XML 12 R2.htm IDEA: XBRL DOCUMENT v3.10.0.1
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jul. 01, 2017
Jun. 30, 2018
Jul. 01, 2017
Net sales $ 682,405 $ 712,737 $ 1,381,089 $ 1,350,210
Total cost of sales 507,406 529,457 1,036,850 1,002,325
Gross profit 174,999 183,280 344,239 347,885
Selling, general and administrative expenses 111,329 104,830 216,609 204,779
Operating income 63,670 78,450 127,630 143,106
Other income (expenses):        
Interest expense (11,791) (10,818) (22,865) (22,122)
Interest income 1,446 967 2,713 1,894
Loss from divestiture of grinding media business (6,084) 0 (6,084) 0
Other 1,844 (192) 703 853
Total other income (expenses) (14,585) (10,043) (25,533) (19,375)
Earnings before income taxes 49,085 68,407 102,097 123,731
Income tax expense (benefit):        
Current 16,724 27,803 24,437 29,101
Deferred (2,319) (6,718) 2,500 7,347
Total income tax expense (benefit) 14,405 21,085 26,937 36,448
Earnings before equity in earnings of nonconsolidated subsidiaries 34,680 47,322 75,160 87,283
Equity in earnings of nonconsolidated subsidiaries 0 0 0 0
Net earnings 34,680 47,322 75,160 87,283
Less: Earnings attributable to noncontrolling interests (1,720) (1,658) (2,919) (2,640)
Net earnings attributable to Valmont Industries, Inc. $ 32,960 $ 45,664 $ 72,241 $ 84,643
Earnings per share:        
Basic (in dollars per share) $ 1.47 $ 2.03 $ 3.21 $ 3.76
Diluted (in dollars per share) 1.46 2.01 3.18 3.73
Cash dividends declared per share (in dollars per share) $ 0.375 $ 0.375 $ 0.75 $ 0.75
Weighted average number of shares of common stock outstanding - Basic (in shares) 22,438 22,517 22,523 22,494
Weighted average number of shares of common stock outstanding - Diluted (in shares) 22,573 22,740 22,684 22,700
Product sales        
Net sales $ 598,642 $ 632,507 $ 1,219,128 $ 1,205,459
Total cost of sales 453,021 477,174 929,285 904,021
Services sales        
Net sales 83,763 80,230 161,961 144,751
Total cost of sales $ 54,385 $ 52,283 $ 107,565 $ 98,304