OMAHA, NE - Valmont (NYSE:VMI) Industries, Inc. (NYSE:VMI), a prominent player in the fabricated structural metal products sector, announced today the appointment of Thomas Liguori as Executive Vice President and Chief Financial Officer. Liguori brings over three decades of financial expertise to Valmont, with a background that includes CFO roles at several public companies.
Liguori, 66, joins Valmont following his tenure from December 2022 to March 2024 as CFO of Fortna LLC, a company specializing in the design and construction of advanced distribution centers. Prior to that, from January 2018 to September 2022, he served as the CFO of Avnet (NASDAQ:AVT), Inc., a global distributor and solutions provider in the technology sector.
The announcement comes as Timothy P. Francis, who has been serving as Valmont's Interim Chief Financial Officer since July 2023, will continue with the company in his role as Chief Accounting Officer. Details regarding Liguori’s compensation package were provided in the company's filing, specifically in Exhibit 99.1.
Valmont Industries, with headquarters at 15000 Valmont Plaza, Omaha, Nebraska, operates under the organizational name of 04 Manufacturing and is incorporated in Delaware. This strategic executive move is part of the company's ongoing efforts to strengthen its leadership team and financial operations.
The information disclosed is based on a press release statement filed with the SEC and does not include any additional commentary or speculation regarding the impact of this appointment on Valmont Industries or the broader industry.
In financial highlights, Valmont recently reported second-quarter 2024 results, revealing an increase 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, the company has raised its earnings outlook. The Agriculture segment saw a slight increase in North American sales, but international sales softened, particularly in Brazil.
Valmont Industries reported $1 billion in net sales and an increase in operating income to $147.3 million. 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.
Among other recent developments, Valmont has surpassed its environmental targets as part of its sustainability initiatives and is optimizing its acquisition pipeline and leveraging Prospera's AI and machine learning talent across various business aspects.
InvestingPro Insights
As Valmont Industries (NYSE:VMI) welcomes Thomas Liguori as its new Executive Vice President and Chief Financial Officer, the company's financial health and market performance become focal points for investors. According to real-time data from InvestingPro, Valmont boasts a market capitalization of $5.75 billion, reflecting its substantial presence in the fabricated structural metal products sector.
The company's P/E ratio stands at 34.81, indicating investor confidence in its earnings potential. Notably, the adjusted P/E ratio for the last twelve months as of Q2 2024 is 19.79, suggesting a more attractive valuation when taking into account specific adjustments.
InvestingPro Tips highlight that Valmont's management has been actively engaged in share buybacks, signaling a bullish stance on the company's value. Moreover, the company has a commendable track record of raising its dividend for four consecutive years, showcasing its commitment to returning value to shareholders. These insights, along with the fact that Valmont has maintained dividend payments for 46 consecutive years, make it an interesting consideration for dividend-seeking investors.
Investors can explore additional InvestingPro Tips for Valmont Industries, such as analysts' upward earnings revisions and the company's expected profitability this year, by visiting https://www.investing.com/pro/VMI. With a total of 12 InvestingPro Tips available, investors have access to a comprehensive analysis that could guide their investment decisions in light of the new CFO appointment and the company's financial trajectory.
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