Valmont Industries has announced that its Board of Directors approved an increase to its quarterly cash dividend to $0.45 cents per share or a rate of $1.80 per share on an annualized basis. This represents an increase of 20% from the prior quarterly cash dividend of $0.375 cents per share. The dividend will be payable on April 15, 2020 to shareholders of record on March 27, 2020. The Company previously increased the dividend in May 2014.
Stephen G. Kaniewski, President and Chief Executive Officer said:
“In recognition of our strong balance sheet and confidence in our ability to generate good cash flows throughout our business cycles, we are pleased to announce a 20% increase in our quarterly dividend. In keeping with our capital allocation philosophy adopted by our Board of Directors in 2014, we aim to strike a prudent balance between returning excess capital to shareholders while upholding the ability to fund continued growth, both organically and through strategic acquisitions. We believe this dividend increase demonstrates our commitment to deliver sustained, long-term profitable growth for our shareholders.”
Source: Valmont
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