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Feb. 18, 2025 Source: Valmont Industries news release OMAHA, Neb. -- Valmont Industries, Inc. (NYSE: VMI), a global leader that provides products and solutions to support vital infrastructure and advance agricultural productivity, today reported financial results for the fourth quarter and fiscal year ended December 28, 2024. President and Chief Executive Officer Avner M. Applbaum commented, "The fourth quarter capped off an outstanding year for Valmont as we continued executing our strategy. Both our Infrastructure and Agriculture segments achieved sales growth, and we expanded consolidated operating profit margins year-over-year through strategic pricing, improved operational efficiencies, and disciplined cost management. I want to thank the entire Valmont team for their dedication and hard work in delivering these strong results." "Looking ahead to 2025, demand for our Infrastructure products and solutions will drive continued sales growth. In Agriculture, international sales, particularly large-scale projects, will help offset expected market softness in North America. Across both segments, we remain focused on commercial and operational excellence, leveraging our streamlined organization to deliver exceptional value to our customers and shareholders." Full Year 2024 Highlights (all metrics compared to Full Year 2023 unless otherwise noted) *Net sales decreased 2.4% to $4.08 billion, compared to $4.17 billion *Infrastructure sales of $3.0 billion were similar to prior year, while Agriculture sales declined 8.3% *Operating income increased to $524.6 million or 12.9% of net sales, compared to $291.6 million or 7.0% of net sales ($473.2 million or 11.3% adjusted1in 2023) *Diluted EPS increased to $17.19, compared to $6.78 ($14.98 adjusted1in 2023) *Operating cash flows meaningfully increased 86.7% to $572.7 million, compared to $306.8 million, driven by strong net earnings and effective working capital management *Free cash flow1increased 134.9% to $493.2 million, compared to $210.0 million *Invested $79.5 million in capital expenditures and returned $118.4 million to shareholders through share repurchases and dividends *Deployed $393.0 million to fully repay the revolving credit facility balance, achieving a net leverage ratio1of 1.0 *Achieved return on invested capital1of 16.4% Agriculture (26.7% of Net Sales) Center pivot and linear irrigation equipment components for agricultural markets, including aftermarket parts and tubular products, and advanced technology solutions for precision agriculture Sales increased 2.3% to $278.0 million, compared to $271.6 million, despite a 2.3% unfavorable impact from foreign currency translation. In North America, irrigation equipment volumes were slightly lower. Increased replacement sales, driven by severe weather events earlier in 2024, were offset by continued agriculture market softness due to lower grain prices. Internationally, sales were higher year-over-year, led by strong growth in the Europe, Middle East, and Africa ("EMEA") region, and slightly higher sales in Brazil amid a stabilizing market environment. Operating income increased to $28.5 million or 10.3% of net sales, compared to $13.9 million or 5.2% of net sales ($27.8 million or 10.3% adjusted1 in 2023), reflecting reduced SG&A expenses. To read the entire report click here. Tweet |
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