Strong Fourth Quarter Financial Performance
Fourth quarter net sales of $1.0 billion increased 2.1%. Operating income increased nearly 20% to $120 million, and earnings per share of $3.84 grew nearly 21%.
Record Full Year Earnings
Full year earnings per share of $17.19, a record for Valmont, improved nearly 15%, driven by improved operating income and share repurchases.
Utility Segment Growth
Utility sales increased nearly 6% in the fourth quarter due to higher average selling prices for utility products.
Telecommunications Sector Recovery
Telecommunications business saw strong sales growth of nearly 31% as carrier spending returned to more normalized levels.
Strong Operating Cash Flows
Delivered strong fourth quarter operating cash flows of $193 million, bringing the full year total to $573 million.
Capital Allocation Strategy
Board approved a new $700 million buyback authorization and a 13% increase to the quarterly dividend.
Successful Project Secured
Secured a new $45 million project in the Middle East, expected to be completed in 2025.