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CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 25, 2021
Sep. 26, 2020
Sep. 25, 2021
Sep. 26, 2020
Net sales $ 868,782 $ 733,970 $ 2,538,297 $ 2,096,978
Total cost of sales 641,378 543,223 1,876,692 1,536,045
Gross profit 227,404 190,747 661,605 560,933
Selling, general and administrative expenses 151,209 129,268 425,574 372,481
Impairment of goodwill and trade names 0 0 0 16,638
Operating income 76,195 61,479 236,031 171,814
Other income (expenses):        
Interest expense (11,031) (10,454) (31,466) (30,566)
Interest income 397 430 894 1,931
Gain on investments (unrealized) 488 900 1,556 1,102
Other 2,644 233 10,297 1,349
Total other income (expenses) (7,502) (8,891) (18,719) (26,184)
Earnings before income taxes 68,693 52,588 217,312 145,630
Income tax expense:        
Current 21,109 14,968 55,069 42,922
Deferred (5,029) (2,884) (8,747) (3,750)
Total income tax expense (benefit) 16,080 12,084 46,322 39,172
Earnings before equity in earnings of nonconsolidated subsidiaries 52,613 40,504 170,990 106,458
Equity in loss of nonconsolidated subsidiaries (360) (276) (1,079) (755)
Net earnings 52,253 40,228 169,911 105,703
Less: Earnings attributable to noncontrolling interests (603) (886) (1,137) (825)
Net earnings attributable to Valmont Industries, Inc. $ 51,650 $ 39,342 $ 168,774 $ 104,878
Earnings per share:        
Basic (in dollars per share) $ 2.44 $ 1.85 $ 7.97 $ 4.91
Diluted (in dollars per share) $ 2.40 $ 1.84 $ 7.86 $ 4.89
Product sales        
Net sales $ 782,694 $ 657,703 $ 2,283,460 $ 1,874,199
Total cost of sales 585,986 494,812 1,712,721 1,392,595
Services sales        
Net sales 86,088 76,267 254,837 222,779
Total cost of sales $ 55,392 $ 48,411 $ 163,971 $ 143,450