Valmont Industries reported third-quarter 2024 net sales of $1,020.175 million, a 2.9% decrease compared to the prior year period. Despite the sales decline, diluted earnings per share remained stable at $4.11, compared to an adjusted $4.12 in Q3 2023. The company generated strong operating cash flows of $225.1 million during the quarter.
The Infrastructure segment saw sales of $758.6 million, increasing slightly year-over-year, driven by nearly 15.0% growth in Utility sales and higher Telecommunications volumes. Operating income for Infrastructure increased to $123.7 million, or 16.3% of net sales, compared to an adjusted $108.0 million or 14.3% in the prior year. This improvement was attributed to pricing discipline, lower SG&A expenses, and reduced steel costs.
Conversely, the Agriculture segment's sales decreased 11.1% to $265.3 million, primarily due to lower international sales in Brazil and slightly lower North American irrigation equipment volumes. Operating income for Agriculture was $28.9 million, or 11.0% of net sales, compared to an adjusted $38.5 million or 13.0% in Q3 2023. Valmont reaffirmed its full-year 2024 net sales and diluted earnings per share outlook, indicating confidence in its financial trajectory.
The company also allocated capital by paying $12.1 million in dividends and repurchasing $40.1 million of its stock, with $81.0 million remaining on the authorized share repurchase program. Additionally, Valmont reduced borrowings on its revolving credit facility by approximately $120.0 million during the quarter, bringing the year-to-date net reduction to about $210.0 million.
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