Valmont Reports Second Quarter 2024 Results and Raises Full-Year 2024 Diluted Earnings per Share Guidance
President and Chief Executive Officer
Second Quarter 2024 Highlights (all metrics compared to Second Quarter 2023 unless otherwise noted)
-
Net Sales of$1.0 billion were similar to prior year -
Operating Income increased 10.2% to
$147.3 million or 14.2% of net sales compared to$133.7 million or 12.8% of net sales -
Diluted Earnings per Share (EPS) grew 16.6% to
$4.91 compared to$4.21 ; second quarter 2024 EPS includes a tax benefit of approximately$3.0 million or$0.15 per share -
Generated operating cash flows of
$130.8 million ; cash and cash equivalents at the end of the second quarter were$163.1 million -
Returned
$27.1 million to shareholders through share repurchases and dividends, and reduced borrowings on the revolving credit facility by approximately$90.0 million -
Raising full-year 2024 diluted EPS guidance to
$16.50 to$17.30 ; previously$15.40 to$16.40
Key Financial Metrics
|
|
|
|
|
|
|
|
|
|
Second Quarter 2024 |
|
|
|
||||||
(000s except per share amounts) |
|
|
|
|
|
|
|
||
|
|
Q2 2024 |
|
Q2 2023 |
|
vs. Q2 2023 |
|
||
|
|
$ |
1,039,737 |
|
$ |
1,046,296 |
|
(0.6) |
% |
Gross Profit |
|
|
320,282 |
|
|
329,397 |
|
(2.8) |
% |
Gross Profit as a % of |
|
|
30.8 |
% |
|
31.5 |
% |
|
|
Operating Income |
|
|
147,308 |
|
|
133,733 |
|
10.2 |
% |
Operating Income as a % of |
|
|
14.2 |
% |
|
12.8 |
% |
|
|
Net Earnings Attributable to |
|
|
99,716 |
|
|
89,376 |
|
11.6 |
% |
Diluted Earnings per Share1 |
|
|
4.91 |
|
|
4.21 |
|
16.6 |
% |
Weighted Average Shares Outstanding |
|
|
20,292 |
|
|
21,229 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-Date 2024 |
|
|
|
||||||
(000s except per share amounts) |
|
|
|
|
|
|
|
||
|
|
FY 2024 |
|
FY 2023 |
|
vs. FY 2023 |
|
||
|
|
$ |
2,017,565 |
|
$ |
2,108,777 |
|
(4.3) |
% |
Gross Profit |
|
|
626,498 |
|
|
637,982 |
|
(1.8) |
% |
Gross Profit as a % of |
|
|
31.1 |
% |
|
30.3 |
% |
|
|
Operating Income |
|
|
278,861 |
|
|
252,199 |
|
10.6 |
% |
Operating Income as a % of |
|
|
13.8 |
% |
|
12.0 |
% |
|
|
Net Earnings Attributable to |
|
|
187,538 |
|
|
163,916 |
|
14.4 |
% |
Diluted Earnings per Share1 |
|
|
9.24 |
|
|
7.67 |
|
20.5 |
% |
Weighted Average Shares Outstanding |
|
|
20,307 |
|
|
21,370 |
|
|
|
1Q2 2024 includes a tax benefit of approximately |
Second Quarter 2024 Segment Review
Infrastructure
(73.1% of
Products and solutions to serve the infrastructure markets of utility, solar, lighting and transportation, and telecommunications, along with coatings services to protect metal products
Sales of
Operating Income increased to
Agriculture
(26.9% of
Center pivot and linear irrigation equipment components for agricultural markets, including aftermarket parts and tubular products, and advanced technology solutions for precision agriculture
Sales of
International sales decreased compared to last year. Sales were significantly lower in
Operating Income was
Balance Sheet, Liquidity, and Capital Allocation
The Company generated operating cash flows of
Updating 2024 Full-Year Financial Outlook and Key Assumptions
The Company is reaffirming its commitment to focus on strategic areas to enhance profitability and return on invested capital. As a result, we are exiting certain low-margin Solar projects leading to an expected decrease of approximately
Metric |
