(RTTNews) - Valmont Industries, Inc. (VMI) said the company is authorized to repurchase up to $700 million of its outstanding common stock, by means of open-market purchases through any method or program, including through Rule 10b5-1 trading plans. The new authorization, which has no stated expiration date, will be added to the current authorization, of which approximately $66 million remained as of December 28, 2024. Valmont currently has approximately 20.2 million shares outstanding.
The company said approximately 50% of operating cash flows will be allocated to shareholder returns through the form of share repurchases and dividends. The Board of Directors has approved a 13% increase in the quarterly dividend to $0.68 per share, payable on April 15, 2025, to shareholders of record on March 28, 2025. The company anticipates increasing its dividend annually in the first quarter of each year.
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