Valmont Appoints New CFO

Zacks

Valmont Industries, Inc. (VMI) has announced the appointment of Mark C. Jaksich as its new Vice President and Chief Financial Officer (:CFO). Mark will succeed Terry J. McClain as the company’s CFO.

Mark has been associated with Valmont for the past three decades and has been the controller for the international division and director of internal audit, besides holding a number of other accounting positions. For the last 14 years, Mark has served the company as Chief Accounting Officer in the role of Vice President and Corporate Controller. Management recognized Mark as possessing the necessary leadership qualities, knowledge and skill-set required to function as a CFO.

Valmont, which is among the prominent steel-pipe and tube companies along with peers like MRC Global Inc. (MRC), Mueller Water Products, Inc. (MWA) and Tenaris SA (TS), recently released its fourth-quarter 2013 results. The company posted earnings of $2.04 per share in the fourth quarter of 2013, down 16% from $2.43 reported in the year-ago quarter. Its shares fell as much as nearly 7% in the trading session following the announcement, reflecting the low profit and pessimistic outlook.

Barring charges related to asset impairment and deconsolidation of Delta EMD, earnings came in at $2.66 per share in the reported quarter, beating the Zacks Consensus Estimate by a penny.

Valmont registered revenues of $827.9 million in the quarter, up roughly 1.6% year over year. The increase was mainly driven by gains in the Engineered Infrastructure Products segment. However, sales lagged the Zacks Consensus Estimate of $851 million.

Looking ahead, Valmont expects its first quarter of 2014 to be challenging compared with the same quarter a year ago. The company has predicted a decline in its irrigation results in the first quarter.

Valmont currently carries a Zacks Rank #4 (Sell).
 

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