Previous Outlook |
Current Outlook |
Net Sales Change (vs. PY) |
(2.0%) to 0.5% |
(3.5%) to (1.5%) |
Infrastructure |
Growth Approaching Mid-Single Digits |
Flat to 1.5% |
Agriculture (vs. PY) |
(15.0%) to (10.0%) |
No Change from Previous Outlook |
Diluted Earnings per Share |
|
|
- Steel cost assumptions aligned with hot rolled coil futures market
- Effective tax rate of approximately 26.0%
- Minimal expected foreign currency translation impact on net sales
-
For cash flow purposes, capital expenditures now expected to be in the range of
$95.0 to$110.0 million to support strategic growth initiatives
Applbaum added, “I am pleased that we are increasing our diluted earnings per share outlook for the year even as we are decreasing our net sales guidance. We are improving operating margins as we meet evolving customer needs and are driving toward profitable growth. We remain committed to increasing our output to capitalize on market opportunities as the long-term demand for our products remains strong. Our broad exposure to infrastructure and agriculture markets helps us effectively manage market cycles and share resources across businesses, improving efficiency and returns on investment. We believe these advantages will become increasingly important as the energy transition accelerates and agriculture markets recover. I am confident in our ability to strengthen our core businesses, deliver strong returns on invested capital and enhance shareholder value.”
A live audio discussion with
About
For nearly 80 years, Valmont has been a global leader in creating vital infrastructure and advancing agricultural productivity. Today, we remain committed to doing more with less by innovating through technology. Learn more about how we’re Conserving Resources. Improving Life.® at valmont.com.
Concerning Forward-Looking Statements
This release contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on assumptions that management has made in light of experience in the industries in which Valmont operates, as well as management’s perceptions of historical trends, current conditions, expected future developments, and other factors believed to be appropriate under the circumstances. As you read and consider this release, you should understand that these statements are not guarantees of performance or results. They involve risks, uncertainties (some of which are beyond Valmont’s control), and assumptions. Although management believes that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect Valmont’s actual financial results and cause them to differ materially from those anticipated in the forward-looking statements. These factors include, among other things, risk factors described from time to time in Valmont’s reports to the
Website and Social Media Disclosure
The Company uses its website and social media channels identified on its website as channels of distribution of Company information. The information that the Company posts through these channels may be deemed material. Accordingly, investors should monitor these channels, in addition to following the Company’s press releases,
|
||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS |
||||||||||||||||
(Dollars and shares in thousands, except per share amounts) |
||||||||||||||||
(Unaudited) |
||||||||||||||||
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||||
