XML 11 R2.htm IDEA: XBRL DOCUMENT v3.22.2.2
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 24, 2022
Sep. 25, 2021
Sep. 24, 2022
Sep. 25, 2021
Net sales $ 1,097,382 $ 868,782 $ 3,213,734 $ 2,538,297
Total cost of sales 811,904 641,378 2,386,469 1,876,692
Gross profit 285,478 227,404 827,265 661,605
Selling, general and administrative expenses 175,506 151,209 503,732 425,574
Operating income 109,972 76,195 323,533 236,031
Other income (expenses):        
Interest expense (11,629) (11,031) (34,278) (31,466)
Interest income 507 397 1,019 894
Gain (loss) on investments - unrealized (901) 488 (4,306) 1,556
Other 2,822 2,644 8,537 10,297
Total other income (expenses) (9,201) (7,502) (29,028) (18,719)
Earnings before income taxes 100,771 68,693 294,505 217,312
Income tax expense:        
Current 33,278 21,109 83,311 55,069
Deferred (5,455) (5,029) (2,780) (8,747)
Total income tax expense (benefit) 27,823 16,080 80,531 46,322
Earnings before equity in earnings of nonconsolidated subsidiaries 72,948 52,613 213,974 170,990
Equity in loss of nonconsolidated subsidiaries (18) (360) (931) (1,079)
Net earnings 72,930 52,253 213,043 169,911
Less: earnings attributable to noncontrolling interests (818) (603) (2,512) (1,137)
Net earnings attributable to Valmont Industries, Inc. $ 72,112 $ 51,650 $ 210,531 $ 168,774
Earnings per share:        
Basic (in dollars per share) $ 3.38 $ 2.44 $ 9.88 $ 7.97
Diluted (in dollars per share) $ 3.34 $ 2.40 $ 9.77 $ 7.86
Product sales        
Net sales $ 999,131 $ 782,694 $ 2,926,290 $ 2,283,460
Total cost of sales 739,353 585,986 2,193,846 1,712,721
Services sales        
Net sales 98,251 86,088 287,444 254,837
Total cost of sales $ 72,551 $ 55,392 $ 192,623 $ 163,971