valmont industries (VMI) Key Developments
Valmont Industries, Inc. Announces Board Changes
May 2 13
On April 30, 2013, the board of directors of Valmont Industries, Inc. appointed Kenneth Stinson as lead director and appointed the directors to committees as follows: Audit Committee: Walter Scott (Chairman), Kaj den Daas, Daniel Neary, Catherine James Paglia. Human Resources Committee: Glen Barton (Chairman), Kenneth Stinson, Daniel Neary, Catherine James Paglia. Governance and Nominating Committee: Clark Randt (Chairman), Glen Barton, James Milliken. International Committee: Kaj den Daas (Chairman), Clark Randt, James Milliken, Mogens Bay.
Valmont Industries, Inc. Increases Quarterly Cash Dividend Payable on July 15, 2013
Apr 30 13
The Board of Directors of Valmont Industries, Inc. has increased the Company's quarterly cash dividend effective this July. The second quarter cash dividend will be 25.0 cents per share payable on July 15, 2013 to shareholders of record on June 28, 2013. The dividend is an increase of 11.1% from the prior quarter's dividend, and indicates an annual rate of $1.00 per share.
Valley Irrigation Presents at GAI AgTech Investment Summit, Apr-30-2013 04:15 PM
Apr 27 13
Valley Irrigation Presents at GAI AgTech Investment Summit, Apr-30-2013 04:15 PM. Venue: New York, United States. Speakers: Aaron Schapper, Vice President & General Manager, International Irrigation.
Valmont Industries Seeks Acquisitions
Apr 19 13
Valmont Industries, Inc. (NYSE:VMI) is looking for acquisitions. Mogens Bay, Chairman and Chief Executive Officer of Valmont Industries, said, “We sit on quite a bit of cash, we have great debt capacity, and we look at acquisitions. We don't have anything that is hot right now, but we have lots of opportunities we are looking at. Our preference will be to use our cash to grow organically and to acquire in companies that would be a good fit with us. If over time we cannot find good use for the capital we require, we have an obligation to give it back to the shareholders, either in form of dividend or in form of share repurchase. But it is not something that we are contemplating right now.”
Valmont Industries, Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 30, 2013; Provides Earnings Guidance for the Year of 2013
Apr 18 13
Valmont Industries, Inc. reported unaudited consolidated earnings results for the first quarter ended March 30, 2013. For the period, the company’s net sales were $819,630,000 against $717,350,000 a year ago. Operating income was $118,190,000 against $82,818,000 a year ago. Net earnings attributable to company were $77,569,000 against $52,325,000 a year ago. Diluted earnings per share were $2.89 against $1.96 a year ago. Depreciation and amortization for the quarter was $19.2 million and capital expenditures were $20.9 million.
In summary, with the strong first quarter results, the continued strength in the utility markets and the anticipated improvement in Engineered Infrastructure Products, it should be possible for the company to exceed February guidance even if Irrigation results in the second half were below the levels of second half 2012. For the year 2013, company expect depreciation and amortization of about $75 million, and capital spending in excess of $100 million as company invest in capacity to support future business growth, which includes the Columbus and Tulsa Utility plants. The company will probably expect revenues to be up at least $100 million that added in capacity.