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Thirteen weeks ended |
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Twenty-six weeks ended |
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|
|
|
|
|
||||||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Net sales |
|
$ |
1,039,737 |
|
|
$ |
1,046,296 |
|
|
$ |
2,017,565 |
|
|
$ |
2,108,777 |
|
Cost of sales |
|
|
719,455 |
|
|
|
716,899 |
|
|
|
1,391,067 |
|
|
|
1,470,795 |
|
Gross profit |
|
|
320,282 |
|
|
|
329,397 |
|
|
|
626,498 |
|
|
|
637,982 |
|
Selling, general, and administrative expenses |
|
|
172,974 |
|
|
|
195,664 |
|
|
|
347,637 |
|
|
|
385,783 |
|
Operating income |
|
|
147,308 |
|
|
|
133,733 |
|
|
|
278,861 |
|
|
|
252,199 |
|
Other income (expenses): |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest expense |
|
|
(15,846 |
) |
|
|
(14,917 |
) |
|
|
(32,067 |
) |
|
|
(28,022 |
) |
Interest income |
|
|
1,499 |
|
|
|
563 |
|
|
|
3,278 |
|
|
|
1,393 |
|
Gain on deferred compensation investments |
|
|
525 |
|
|
|
941 |
|
|
|
1,956 |
|
|
|
2,135 |
|
Gain on divestiture |
|
|
— |
|
|
|
2,994 |
|
|
|
— |
|
|
|
2,994 |
|
Other |
|
|
(1,250 |
) |
|
|
(2,382 |
) |
|
|
(1,355 |
) |
|
|
(4,758 |
) |
Total other income (expenses) |
|
|
(15,072 |
) |
|
|
(12,801 |
) |
|
|
(28,188 |
) |
|
|
(26,258 |
) |
Earnings before income taxes and equity in loss of nonconsolidated subsidiaries |
|
|
132,236 |
|
|
|
120,932 |
|
|
|
250,673 |
|
|
|
225,941 |
|
Income tax expense |
|
|
31,067 |
|
|
|
31,935 |
|
|
|
61,055 |
|
|
|
63,778 |
|
Equity in loss of nonconsolidated subsidiaries |
|
|
(19 |
) |
|
|
(199 |
) |
|
|
(39 |
) |
|
|
(1,020 |
) |
Net earnings |
|
|
101,150 |
|
|
|
88,798 |
|
|
|
189,579 |
|
|
|
161,143 |
|
Loss (earnings) attributable to redeemable noncontrolling interests |
|
|
(1,434 |
) |
|
|
578 |
|
|
|
(2,041 |
) |
|
|
2,773 |
|
Net earnings attributable to |
|
$ |
99,716 |
|
|
$ |
89,376 |
|
|
$ |
187,538 |
|
|
$ |
163,916 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Weighted average shares outstanding - Basic |
|
|
20,175 |
|
|
|
21,029 |
|
|
|
20,182 |
|
|
|
21,149 |
|
Earnings per share - Basic |
|
$ |
4.94 |
|
|
$ |
4.25 |
|
|
$ |
9.29 |
|
|
$ |
7.75 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Weighted average shares outstanding - Diluted |
|
|
20,292 |
|
|
|
21,229 |
|
|
|
20,307 |
|
|
|
21,370 |
|
Earnings per share - Diluted |
|
$ |
4.91 |
|
|
$ |
4.21 |
|
|
$ |
9.24 |
|
|
$ |
7.67 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Cash dividends per share |
|
$ |
0.60 |
|
|
$ |
0.60 |
|
|
$ |
1.20 |
|
|
$ |
1.20 |
|
|
|||||||||||||||||
SUMMARY OPERATING RESULTS |
|||||||||||||||||
(Dollars in thousands) |
|||||||||||||||||
(Unaudited) |
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Thirteen weeks ended |
|
Twenty-six weeks ended |
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||||||||||||
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|
|
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|
|
|
|
||||||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
||||||||
Infrastructure |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net sales |
|
$ |
760,430 |
|
|
$ |
768,158 |
|
|
$ |
1,481,163 |
|
|
$ |
1,500,298 |
|
|
Gross profit |
|
|
232,403 |
|
|
|
224,876 |
|
|
|
450,020 |
|
|
|
425,271 |
|
|
as a percent of net sales |
|
|
30.6 |
|
% |
|
29.3 |
|
% |
|
30.4 |
|
% |
|
28.3 |
|
% |
