Valmont Announces 20% Dividend Increase
February 25 2020 - 4:15PM
Business Wire
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
announced that its Board of Directors approved an increase to its
quarterly cash dividend to $0.45 cents per share, or a rate of
$1.80 per share on an annualized basis. This represents an increase
of 20% from the prior quarterly cash dividend of $0.375 cents per
share. The dividend will be payable on April 15, 2020 to
shareholders of record on March 27, 2020. The Company previously
increased the dividend in May 2014.
“In recognition of our strong balance sheet and confidence in
our ability to generate good cash flows throughout our business
cycles, we are pleased to announce a 20% increase in our quarterly
dividend,” said Stephen G. Kaniewski, President and Chief Executive
Officer. “In keeping with our capital allocation philosophy adopted
by our Board of Directors in 2014, we aim to strike a prudent
balance between returning excess capital to shareholders while
upholding the ability to fund continued growth, both organically
and through strategic acquisitions. We believe this dividend
increase demonstrates our commitment to deliver sustained,
long-term profitable growth for our shareholders.”
About Valmont Industries, Inc. Valmont® is a global
leader, designing and manufacturing engineered products that
support global infrastructure development and agricultural
productivity. Its products for infrastructure serve highway,
transportation, wireless communication, electric transmission, and
industrial construction and energy markets. Its irrigation
equipment and services for large-scale agriculture improve farm
productivity while conserving fresh water resources. In addition,
Valmont provides coatings services that protect against corrosion
and improve the service life of steel and other metal products. For
more information, visit 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 Securities and Exchange
Commission, as well as future economic and market circumstances,
industry conditions, company performance and financial results,
operating efficiencies, availability and price of raw material,
availability and market acceptance of new products, product
pricing, domestic and international competitive environments, and
actions and policy changes of domestic and foreign governments. The
Company cautions that any forward-looking statement included in
this press release is made as of the date of this press release and
the Company does not undertake to update any forward-looking
statement.
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version on businesswire.com: https://www.businesswire.com/news/home/20200225005952/en/
Renee Campbell
+1 402.963.1057
Valmont Industries (NYSE:VMI)
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