Valmont Industries, Inc. (NYSE: VMI), a global leader that
provides vital infrastructure and advances agricultural
productivity while driving innovation through technology, today
reported financial results for the first quarter ended April 1,
2023.
First Quarter 2023 Highlights (all metrics compared to
First Quarter 2022 unless otherwise noted)
- Achieved record first quarter Net Sales, Operating Income and
Diluted Earnings per Share (“EPS”)
- Net Sales of $1.1 billion increased 8.3%; excluding 2022
“Other” segment, Net Sales increased 10.4%1
- Operating Income increased 24.9% to $118.5 million, or 11.1% of
net sales (increased 23.4% to $122.1 million or 11.5% adjusted1)
compared to $94.8 million or 9.7% of net sales ($99.0 million or
10.1% adjusted1); excluding 2022 “Other” segment, Operating Income
growth was similar
- Diluted EPS grew to $3.47 ($3.61 adjusted1) compared to $2.90
($3.07 adjusted1)
- Generated seasonally strong operating cash flows of $21.2
million compared to $2.7 million in 2022
- Secured an $85 million order to provide mechanized irrigation
equipment and innovative technology for multiple agriculture
development projects in Africa
- Backlog of $1.6 billion, reflecting continued strong market
demand across the portfolio
- Announced a $400 million share repurchase reauthorization with
no expiration and a 9% quarterly dividend increase, from $0.55 to
$0.60 ($2.20 to $2.40 annualized); repurchased 356,900 shares of
company stock for $111.1 million
- Effective tax rate of 30.3%, driven by the geographic mix of
earnings
1Please see Reg G reconciliation to GAAP measures at end of
document
Key Financial Metrics
First Quarter 2023
GAAP
Adjusted1
(000's except per share amounts)
04/01/2023
03/26/2022
04/01/2023
03/26/2022
Q1 2023
Q1 2022
vs. Q1 2022
Q1 2023
Q1 2022
vs. Q1 2022
Net Sales
$
1,062,481
$
980,820
8.3
%
$
1,062,481
$
962,166
10.4
%
Operating Income
118,466
94,842
24.9
%
122,125
98,985
23.4
%
Operating Income as a % of Net Sales
11.1
%
9.7
%
11.5
%
10.3
%
Net Earnings
74,540
62,311
19.6
%
77,653
65,888
17.9
%
Diluted Earnings Per Share
$
3.47
$
2.90
19.7
%
$
3.61
$
3.07
17.6
%
Average Shares Outstanding
21,512
21,492
21,512
21,492
“We delivered record results in our first quarter, demonstrating
continued growth and outstanding performance as we provide
innovative solutions to our customers,” said Stephen G. Kaniewski,
President and Chief Executive Officer. “Driven by strong end market
demand, the solid execution and operational excellence of our
global teams, and our commitment to disciplined pricing strategies,
we achieved significant operating income growth and margin
expansion in both segments. We are executing our growth strategies
while meeting growing market demand through investments in
incremental capacity and technology solutions to better serve our
customers. Across global infrastructure markets, we are seeing
strong, multi-year demand for our products and solutions that
support our customers’ critical infrastructure buildouts and energy
transition initiatives. Underlying agricultural market
fundamentals, particularly in South America, continue to be
favorable as global commodity prices remain elevated and 2023 net
farm income levels in North America are projected to remain above
historical averages. Our teams around the world remain committed to
providing our customers with vital infrastructure products and
solutions to enhance agricultural productivity with an unwavering
focus on price leadership and shareholder value creation.”
First Quarter 2023 Segment Review
Infrastructure
(68.9% of Net Sales)
Products and solutions to serve the infrastructure markets of
utility, solar, lighting, transportation, and telecommunications,
and coatings services to preserve metal products
Sales of $736.1 million grew 11.2% year-over-year, with
double-digit sales growth in nearly all product lines, led by
Transmission, Distribution and Substation (TD&S) and Solar
(formerly Renewable Energy). Higher sales were driven by favorable
pricing globally, higher volumes, notably in the Lighting and
Transportation (L&T) and Solar product lines, and sales from
the ConcealFab acquisition.
