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CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 29, 2019
Jun. 30, 2018
Jun. 29, 2019
Jun. 30, 2018
Net sales $ 700,871 $ 682,405 $ 1,393,010 $ 1,381,089
Total cost of sales 520,457 507,406 1,047,467 1,036,850
Gross profit 180,414 174,999 345,543 344,239
Selling, general and administrative expenses 116,702 111,329 226,727 216,609
Operating income 63,712 63,670 118,816 127,630
Other income (expenses):        
Interest expense (10,117) (11,791) (19,995) (22,865)
Interest income 1,036 1,446 1,846 2,713
Gain (loss) on investments (unrealized) 1,520 250 4,352 78
Loss from divestiture of grinding media business 0 (6,084) 0 (6,084)
Other 156 1,594 1,170 625
Total other income (expenses) (7,405) (14,585) (12,627) (25,533)
Earnings before income taxes 56,307 49,085 106,189 102,097
Income tax expense (benefit):        
Current 17,913 16,724 20,678 24,437
Deferred (3,952) (2,319) 5,710 2,500
Total income tax expense (benefit) 13,961 14,405 26,388 26,937
Net earnings 42,346 34,680 79,801 75,160
Less: Earnings attributable to noncontrolling interests (949) (1,720) (1,923) (2,919)
Net earnings attributable to Valmont Industries, Inc. $ 41,397 $ 32,960 $ 77,878 $ 72,241
Earnings per share:        
Basic (in dollars per share) $ 1.90 $ 1.47 $ 3.57 $ 3.21
Diluted (in dollars per share) $ 1.90 $ 1.46 $ 3.56 $ 3.18
Product sales        
Net sales $ 609,516 $ 598,642 $ 1,224,480 $ 1,219,128
Total cost of sales 461,091 453,021 935,486 929,285
Services sales        
Net sales 91,355 83,763 168,530 161,961
Total cost of sales $ 59,366 $ 54,385 $ 111,981 $ 107,565