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CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 27, 2020
Jun. 29, 2019
Jun. 27, 2020
Jun. 29, 2019
Net sales $ 688,808 $ 700,871 $ 1,363,008 $ 1,393,010
Total cost of sales 504,871 522,695 992,822 1,050,207
Gross profit 183,937 178,176 370,186 342,803
Selling, general and administrative expenses 123,859 116,702 243,213 226,727
Impairment of goodwill and intangible assets 16,638 0 16,638 0
Operating income 43,440 61,474 110,335 116,076
Other income (expenses):        
Interest expense (10,098) (10,117) (20,112) (19,995)
Interest income 458 1,036 1,501 1,846
Gain on investments (unrealized) 2,510 1,520 202 4,352
Other (694) 156 1,116 1,170
Total other income (expenses) (7,824) (7,405) (17,293) (12,627)
Earnings before income taxes 35,616 54,069 93,042 103,449
Income tax expense:        
Current 21,645 17,353 27,954 19,993
Deferred (9,043) (3,952) (866) 5,710
Total income tax expense (benefit) 12,602 13,401 27,088 25,703
Earnings before equity in earnings of nonconsolidated subsidiaries 23,014 40,668 65,954 77,746
Equity in loss of nonconsolidated subsidiaries (260) 0 (479) 0
Net earnings 22,754 40,668 65,475 77,746
Less: loss (earnings) attributable to noncontrolling interests (147) (949) 61 (1,923)
Net earnings attributable to Valmont Industries, Inc. $ 22,607 $ 39,719 $ 65,536 $ 75,823
Earnings per share:        
Basic (in dollars per share) $ 1.06 $ 1.83 $ 3.06 $ 3.48
Diluted (in dollars per share) $ 1.06 $ 1.82 $ 3.05 $ 3.46
Product sales        
Net sales $ 617,587 $ 609,516 $ 1,216,496 $ 1,224,480
Total cost of sales 458,995 463,329 897,783 938,226
Services sales        
Net sales 71,221 91,355 146,512 168,530
Total cost of sales $ 45,876 $ 59,366 $ 95,039 $ 111,981