Valmont raises quarterly dividend by 15 percent

Diversified manufacturer Valmont Industries Inc. said Monday it will raise its quarterly dividend starting in July.

The cash dividend for the second quarter will be 15 cents per share, up 15 percent from the previous quarter, the company said. The dividend will be payable on July 15 to shareholders of record on June 26.

Earlier this month, Valmont posted a 21 percent increase in first-quarter earnings. The company attributed the boost to strong North American sales of steel and concrete structures for electric utilities.

Among other things, Valmont designs and makes poles, towers and structures for lighting and traffic, wireless communication and utility markets.

Shares of Valmont slipped $1.23, or 2 percent, to close at $60.97.