Operating Income improved to $94.4 million or 12.9% of net sales
compared to $78.3 million or 11.9% of net sales in first quarter
2022, driven by favorable pricing and higher volumes.
Agriculture
(31.1% of Net Sales)
Center pivot components and linear irrigation equipment for
agricultural markets, including parts and tubular products;
advanced technology solutions for precision agriculture
Sales of $332.2 million increased 8.3% year-over-year, with
sales growth led by higher average selling prices of irrigation
equipment globally. International sales were significantly higher,
led by a record first quarter in Brazil and higher Middle East
sales. North America sales were similar to last year despite first
quarter 2022 benefiting from the delivery of record year-end
backlog. Sales of agriculture technology products and services
globally were higher.
Operating Income improved to $53.3 million, or 16.1% of net
sales ($57.0 million or 17.2% adjusted1) compared to $37.5 million
or 12.4% of net sales ($41.6 million or 13.7% adjusted1) in first
quarter 2022. The benefit of higher average selling prices and
additional volume leverage were partially offset by higher
SG&A, including incremental R&D expense for technology
investments.
Other
Offshore wind energy structures business
As previously announced, the divestiture of the offshore wind
energy structures business was completed in December 2022. In the
first quarter of 2022, the subsequently-divested business generated
sales of $18.7 million and an operating loss of $0.8 million.
Balance Sheet, Liquidity, and
Capital Allocation
The Company generated strong first quarter 2023 operating cash
flows of $21.2 million through record earnings and effectively
managing working capital while supporting sales growth. At the end
of the first quarter, cash and cash equivalents were $172.9
million. This quarter, Valmont announced an additional $400.0
million share repurchase authorization with no expiration and
repurchased $111.1 million of company stock, with $370.3 million
remaining on the share repurchase program. During the quarter,
Moody's reaffirmed the Company's Baa3/Stable credit rating.
Updating 2023 Full Year Financial
Outlook and Key Assumptions
The Company is raising its full-year diluted earnings per share
outlook from the previous indications that were communicated last
quarter and is providing updated key assumptions for the year.
2023 Full Year Financial
Outlook
Previous Outlook
Revised Outlook
Net Sales Growth (vs. PY)
4% to 7%
No Change
GAAP Diluted Earnings per Share
$14.70 to $15.25
$14.80 to $15.35
Adjusted Diluted Earnings per Share1
$15.35 to $15.90
$15.45 to $16.00
- 2022 sales include the offshore wind energy structures business
which was divested at the end of fiscal 2022
- Effective tax rate of 28% to 29%, primarily due to expected
geographic mix of earnings
- Minimal expected foreign currency translation impact to net
sales
- Capital expenditures expected to be in the range of $105 to
$125 million to support strategic growth and digital transformation
initiatives
- Continued elevated inflation, raw material costs aligned with
current price projections, and ongoing R&D investments
Kaniewski continued, “We are excited about the opportunity to
support our customers and drive multi-year profitable growth by
capitalizing on the strong market drivers across our businesses.
These factors, along with our proven track record of execution and
a backlog of $1.6 billion, give us confidence in our 2023 outlook.
The long-term need for critical infrastructure investment globally
is supporting multi-year market growth trends. Favorable global
agriculture market trends, strong international markets and
increasing adoption of innovative technology solutions are
supporting growth for our Agriculture business. Looking ahead to
the second quarter, we expect difficult sales comparisons in the
Agriculture segment due to international project timing and last
year’s ongoing delivery of considerable levels of backlog.
Operating margin levels are expected to continue across the
portfolio for second quarter and full year due to better price/cost
alignment. We will continue to execute pricing strategies to manage
broad-based inflation and leverage the strength of our global
supply chain to deliver innovative products and solutions to our
customers. Our balance sheet remains strong, giving us the
flexibility to execute our long-term strategic plan. Our strategy
remains focused on long-term profitable growth with an
organizational emphasis on return on invested capital and
operational excellence as we invest to meet the future needs of our
customers and deliver value to our stakeholders.”
