XML 26 R2.htm IDEA: XBRL DOCUMENT v3.22.2
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 25, 2022
Jun. 26, 2021
Jun. 25, 2022
Jun. 26, 2021
Net sales $ 1,135,532 $ 894,629 $ 2,116,352 $ 1,669,515
Total cost of sales 842,931 664,982 1,574,565 1,235,314
Gross profit 292,601 229,647 541,787 434,201
Selling, general and administrative expenses 173,882 147,022 328,226 274,365
Operating income 118,719 82,625 213,561 159,836
Other income (expenses):        
Interest expense (11,386) (10,436) (22,649) (20,435)
Interest income 285 186 512 497
Gain (loss) on investments - unrealized (2,342) 1,177 (3,405) 1,068
Other 2,073 4,204 5,715 7,653
Total other income (expenses) (11,370) (4,869) (19,827) (11,217)
Earnings before income taxes 107,349 77,756 193,734 148,619
Income tax expense:        
Current 27,620 25,413 50,033 33,960
Deferred 1,967 (10,673) 2,675 (3,718)
Total income tax expense (benefit) 29,587 14,740 52,708 30,242
Earnings before equity in earnings of nonconsolidated subsidiaries 77,762 63,016 141,026 118,377
Equity in loss of nonconsolidated subsidiaries (555) (359) (913) (719)
Net earnings 77,207 62,657 140,113 117,658
Less: earnings attributable to noncontrolling interests (1,099) (547) (1,694) (534)
Net earnings attributable to Valmont Industries, Inc. $ 76,108 $ 62,110 $ 138,419 $ 117,124
Earnings per share:        
Basic (in dollars per share) $ 3.57 $ 2.93 $ 6.50 $ 5.53
Diluted (in dollars per share) $ 3.53 $ 2.89 $ 6.43 $ 5.46
Product sales        
Net sales $ 1,036,289 $ 805,801 $ 1,927,159 $ 1,500,766
Total cost of sales 781,323 608,101 1,454,493 1,126,735
Services sales        
Net sales 99,243 88,828 189,193 168,749
Total cost of sales $ 61,608 $ 56,881 $ 120,072 $ 108,579