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CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 26, 2021
Jun. 27, 2020
Jun. 26, 2021
Jun. 27, 2020
Net sales $ 894,629 $ 688,808 $ 1,669,515 $ 1,363,008
Total cost of sales 664,982 504,871 1,235,314 992,822
Gross profit 229,647 183,937 434,201 370,186
Selling, general and administrative expenses 147,022 123,859 274,365 243,213
Impairment of goodwill and trade names 0 16,638 0 16,638
Operating income 82,625 43,440 159,836 110,335
Other income (expenses):        
Interest expense (10,436) (10,098) (20,435) (20,112)
Interest income 186 458 497 1,501
Gain on investments (unrealized) 1,177 2,510 1,068 202
Other 4,204 (694) 7,653 1,116
Total other income (expenses) (4,869) (7,824) (11,217) (17,293)
Earnings before income taxes 77,756 35,616 148,619 93,042
Income tax expense:        
Current 25,413 21,645 33,960 27,954
Deferred (10,673) (9,043) (3,718) (866)
Total income tax expense (benefit) 14,740 12,602 30,242 27,088
Earnings before equity in earnings of nonconsolidated subsidiaries 63,016 23,014 118,377 65,954
Equity in loss of nonconsolidated subsidiaries (359) (260) (719) (479)
Net earnings 62,657 22,754 117,658 65,475
Less: Loss (earnings) attributable to noncontrolling interests (547) (147) (534) 61
Net earnings attributable to Valmont Industries, Inc. $ 62,110 $ 22,607 $ 117,124 $ 65,536
Earnings per share:        
Basic (in dollars per share) $ 2.93 $ 1.06 $ 5.53 $ 3.06
Diluted (in dollars per share) $ 2.89 $ 1.06 $ 5.46 $ 3.05
Product sales        
Net sales $ 805,801 $ 617,587 $ 1,500,766 $ 1,216,496
Total cost of sales 608,101 458,995 1,126,735 897,783
Services sales        
Net sales 88,828 71,221 168,749 146,512
Total cost of sales $ 56,881 $ 45,876 $ 108,579 $ 95,039