Selling, general, and administrative expenses |
|
|
98,822 |
|
|
|
108,926 |
|
|
|
198,575 |
|
|
|
214,969 |
|
|
as a percent of net sales |
|
|
13.0 |
|
% |
|
14.2 |
|
% |
|
13.4 |
|
% |
|
14.3 |
|
% |
Operating income |
|
|
133,581 |
|
|
|
115,950 |
|
|
|
251,445 |
|
|
|
210,302 |
|
|
as a percent of net sales |
|
|
17.6 |
|
% |
|
15.1 |
|
% |
|
17.0 |
|
% |
|
14.0 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Agriculture |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net sales |
|
$ |
279,307 |
|
|
$ |
278,138 |
|
|
$ |
536,402 |
|
|
$ |
608,479 |
|
|
Gross profit |
|
|
87,879 |
|
|
|
104,521 |
|
|
|
176,478 |
|
|
|
212,711 |
|
|
as a percent of net sales |
|
|
31.5 |
|
% |
|
37.6 |
|
% |
|
32.9 |
|
% |
|
35.0 |
|
% |
Selling, general, and administrative expenses |
|
|
47,908 |
|
|
|
55,270 |
|
|
|
95,534 |
|
|
|
110,137 |
|
|
as a percent of net sales |
|
|
17.2 |
|
% |
|
19.9 |
|
% |
|
17.8 |
|
% |
|
18.1 |
|
% |
Operating income |
|
|
39,971 |
|
|
|
49,251 |
|
|
|
80,944 |
|
|
|
102,574 |
|
|
as a percent of net sales |
|
|
14.3 |
|
% |
|
17.7 |
|
% |
|
15.1 |
|
% |
|
16.9 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Corporate |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Selling, general, and administrative expenses |
|
$ |
26,244 |
|
|
$ |
31,468 |
|
|
$ |
53,528 |
|
|
$ |
60,677 |
|
|
Operating loss |
|
|
(26,244 |
) |
|
|
(31,468 |
) |
|
|
(53,528 |
) |
|
|
(60,677 |
) |
|
|
|||||||||||||
SUMMARY OPERATING RESULTS |
|||||||||||||
(Dollars in thousands) |
|||||||||||||
(Unaudited) |
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirteen weeks ended |
|||||||||||
|
|
Infrastructure |
|
Agriculture |
|
Intersegment |
|
Consolidated |
|||||
Geographical Market: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
582,143 |
|
$ |
161,310 |
|
$ |
(4,686 |
) |
|
$ |
738,767 |
International |
|
|
180,599 |
|
|
120,393 |
|
|
(22 |
) |
|
|
300,970 |
Total sales |
|
$ |
762,742 |
|
$ |
281,703 |
|
$ |
(4,708 |
) |
|
$ |
1,039,737 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product Line: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Transmission, Distribution, and Substation |
|
$ |
323,087 |
|
$ |
— |
|
$ |
— |
|
|
$ |
323,087 |
Lighting and Transportation |
|
|
243,562 |
|
|
— |
|
|
— |
|
|
|
243,562 |
Coatings |
|
|
91,574 |
|
|
— |
|
|
(2,294 |
) |
|
|
89,280 |
Telecommunications |
|
|
58,400 |
|
|
— |
|
|
— |
|
|
|
58,400 |
Solar |
|
|
46,119 |
|
|
— |
|
|
(18 |
) |
|
|
46,101 |
Irrigation Equipment and Parts |
|
|
— |
|
|
254,310 |
|
|
(2,396 |
) |
|
|
251,914 |
Technology Products and Services |
|
|
— |
|
|
27,393 |
|
|
— |
|
|
|
27,393 |
Total sales |
|
$ |
762,742 |
|
$ |
281,703 |
|
$ |
(4,708 |
) |
|
$ |
1,039,737 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirteen weeks ended |
|||||||||||
|
|
Infrastructure |
|
Agriculture |
|
Intersegment |
|
Consolidated |
|||||
Geographical Market: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
587,313 |
|
$ |
140,981 |
|
$ |
(3,613 |
) |
|
$ |
724,681 |
International |
|
|
183,282 |
|
|
138,952 |
|
|
(619 |
) |
|
|
321,615 |
Total sales |
|
$ |
770,595 |
|
$ |
279,933 |
|
$ |
(4,232 |
) |
|
$ |
1,046,296 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product Line: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Transmission, Distribution, and Substation |
|
$ |
314,307 |
|
$ |
— |
|
$ |
— |
|
|
$ |
314,307 |
Lighting and Transportation |
