Valmont(US:VMI)2024-10-23 16:31Q3 2024 Financial Performance - Valmont's net sales were $1.02 billion, a decrease of 2.9% year-over-year[6, 14] - The operating margin increased year-over-year to 12.3%[6, 14] - Operating cash flows were strong at $225 million for Q3 2024, bringing the year-to-date total to $379 million[6, 27] Segment Results - Infrastructure sales increased by 0.5% to $758.6 million in Q3 2024[16] - Utility segment sales increased by 14.9% to $342.4 million[18] - Lighting and Transportation (L&T) sales decreased by 9.3% to $229.2 million[18] - Solar sales decreased significantly by 38.1% to $34.6 million due to project deselection[18] - Agriculture sales decreased by 11.1% to $265.3 million in Q3 2024[6, 21] - North America agriculture sales decreased by 5.4% to $120 million[23] - International agriculture sales decreased by 15.3% to $145.3 million[23] Capital Allocation and Liquidity - Year-to-date capital deployment totaled $145 million, including $55 million in share repurchases and $36 million in dividends[29] - The company reduced borrowings on its revolving line of credit by $120 million during the quarter[27] - Available liquidity was $832 million, including $200 million in cash and $632 million available under the revolving credit facility[26, 27] 2024 Outlook - Valmont reaffirmed its 2024 outlook, expecting a net sales change of -3.5% to -1.5% year-over-year and GAAP diluted EPS of $16.50 to $17.30[31] - Infrastructure net sales are expected to be flat to up 1.5% year-over-year[31] - Agriculture net sales are expected to be down 10.0% to 15.0% year-over-year[31]