Financial Performance - Full-Year revenue reached 4.08billion,adecreaseof2.44.17 billion in the previous year[9] - Fourth Quarter net sales increased by 2.1% to 1.04billion,upfrom1.02 billion[5] - Operating income for the Fourth Quarter rose to 120.0million,representing11.663.5 million or 6.3% of net sales in the prior year[5] - Diluted earnings per share (EPS) for the Fourth Quarter increased to 3.84,asignificantriseof178.31.38 in the same quarter last year[5] - Operating cash flows surged by 66.9% to 193.4million,comparedto115.9 million in the previous year[5] - Net sales for the thirteen weeks ended December 28, 2024, were 1,037,294,anincreasefrom1,015,526 for the same period in 2023, representing a growth of 2.7%[25] - Gross profit for the thirteen weeks ended December 28, 2024, was 313,021,comparedto282,941 in the prior year, reflecting a 10.6% increase[25] - Operating income for the thirteen weeks ended December 28, 2024, reached 119,988,significantlyhigherthan63,548 in the same quarter of 2023, marking an increase of 88.6%[25] - Earnings per share (EPS) for the thirteen weeks ended December 28, 2024, were 3.88,comparedto1.39 for the same period in 2023, indicating a substantial increase of 179.1%[25] - The company reported a net earnings increase to 78,435forthethirteenweeksendedDecember28,2024,comparedto34,084 in the same quarter of 2023, a growth of 130.0%[25] - Net earnings for fiscal 2024 were 350,624thousand,significantlyupfrom144,912 thousand in fiscal 2023, indicating a year-over-year increase of approximately 142.5%[36] Segment Performance - Infrastructure segment sales grew by 2.1% to 763.6million,whileAgriculturesegmentsalesincreasedby2.3278.0 million[8][12] - The Infrastructure segment reported net sales of 760,848forthethirteenweeksendedDecember28,2024,upfrom745,713 in the prior year, a growth of 2.3%[27] - The Agriculture segment's net sales were 276,446forthethirteenweeksendedDecember28,2024,comparedto269,813 in the same period of 2023, reflecting a 2.4% increase[27] - Year-over-year net sales change shows a decline of 1.8% in Infrastructure and an increase of 5.4% in Agriculture, resulting in a consolidated change of (3.4)% to 3.1%[58] Future Outlook - The company projects 2025 net sales between 4.0billionand4.2 billion, with Agriculture net sales expected to decline by approximately 9.5% to 3.5%[16] - The company forecasts a net sales outlook midpoint of 4,100millionforfiscal2025,reflectinganexpectedincreaseofabout0.64,000,000 to 4,200,000,withalowendof3,025,000 in Infrastructure and 975,000inAgriculture[58]CapitalandInvestment−Capitalexpendituresfor2025areestimatedtobebetween140 million and 160million[16]−Thecompanyachievedareturnoninvestedcapitalof16.42,396,436[60] - Average invested capital decreased from 2,513,477to2,396,436 during the reporting period[60] Cash Flow and Assets - The company reported a net cash flow from operating activities of 572,678thousandforfiscal2024,upfrom306,775 thousand in fiscal 2023, indicating an increase of approximately 86.6%[36] - Cash and cash equivalents decreased to 164,315thousandinfiscal2024from203,041 thousand in fiscal 2023, a decline of about 19.1%[34] - Total current assets decreased from 1,787,629thousandinfiscal2023to1,683,392 thousand in fiscal 2024, a reduction of approximately 5.8%[34] - The company’s total assets decreased from 3,477,448thousandinfiscal2023to3,329,972 thousand in fiscal 2024, a reduction of approximately 4.3%[34] Liabilities and Equity - Total liabilities decreased from 2,060,376thousandinfiscal2023to1,736,359 thousand in fiscal 2024, a decline of about 15.7%[34] - The leverage ratio as of December 28, 2024, was 0.99, indicating a strong balance sheet position[52] Dividends and Shareholder Returns - Cash dividends per share remained stable at 0.60forboththethirteenweeksendedDecember28,2024,andDecember30,2023[25]−Dilutedearningspershareforfiscal2024were17.19, with an anticipated increase to 18.00forfiscal2025,representingagrowthofapproximately4.731,030 thousand for the thirteen weeks ended December 30, 2023, impacting future stock compensation[47] - Impairment of goodwill and other intangible assets amounted to 140,844thousandforthefifty−twoweeksendedDecember30,2023[46]−ThecompanyhasceasedconsideringhistoricaladjustmentsrelatedtoProsperaasrelevantforunderstandingtheAgriculturesegment′sperformancemovingforward[47]−Theeffectivetaxratefortheperiodisreportedat25.2392,534[60] - The impact of foreign exchange on net sales is estimated at $60,000 for both low and high ends in Infrastructure and Agriculture[58] - Net sales in constant currency show a year-over-year change of (0.4)% in Infrastructure and 6.6% in Agriculture, indicating a consolidated change of (1.1)% to 4.5%[58]
Valmont(VMI)2025-02-18 12:14