Omaha, NE - Valmont Industries, Inc. (NYSE: VMI), a leading global provider of engineered products and services for infrastructure development and irrigation equipment and services for agriculture, today reported financial results for the third quarter ended September 26, 2020.
Third Quarter 2020 Highlights (all metrics compared to Third Quarter 2019 unless otherwise noted)
•Net Sales of $734.0 million increased 6.3% led primarily by significantly higher Utility Support Structures segment sales and improved international market demand
•Operating Income of $61.5 million, or 8.4% of sales ($67.1 million or 9.1% of sales adjusted1) compared to $61.1 million or 8.8% of sales last year
•Diluted Earnings per Share improved to $1.84 ($1.99 adjusted1) compared to $1.75
•Generated strong operating cash flow of $122.3 million, driven by higher operating income and strategic working capital management; cash and cash equivalents were $443.1 million at end of third quarter
•Lifted the temporary suspension of the Company’s share repurchase program on September 10, 2020; repurchased 60,600 shares of company stock in the third quarter for $7.5 million, at an average price of $124.08 per share
•Announced a $240.0 million multi-year order for irrigation products and services to provide modern irrigation and technology solutions for a ~500,000-acre agricultural development project in Egypt
•Providing key assumptions and indications for the fourth quarter 2020
1 Please see Reg G reconciliation of GAAP sales, operating income, net earnings and EPS to Adjusted figures at end of document
The following information was filed by Valmont Industries Inc (VMI) on Thursday, October 22, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Ticker: VMI CIK: 102729 Form Type:10-Q Quarterly Report Accession Number: 0000102729-20-000064 Submitted to the SEC: Wed Oct 28 2020 5:01:03 PM EST Accepted by the SEC: Wed Oct 28 2020 Period: Saturday, September 26, 2020 Industry: Fabricated Structural Metal Products