A live audio discussion with Stephen G. Kaniewski, President and
Chief Executive Officer, and Avner M. Applbaum, Executive Vice
President and Chief Financial Officer, will be accessible by
telephone on Friday, April 21, 2023 at 8:00 a.m. CDT by dialing
1-877-407-6184 or 1-201-389-0877 (no Conference ID needed), or via
webcast by pointing browsers to this link: Valmont Industries 1Q
2023 Earnings Conference Call. A slide presentation will
simultaneously be available for download on the Investors page of
valmont.com. A replay of the event can be accessed three hours
after the call at the above link or by telephone at 1-877-660-6853
or 1-201-612-7415. Please use access code 13734763. The replay will
be available through 10:59 p.m. CDT on Friday, April 28, 2023.
About Valmont Industries, Inc.
For over 75 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, the
continuing and developing effects of the pandemic 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, geopolitical risks, 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.
VALMONT INDUSTRIES, INC. AND
SUBSIDIARIES
CONDENSED CONSOLIDATED
STATEMENTS OF EARNINGS
(Dollars in thousands, except per
share amounts)
(unaudited)
First Quarter
13 Weeks Ended
04/01/2023
03/26/2022
Net sales
$
1,062,481
$
980,820
Cost of sales
753,896
731,634
Gross profit
308,585
249,186
Selling, general, and administrative
expenses
190,119
154,344
Operating income
118,466
94,842
Other income (expense)
Interest expense
(13,105
)
(11,263
)
Interest income
830
227
Gain (loss) on investments -
unrealized
1,194
(1,063
)
Other
(2,376
)
3,642
Other income (expense), net
(13,457
)
(8,457
)
Earnings before income taxes
105,009
86,385
Income tax expense
31,843
23,121
Equity in loss of nonconsolidated
subsidiaries
(821
)
(358
)
Net earnings
72,345
62,906
Less: Loss (earnings) attributable to
non-controlling interests
2,195
(595
)
Net earnings attributable to Valmont
Industries, Inc.
$
74,540
$
62,311
Average shares outstanding (000's) -
Basic
21,269
21,279
Earnings per share - Basic
$
3.50
$
2.93
Average shares outstanding (000's) -
Diluted
21,512
21,492
Earnings per share - Diluted
$
3.47
$
2.90
Cash dividends per share
$
0.60
$
0.55
VALMONT INDUSTRIES, INC. AND
SUBSIDIARIES
SUMMARY OPERATING
RESULTS
(Dollars in thousands)
(Unaudited)
First Quarter
13 Weeks Ended
04/01/2023
03/26/2022
Net sales
Infrastructure
$
736,106
$
662,072
Agriculture
332,163
306,580
Other
—
18,654
Total
1,068,269
987,306
Less: Intersegment sales
(5,788
)
(6,486
)
Total
$
1,062,481
$
980,820
Operating Income (Loss)
Infrastructure
$
94,352
$
78,316
Agriculture
53,323
37,475
Other
—
(809
)
Corporate
(29,209
)
(20,140
)
Total
$
118,466
$
94,842
Valmont has aggregated its business segments into two global
reportable segments as follows.
Infrastructure: This segment consists of the manufacture
and distribution of products and solutions to serve the
infrastructure markets of utility, solar, lighting, transportation,
and telecommunications, and coatings services to preserve metal
products.
Agriculture: This segment consists of the manufacture of
center pivot components and linear irrigation equipment for
agricultural markets, including parts and tubular products, and
advanced technology solutions for precision agriculture.
In addition to these two reportable segments, the Company had a
business and related activities in 2022 that were not more than 10%
of consolidated sales, operating income, or assets. This included
the offshore wind energy structures business which was reported in
the “Other” segment until its divestiture in December 2022.
VALMONT INDUSTRIES, INC. AND
SUBSIDIARIES
SUMMARY OPERATING
RESULTS
(Dollars in thousands)
(Unaudited)
Thirteen weeks ended April 1,
2023
Intersegment
Infrastructure
Agriculture
Other
Sales
Consolidated
Geographical market:
North America
$
584,083
$
182,869
$
—
$
(5,374
)
$
761,578
International
152,023
149,294
—
(414
)
300,903
Total
$
736,106
$
332,163
$
—
$
(5,788
)
$
1,062,481
Product line:
Transmission, Distribution, and
Substation
$
314,820
$
—
$
—
$
—
$
314,820
Lighting and Transportation
229,136
—
—
—
229,136
Coatings
90,114
—
—
(3,552
)
86,562
Telecommunications
68,137
—
—
—
68,137
Solar
33,899
—
—
(414
)
33,485
Irrigation Equipment and Parts, excluding
Technology
—
299,181
—
(1,822
)
297,359
Technology Products and Services
—
32,982
—
—
32,982
Total
$
736,106
$
332,163
$
—
$
(5,788
)
$
1,062,481
Thirteen weeks ended March 26,
2022
Intersegment
Infrastructure
Agriculture
Other
Sales
Consolidated
Geographical market:
North America
$
505,980
$
182,255
$
—
$
(6,486
)
$
681,749
International
156,092
124,325
18,654
—
299,071
Total
$
662,072
$
306,580
$
18,654
$
(6,486
)
$
980,820
Product line:
Transmission, Distribution, and
Substation
$
281,600
$
—
$
—
$
—
$
281,600
Lighting and Transportation
212,767
—
—
—
212,767
Coatings
81,976
—
—
(3,101
)
78,875
Telecommunications
61,396
—
—
—
61,396
Solar
24,333
—
18,654
—
42,987
Irrigation Equipment and Parts, excluding
Technology
—
278,034
—
(3,385
)
274,649
Technology Products and Services
—
28,546
—
—
28,546
Total
$
662,072
$
306,580
$
18,654
$
(6,486
)
$
980,820
VALMONT INDUSTRIES, INC. AND
SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE
SHEETS
(Dollars in thousands)
(unaudited)
04/01/2023
12/31/2022
ASSETS
Current assets:
Cash and cash equivalents
$
172,948
$
185,406
Accounts receivable, net
650,041
604,181
Inventories
725,360
728,762
Contract assets
159,785
174,539
Prepaid expenses and other assets
107,365
87,697
Total current assets
1,815,499
1,780,585
Property, plant, and equipment, net
598,848
595,578
Goodwill and other assets
1,190,145
1,180,833
$
3,604,492
$
3,556,996
LIABILITIES AND
SHAREHOLDERS' EQUITY
Current liabilities:
Current installments of long-term debt
$
1,165
$
1,194
Notes payable to banks
11,436
5,846
Accounts payable
368,576
360,312
Accrued expenses
211,112
248,320
Contract liabilities
156,333
172,915
Income taxes payable
20,093
3,664
Dividends payable
12,634
11,742
Total current liabilities
781,349
803,993
Long-term debt, excluding current
installments
985,636
870,935
Operating lease liabilities
151,219
155,469
Other long-term liabilities
87,888
84,887
Shareholders' equity
1,598,400
1,641,712
$
3,604,492
$
3,556,996
VALMONT INDUSTRIES, INC. AND
SUBSIDIARIES
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(Dollars in thousands)
(unaudited)
13 Weeks Ended
13 Weeks Ended
04/01/2023
03/26/2022
Cash flows
from operating activities
Net earnings
$
72,345
$
62,906
Depreciation and amortization
24,558
23,884
Contribution to defined benefit pension
plan
(15,259
)
—
Change in working capital
(83,206
)
(91,929
)
Other
22,761
7,842
Net cash flows provided by operating
activities
21,199
2,703
Cash flows
from investing activities
Purchase of property, plant, and
equipment
(22,361
)
(27,095
)
Other
572
(2,005
)
Net cash flows used in investing
activities
(21,789
)
(29,100
)
Cash flows