|
|
246,123 |
|
|
— |
|
|
— |
|
|
|
246,123 |
Coatings |
|
|
91,120 |
|
|
— |
|
|
(1,818 |
) |
|
|
89,302 |
Telecommunications |
|
|
67,738 |
|
|
— |
|
|
— |
|
|
|
67,738 |
Solar |
|
|
51,307 |
|
|
— |
|
|
(619 |
) |
|
|
50,688 |
Irrigation Equipment and Parts |
|
|
— |
|
|
252,457 |
|
|
(1,795 |
) |
|
|
250,662 |
Technology Products and Services |
|
|
— |
|
|
27,476 |
|
|
— |
|
|
|
27,476 |
Total sales |
|
$ |
770,595 |
|
$ |
279,933 |
|
$ |
(4,232 |
) |
|
$ |
1,046,296 |
|
|||||||||||||
SUMMARY OPERATING RESULTS |
|||||||||||||
(Dollars in thousands) |
|||||||||||||
(Unaudited) |
|||||||||||||
|
|
Twenty-six weeks ended |
|||||||||||
|
|
Infrastructure |
|
Agriculture |
|
Intersegment |
|
Consolidated |
|||||
Geographical Market: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1,150,715 |
|
$ |
321,225 |
|
$ |
(9,152 |
) |
|
$ |
1,462,788 |
International |
|
|
335,641 |
|
|
219,213 |
|
|
(77 |
) |
|
|
554,777 |
Total sales |
|
$ |
1,486,356 |
|
$ |
540,438 |
|
$ |
(9,229 |
) |
|
$ |
2,017,565 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product Line: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Transmission, Distribution, and Substation |
|
$ |
648,343 |
|
$ |
— |
|
$ |
— |
|
|
$ |
648,343 |
Lighting and Transportation |
|
|
465,658 |
|
|
— |
|
|
— |
|
|
|
465,658 |
Coatings |
|
|
178,664 |
|
|
— |
|
|
(5,120 |
) |
|
|
173,544 |
Telecommunications |
|
|
112,361 |
|
|
— |
|
|
— |
|
|
|
112,361 |
Solar |
|
|
81,330 |
|
|
— |
|
|
(73 |
) |
|
|
81,257 |
Irrigation Equipment and Parts |
|
|
— |
|
|
487,430 |
|
|
(4,036 |
) |
|
|
483,394 |
Technology Products and Services |
|
|
— |
|
|
53,008 |
|
|
— |
|
|
|
53,008 |
Total sales |
|
$ |
1,486,356 |
|
$ |
540,438 |
|
$ |
(9,229 |
) |
|
$ |
2,017,565 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twenty-six weeks ended |
|||||||||||
|
|
Infrastructure |
|
Agriculture |
|
Intersegment |
|
Consolidated |
|||||
Geographical Market: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1,171,396 |
|
$ |
323,850 |
|
$ |
(8,987 |
) |
|
$ |
1,486,259 |
International |
|
|
335,305 |
|
|
288,246 |
|
|
(1,033 |
) |
|
|
622,518 |
Total sales |
|
$ |
1,506,701 |
|
$ |
612,096 |
|
$ |
(10,020 |
) |
|
$ |
2,108,777 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product Line: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Transmission, Distribution, and Substation |
|
$ |
629,127 |
|
$ |
— |
|
$ |
— |
|
|
$ |
629,127 |
Lighting and Transportation |
|
|
475,259 |
|
|
— |
|
|
— |
|
|
|
475,259 |
Coatings |
|
|
181,234 |
|
|
— |
|
|
(5,370 |
) |
|
|
175,864 |
Telecommunications |
|
|
135,875 |
|
|
— |
|
|
— |
|
|
|
135,875 |
Solar |
|
|
85,206 |
|
|
— |
|
|
(1,033 |
) |
|
|
84,173 |
Irrigation Equipment and Parts |
|
|
— |
|
|
551,638 |
|
|
(3,617 |
) |
|
|
548,021 |
Technology Products and Services |
|
|
— |
|
|
60,458 |
|
|
— |
|
|
|
60,458 |
Total sales |
|
$ |
1,506,701 |
|
$ |
612,096 |
|
$ |
(10,020 |
) |
|
$ |
2,108,777 |
|
||||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
||||||
(Dollars in thousands) |
||||||
(Unaudited) |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
2024 |
|
2023 |
||
ASSETS |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
163,142 |
|
$ |
203,041 |
Receivables, net |
|
|
703,255 |
|
|
657,960 |
Inventories |
|
|
633,232 |
|
|
658,428 |
Contract assets |
|
|
191,846 |
|
|
175,721 |
Prepaid expenses and other current assets |
