Core Viewpoint - The article highlights the proactive measures taken by Weinan City in Shaanxi Province to combat drought during the critical wheat growth period, ensuring agricultural irrigation and food security. Group 1: Drought Response Measures - Weinan City has initiated a Level IV emergency response to drought, mobilizing resources for effective water management and irrigation [1] - The East Lei Second Phase Pumping Project has implemented large-scale operations to maximize water extraction from the Yellow River, with 35 pumping stations operating at full capacity [1][4] - As of April 24, the irrigation area has reached 1.27 million acres, with a total of 120 million cubic meters of water diverted to support agricultural needs [4] Group 2: Infrastructure and Operations - The Luohe Aqueduct serves as a critical infrastructure for transporting Yellow River water to various irrigation channels and fields [2] - The current flow rate through the aqueduct has reached 24 cubic meters per second, reflecting the increased water allocation to combat drought [3] - Continuous monitoring and maintenance of pumping stations are being conducted to ensure reliable water supply for irrigation [4]

肯尼亚梅嫩加伊火山脚下，地热电站设施井然分布，绿色管道蜿蜒其中。"压力正常，温度正常。"肯尼 亚索西安地热电站机械工程师约瑟夫·卡马乌和往常一样，与中方运维团队一起巡查设备运行状态。 近年来，中肯两国不断深化务实合作，推进高质量共建"一带一路"，日益充实全面战略合作伙伴关系内 涵，为构建新时代中肯命运共同体贡献力量。 在肯尼亚，一列行驶在蒙内铁路上的货运列车穿过蒙巴萨 红树林。 本报记者 黄炜鑫摄 "为肯尼亚的绿色发展持续注入动能" 能源是工业化的基础。近年来，肯尼亚经济快速发展，电力需求随之攀升。为克服电力供应短缺问题， 开发清洁能源成为肯尼亚政府的重要举措。 卡马乌所在的索西安地热电站由中国开山集团总承包，于2023年6月底投产送电。这是非洲首个从设计 到建设、调试完全由中企独立完成的地热发电站。"中国技术先进，设备运行高效，可操作性更强。"卡 马乌说。 除了索西安地热电站，在肯尼亚，中企正在对奥尔卡里亚一期地热电站改造升级。作为非洲第一座地热 电站，1981年投入运营的奥尔卡里亚一期地热电站由于管道锈蚀、技术过时等原因，一度陷入无法正常 运营状态。2023年8月，中国电建山东电力建设第三工程有限公司正式 ...

Core Viewpoint - The article highlights the ongoing drought situation in Shaanxi province, emphasizing the urgent need for irrigation management and water supply to support agricultural activities, particularly wheat cultivation during the critical growth period. Group 1: Drought Situation and Response - Shaanxi province has been experiencing a continuous drought since the beginning of spring, prompting the provincial water resources department to initiate a level IV emergency response for drought prevention on April 16 [3] - The drought has led to a significant increase in irrigation demands, with farmers requiring additional water for their crops compared to previous years [5] - The local irrigation management teams are actively monitoring water levels and implementing strategies to optimize water usage, including the use of advanced irrigation techniques [6] Group 2: Irrigation Management Efforts - The management staff at the Fengjiashan Reservoir are conducting multiple inspections daily to ensure adequate irrigation flow during this critical period [2] - The irrigation management teams are employing a dynamic approach to develop and adjust irrigation plans based on soil moisture, crop planting structures, and expected water availability [3] - Various irrigation centers are collaborating to ensure efficient water distribution, with specific measures such as the implementation of a 24-hour duty system and the promotion of water-saving technologies [6] Group 3: Agricultural Impact - The agricultural sector, particularly wheat farming, is facing challenges due to the drought, with farmers reporting significant water needs for their crops [4] - The Shaanxi province has seen a shift in irrigation practices, with farmers now requiring two rounds of irrigation instead of one due to the dry conditions [5] - The local cooperative managing 1,570 acres of wheat has expressed gratitude for timely water supply adjustments, which are crucial for maintaining stable grain production [3]

Financial Data and Key Metrics Changes - For the fourth quarter, net sales reached $1 billion, an increase of 2.1%, while operating income rose nearly 20% to $120 million, resulting in an operating margin of 11.6% [25][26] - Full year net sales decreased by 2.4% to $4.1 billion, but operating income increased by 10.9% to $525 million, with operating margins improving by 160 basis points to 12.9% [30][38] - Earnings per share for the fourth quarter was $3.84, up nearly 21%, and for the full year, it reached a record $17.19, improving nearly 15% [30][38] Business Line Data and Key Metrics Changes - Infrastructure segment sales increased by 2.1% in Q4, with operating income growing 24% to $122 million, driven by utility and telecom growth, while lighting and transportation sales declined by 2.5% [26][27] - Agriculture segment sales rose by 2.3% in Q4, with North America experiencing slight volume declines, but international sales increased nearly 10% [28][29] Market Data and Key Metrics Changes - Utility markets are strong, driven by increased CapEx spending due to energy demand, with Valmont positioned to capitalize on these trends [14][19] - North American agriculture market conditions are stable, but cash receipts for corn and soybeans are projected to decline by 4% to 6% [20][21] Company Strategy and Development Direction - The company aims to optimize capacity to meet growing demand, particularly in the utility market, and is investing in new capabilities and capacity [9][10] - Valmont is focusing on profitable growth, operational excellence, and customer-driven innovation to enhance its market position [6][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate market challenges and achieve long-term sustainable value creation [13][39] - The outlook for 2025 includes projected net sales between $4 billion and $4.2 billion, with diluted earnings per share expected to grow by 5% at the midpoint [31][32] Other Important Information - The company plans to allocate 50% of operating cash flows towards growth investments and 50% to shareholder returns, with a new $700 million buyback authorization [35][36] - A 13% increase in the quarterly dividend was approved, reflecting the company's commitment to delivering shareholder value [38] Q&A Session Summary Question: Can you discuss the agriculture market's performance and the impact of foreign exchange? - Management noted that both North America and Brazil face challenges due to corn and soy prices, but there is strong activity in the North Africa EMEA region [42] Question: What are the expectations for operating margins in 2025? - Management indicated that there are opportunities for margin improvement through operational efficiencies and cost management, aiming for mid-teens margins in the long term [45][46] Question: How are tariffs factored into the guidance? - The company has accounted for the impact of tariffs in its guidance, focusing on pricing strategies and operational adjustments to mitigate costs [54][60] Question: Can you elaborate on the capital allocation priorities? - The company plans to increase CapEx to approximately $150 million, focusing on capacity expansion and efficiency improvements [62][64] Question: What is the outlook for the utility segment and new capabilities? - Management highlighted strong demand in the utility sector, particularly for substations, and ongoing innovation to enhance product offerings [81][96]