OMAHA, Neb. - Valmont (NYSE:VMI) Industries, Inc. (NYSE: VMI), known for providing essential infrastructure and agricultural technology, has announced the immediate appointment of Thomas Liguori as Executive Vice President and Chief Financial Officer. Liguori, with over three decades of financial expertise, will oversee the company's global finance and accounting operations, directly reporting to President and CEO Avner M. Applbaum.
Liguori brings to Valmont a history of leadership roles, including his recent position as CFO of Fortna LLC, and prior to that, as CFO of Avnet (NASDAQ:AVT), a Fortune 200 enterprise. His tenure at Avnet was marked by pivotal contributions to the company's growth and profitability, emphasizing operational efficiency and improved working capital.
Applbaum expressed confidence in Liguori's ability to drive strategy and value creation, noting his track record in global financial management and capital allocation. Liguori himself highlighted Valmont's legacy of innovation and his eagerness to contribute to its ongoing growth and operational efficiency.
The new CFO is well-credentialed, holding a Bachelor of Science from Boston University, an MBA from Arizona State University, and completion of the Stanford University Strategic CFO Program. His commitment to mentorship is evident through his role as an adjunct professor and his status as a Certified Management Accountant and NACD Board Leadership Fellow.
In parallel, Valmont confirmed Timothy P. Francis, the interim CFO since July 2023, will continue with the company as Chief Accounting Officer under Liguori's leadership. Applbaum praised Francis for his dedication and performance during his interim tenure.
This leadership change is part of Valmont's broader commitment to enhancing infrastructure and agricultural productivity through innovation, a mission it has pursued for over 75 years.
This announcement is based on a press release statement and contains forward-looking statements subject to risks, uncertainties, and other factors that could affect Valmont's actual financial results. The company advises that these statements are not guarantees of future performance and that actual outcomes may differ materially from those projected.
In other recent news, Valmont Industries reported its second-quarter 2024 results, revealing an expansion in operating margins to 14.2% and an increase in diluted earnings per share to $4.91. Despite a sales decline in the Infrastructure segment due to product mix shifts and decreased volumes in telecom and solar, the company has raised its earnings outlook. The Agriculture segment saw a slight increase in North American sales due to demand for replacement equipment after severe storms, but international sales softened, particularly in Brazil.
Valmont Industries reported $1 billion in net sales, an increase in operating income to $147.3 million, and an improved operating margin. The company's 2024 outlook predicts a sales decline of 1.5% to 3.5%, but it remains committed to managing costs, cash flow, and strategic capital allocation. The company is also focusing on growth in utility, transportation, and solar industries.
In addition, Valmont Industries has surpassed its environmental targets as part of its successful sustainability initiatives. The company is also optimizing its acquisition pipeline and leveraging Prospera's AI and machine learning talent across various business aspects. These are among the recent developments in the company's continuous efforts towards innovation, operational excellence, and strategic investments.
InvestingPro Insights
As Valmont Industries embraces a new chapter with Thomas Liguori as the Executive Vice President and Chief Financial Officer, the company's financial health and strategic prospects remain a focal point for investors. According to recent data from InvestingPro, Valmont Industries is currently trading at a high earnings multiple, with a P/E ratio at 34.81, signaling investor confidence in the company's future earnings potential. This is further evidenced by a P/E ratio adjusted for the last twelve months as of Q2 2024, which stands at a more moderate 19.79.
The company's commitment to shareholder returns is reflected in its consistent dividend payments, having maintained them for an impressive 46 consecutive years. Moreover, Valmont has raised its dividend for four consecutive years, underscoring its financial stability and commitment to providing value to its shareholders.
On the operational front, Valmont's gross profit margin for the last twelve months as of Q2 2024 is healthy at 29.99%, which aligns with the company's focus on growth and operational efficiency that Liguori is set to further enhance. The company's market capitalization stands at $5.75 billion, indicative of its substantial presence within the industry.
For those looking to delve deeper into Valmont's financial metrics and strategic insights, InvestingPro offers additional InvestingPro Tips, including the company's growth expectations and analyst predictions. In fact, there are 11 more InvestingPro Tips available, which provide a comprehensive outlook on Valmont's financial health and market position.
Valmont's strategic focus on innovation and productivity, paired with Liguori's financial acumen, presents a promising synergy for the company's future. Investors interested in a more detailed analysis can explore the full range of insights at InvestingPro.
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