|
|
92,560 |
|
|
92,479 |
Total current assets |
|
|
1,784,035 |
|
|
1,787,629 |
Property, plant, and equipment, net |
|
|
604,326 |
|
|
617,394 |
|
|
|
1,068,841 |
|
|
1,072,425 |
Total assets |
|
$ |
3,457,202 |
|
$ |
3,477,448 |
|
|
|
|
|
|
|
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS, |
|
|
|
|
|
|
AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Current installments of long-term debt |
|
$ |
569 |
|
$ |
719 |
Notes payable to banks |
|
|
1,876 |
|
|
3,205 |
Accounts payable |
|
|
353,729 |
|
|
358,311 |
Accrued expenses |
|
|
247,524 |
|
|
277,764 |
Contract liabilities |
|
|
68,811 |
|
|
70,978 |
Income taxes payable |
|
|
20,427 |
|
|
— |
Dividends payable |
|
|
12,098 |
|
|
12,125 |
Total current liabilities |
|
|
705,034 |
|
|
723,102 |
Long-term debt, excluding current installments |
|
|
1,017,543 |
|
|
1,107,885 |
Operating lease liabilities |
|
|
154,247 |
|
|
162,743 |
Other non-current liabilities |
|
|
62,648 |
|
|
66,646 |
Total liabilities |
|
|
1,939,472 |
|
|
2,060,376 |
Redeemable noncontrolling interests |
|
|
46,249 |
|
|
62,792 |
Shareholders' equity |
|
|
1,471,481 |
|
|
1,354,280 |
Total liabilities, redeemable noncontrolling interests, and shareholders' equity |
|
$ |
3,457,202 |
|
$ |
3,477,448 |
|
||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||||
(Dollars in thousands) |
||||||||
(Unaudited) |
||||||||
|
|
|
|
|
|
|
||
|
|
Twenty-six weeks ended |
||||||
|
|
|
|
|
||||
|
|
2024 |
|
2023 |
||||
Cash flows from operating activities: |
|
|
|
|
|
|
||
Net earnings |
|
$ |
189,579 |
|
|
$ |
161,143 |
|
Depreciation and amortization |
|
|
46,526 |
|
|
|
48,792 |
|
Contribution to defined benefit pension plan |
|
|
(18,009 |
) |
|
|
(15,259 |
) |
Gain on divestiture |
|
|
— |
|
|
|
(2,994 |
) |
Change in working capital |
|
|
(78,305 |
) |
|
|
(98,979 |
) |
Other |
|
|
14,352 |
|
|
|
16,843 |
|
Net cash flows from operating activities |
|
|
154,143 |
|
|
|
109,546 |
|
Cash flows from investing activities: |
|
|
|
|
|
|
||
Purchase of property, plant, and equipment |
|
|
(33,328 |
) |
|
|
(45,393 |
) |
Proceeds from divestiture, net of cash divested |
|
|
— |
|
|
|
6,369 |
|
Proceeds from property damage insurance claims |
|
|
— |
|
|
|
4,844 |
|
Other |
|
|
(3,176 |
) |
|
|
134 |
|
Net cash flows from investing activities |
|
|
(36,504 |
) |
|
|
(34,046 |
) |
Cash flows from financing activities: |
|
|
|
|
|
|
||
Net payments on short-term borrowings |
|
|
(1,275 |
) |
|
|
(4,693 |
) |
Proceeds from long-term borrowings |
|
|
15,009 |
|
|
|
165,012 |
|
Principal payments on long-term borrowings |
|
|
(105,349 |
) |
|
|
(84,105 |
) |
Dividends paid |
|
|
(24,239 |
) |
|
|
(24,376 |
) |
Purchase of redeemable noncontrolling interests |
|
|
(17,745 |
) |
|
|
— |
|
Purchase of treasury shares |
|
|
(14,941 |
) |
|
|
(135,115 |
) |
Other |
|
|
(2,335 |
) |
|
|
(10,877 |
) |
Net cash flows from financing activities |
|
|
(150,875 |
) |
|
|
(94,154 |
) |
Effect of exchange rates on cash and cash equivalents |
|
|
(6,663 |
) |
|
|
155 |
|
Net change in cash and cash equivalents |
|
|
(39,899 |
) |
|
|
(18,499 |
) |
Cash and cash equivalents—beginning of period |
|
|
203,041 |
|
|
|
185,406 |
|
Cash and cash equivalents—end of period |
|
$ |
163,142 |
|
|
$ |
166,907 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240724630474/en/
renee.campbell@valmont.com
Source: