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Sep 28, 2024
Valmont Q3 2024 Earnings Report
Valmont's third quarter results reflected net sales aligned with expectations and strong operating cash flows.
Key Takeaways
Valmont Industries reported a decrease in net sales by 2.9% to $1.0 billion, but increased operating income to $125.7 million. The company generated strong operating cash flows of $225.1 million and reaffirmed its full-year financial outlook.
Net sales decreased by 2.9% to $1.0 billion due to lower sales in Solar and international Agriculture.
Operating income increased to $125.7 million, representing 12.3% of net sales.
Diluted earnings per share (EPS) was $4.11, compared to a diluted loss per share of ($2.34) in the same quarter last year.
Operating cash flows were strong at $225.1 million, with cash and cash equivalents of $200.5 million at quarter-end.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
The Company is reaffirming its full-year 2024 net sales and diluted earnings per share outlook that was provided in the second quarter.
Positive Outlook
- Net sales change (vs. prior year) of (3.5%) to (1.5%)
- Infrastructure net sales growth of Flat to 1.5% vs. prior year
- Diluted earnings per share of $16.50 to $17.30
- Effective tax rate expected to be slightly below 26%
- Minimal expected foreign currency translation impact on net sales
Challenges Ahead
- Agriculture net sales expected to decrease (15.0%) to (10.0%) vs. prior year
- For cash flow purposes, capital expenditures now expected to be in the range of $85.0 to $95.0 million to support strategic growth initiatives (vs. prior expectation of $95.0 to $110.0 million)
- The company's net sales decreased by 2.9%
- Lower sales in Solar and international Agriculture, specifically Brazil
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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