from financing activities
Proceeds from long-term borrowings
125,000
97,000
Principal payments on long-term
borrowings
(10,796
)
(82,529
)
Net proceeds (payments) on short-term
borrowings
5,302
(5,562
)
Purchase of treasury shares
(111,115
)
—
Dividends to noncontrolling interests
(654
)
—
Dividends paid
(11,742
)
(10,616
)
Other
(9,004
)
(1,814
)
Net cash flows used in financing
activities
(13,009
)
(3,521
)
Effect of exchange rates on cash and cash
equivalents
1,141
2,386
Net change in cash and cash
equivalents
(12,458
)
(27,532
)
Cash and cash equivalents - beginning of
year
185,406
177,232
Cash and cash equivalents - end of
period
$
172,948
$
149,700
VALMONT INDUSTRIES, INC. AND SUBSIDIARIES
SUMMARY OF EFFECT OF ITEMS ON REPORTED RESULTS REGULATION
G RECONCILIATION (Dollars in thousands, except per share
amounts) (unaudited)
The non-GAAP tables below disclose the impact of intangible
asset amortization (Prospera) and stock-based compensation
recognized for the Prospera employees on fiscal 2023 and 2022
results. We believe the adjustments for Prospera allow for a better
investor understanding of Agriculture segment performance related
to traditional segment products. Amounts may be impacted by
rounding. We believe it is useful when considering company
performance for the non-GAAP adjusted net earnings and operating
income to be taken into consideration by management and investors
with the related reported GAAP measures.
Thirteen
Diluted
weeks ended
earnings per
April 1, 2023
share
Net earnings attributable to Valmont
Industries, Inc. - as reported
$
74,540
$
3.47
Prospera intangible asset amortization
1,645
0.08
Stock-based compensation - Prospera
2,014
0.09
Total Adjustments, pre-tax1
3,659
0.17
Tax effect of adjustments2
(546
)
(0.03
)
Net earnings attributable to Valmont
Industries, Inc. - Adjusted1
$
77,653
$
3.61
Average shares outstanding (000’s) -
Diluted
21,512
Thirteen
Diluted
weeks ended
earnings per
March 26, 2022
share
Net earnings attributable to Valmont
Industries, Inc. - as reported
$
62,311
$
2.90
Prospera intangible asset amortization
1,645
0.08
Stock-based compensation - Prospera
2,498
0.12
Total Adjustments, pre-tax1
4,143
0.19
Tax effect of adjustments2
(566
)
(0.03
)
Net earnings attributable to Valmont
Industries, Inc. - Adjusted1
$
65,888
$
3.07
Average shares outstanding (000’s) -
Diluted
21,492
1Earnings per share includes rounding
2The tax effect of adjustments is
calculated based on the income tax rate in each applicable
jurisdiction.
VALMONT INDUSTRIES, INC. AND SUBSIDIARIES
SUMMARY OF EFFECT OF SIGNIFICANT NON-RECURRING ITEMS ON REPORTED
RESULTS REGULATION G RECONCILIATION (Dollars in
thousands, except per share amounts) (unaudited)
The non-GAAP tables below disclose the impact of intangible
asset amortization (Prospera) and stock-based compensation
recognized for the Prospera employees on fiscal 2023 and 2022
results. We believe the adjustments for Prospera allow for a better
investor understanding of Agriculture segment performance related
to traditional segment products. Amounts may be impacted by
rounding. We believe it is useful when considering company
performance for the non-GAAP adjusted net earnings and operating
income to be taken into consideration by management and investors
with the related reported GAAP measures.
