Valmont Announces 11% Dividend Increase
February 23 2021 - 4:14PM
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 $0.50 per share, or a rate of $2.00 per
share on an annualized basis. This represents an increase of 11%
from the prior quarterly cash dividend of $0.45 per share. The
dividend will be payable on April 15, 2021 to shareholders of
record on March 26, 2021. The Company previously increased the
dividend by 20% in February 2020.
“I am pleased to announce another increase in our dividend,
reflecting our continued confidence in the strength of our cash
flows throughout our business cycles, and delivering strong returns
to our shareholders,” said Stephen G. Kaniewski, President and
Chief Executive Officer. “We remain committed to strengthening our
organization for the future by investing in the sustained,
long-term growth of our business, both organically and through
strategic acquisitions, while upholding our balanced capital
allocation philosophy of returning additional capital to our
shareholders.”
About Valmont Industries, Inc.
Valmont is a global leader, designing and manufacturing
engineered products and services 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, the
continuing and developing effects of COVID-19 including the effects
of the outbreak on the general economy and the specific economic
effects on the Company’s business and that of its customers and
suppliers, 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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Renee Campbell +1.402.963.1057
Valmont Industries (NYSE:VMI)
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