Valmont reports $25 million higher cash balance, strong balance sheet

By Devika Patel

Knoxville, Tenn., April 20 – Valmont Industries, Inc. added another $25 million to its cash holdings in the first quarter even though the period is not typically a strong quarter for generating cash.

“We increased our cash balance by about $25 million over year-end 2016 despite the fact that this first quarter is not typically a strong cash flow quarter for us,” executive vice president and chief financial officer Mark C. Jaksich said on the company’s first quarter earnings conference call on Thursday.

Jaksich said that the company has manageable leverage and a strong balance sheet, and management is committed to keeping the company’s investment-grade credit rating.

“Our balance sheet remains strong, with manageable leverage and solid free cash flow.

“We remain committed to maintaining an investment-grade credit rating,” Jaksich said.

Cash at the end of the quarter was $425 million.

The company’s net debt position was $332 million.

Valmont had no borrowings under its revolving credit agreement at the end of the quarter

Omaha-based Valmont makes engineered products and services for infrastructure and mechanized irrigation equipment for agriculture.

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