Thirteen weeks ended April 1,
2023
Operating Income Reconciliation
Infrastructure
Agriculture
Other
Corporate
Valmont
Operating income - as reported
$
94,352
$
53,323
$
—
$
(29,209
)
$
118,466
Prospera intangible asset amortization
—
1,645
—
—
1,645
Stock-based compensation - Prospera
—
2,014
—
—
2,014
Adjusted Operating Income
$
94,352
$
56,982
$
—
$
(29,209
)
$
122,125
Net Sales - as reported
732,140
330,341
—
—
1,062,481
Operating Income as a % of Net Sales
12.9
%
16.1
%
NM
NM
11.1
%
Adj. Operating Income as a % of Net
Sales
12.9
%
17.2
%
NM
NM
11.5
%
Thirteen weeks ended March 26,
2022
Operating Income Reconciliation
Infrastructure
Agriculture
Other
Corporate
Valmont
Operating income - as reported
$
78,316
$
37,475
$
(809
)
$
(20,140
)
$
94,842
Prospera intangible asset amortization
—
1,645
—
—
1,645
Stock-based compensation - Prospera
—
2,498
—
—
2,498
Adjusted Operating Income
$
78,316
$
41,618
$
(809
)
$
(20,140
)
$
98,985
Net Sales - as reported
658,971
303,195
18,654
—
980,820
Operating Income as a % of Net Sales
11.9
%
12.4
%
(4.3
)
%
NM
9.7
%
Adj. Operating Income as a % of Net
Sales
11.9
%
13.7
%
(4.3
)
%
NM
10.1
%
VALMONT INDUSTRIES, INC. AND SUBSIDIARIES
REGULATION G RECONCILIATION OF EXCLUDING OTHER SEGMENT NET
SALES (Dollars in thousands, except per share amounts)
(unaudited)
Excluding Other segment net sales from the first quarter of
fiscal 2022, which we refer to in this reconciliation as “Adjusted
Net Sales” is a non-GAAP measure. The Other segment net sales were
generated by the wind energy structures business which was divested
in December 2022. Adjusted Net Sales should not be considered in
isolation or as a substitute for net earnings, cash flows from
operations or other income or cash flow data prepared in accordance
with GAAP, or as a measure of our operating performance or
liquidity. The table below shows how Adjusted Net Sales is
calculated from our statements of earnings. Adjusted Net Sales is
calculated as Net Sales less Other segment net sales. Adjusted Net
Sales allows investors to analyze our operating performance in
light of the amount of net sales less net sales of a divested
business.
13 Weeks Ended
13 Weeks Ended
04/01/2023
03/26/2022
% Change
Net sales
$
1,062,481
$
980,820
8.3%
Other segment net sales
—
18,654
NM
Adjusted net sales
$
1,062,481
$
962,166
10.4%
VALMONT INDUSTRIES, INC. AND SUBSIDIARIES
REGULATION G RECONCILIATION OF FORECASTED GAAP AND ADJUSTED
EARNINGS (Dollars in thousands, except per share amounts)
The non-GAAP tables below disclose the impact on the range of
estimated diluted earnings per share of the (1) amortization of the
intangible asset (Prospera) and (2) stock-based compensation for
Prospera employees. We believe the adjustments for Prospera allow
for a better investor understanding of Agriculture segment
performance related to traditional segment products. We believe it
is useful when considering company performance for the non-GAAP
adjusted net earnings to be taken into consideration by management
and investors with the related reported GAAP measures.
Reconciliation of
Range of Net Earnings - 2023 Guidance
Low End
High End
Adjustments
Estimated net earnings - GAAP
$
318,250
$
330,050
Prospera intangible asset (proprietary
technology) amortization, pre-tax
6,600
Stock-based compensation - Prospera,
pre-tax
9,800
Total pre-tax adjustments
16,400
Estimated tax benefit from above
expenses1
(2,450
)
Total Adjustments, after-tax
$
13,950
Estimated net earnings - Adjusted
$
332,200
$
344,000
Diluted Earnings Per Share Range -
GAAP2
$
14.80
$
15.35
Diluted Earnings Per Share Range -
Adjusted2
$
15.45
$
16.00
_______________
1 The tax effect of adjustments is
calculated based on the estimated income tax rate in each
applicable jurisdiction.
2 Assumes weighted average shares
outstanding of 21.5M, and includes rounding
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230420005917/en/
Renee Campbell renee.campbell@valmont.com
Valmont Industries (NYSE:VMI)
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