperformance, including updated 5-year financial targets (from base year 2022): *Net Sales Growth (organic) of 5% - 8% *Operating Margin of >14% *EPS Compound Annual Growth Rate of 12% - 15% *Return on Invested Capital of >18% *Free Cash Flow Conversion of 1.0x Net Earnings (over the 5-year period) *Providing updated 2023 full-year net sales growth outlook while maintaining diluted earnings per share outlook To read the entire report click here. Tweet |
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