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CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jul. 01, 2023
Jun. 25, 2022
Jul. 01, 2023
Jun. 25, 2022
Net sales $ 1,046,296 $ 1,135,532 $ 2,108,777 $ 2,116,352
Total cost of sales 716,899 842,931 1,470,795 1,574,565
Gross profit 329,397 292,601 637,982 541,787
Selling, general, and administrative expenses 195,664 173,882 385,783 328,226
Operating income 133,733 118,719 252,199 213,561
Other income (expenses):        
Interest expense (14,917) (11,386) (28,022) (22,649)
Interest income 563 285 1,393 512
Gain (loss) on investments - unrealized 941 (2,342) 2,135 (3,405)
Other 612 2,073 (1,764) 5,715
Total other income (expenses) (12,801) (11,370) (26,258) (19,827)
Earnings before income taxes and equity in loss of nonconsolidated subsidiaries 120,932 107,349 225,941 193,734
Income tax expense:        
Current 37,791 27,620 62,147 50,033
Deferred (5,856) 1,967 1,631 2,675
Total income tax expense 31,935 29,587 63,778 52,708
Earnings before equity in loss of nonconsolidated subsidiaries 88,997 77,762 162,163 141,026
Equity in loss of nonconsolidated subsidiaries (199) (555) (1,020) (913)
Net earnings 88,798 77,207 161,143 140,113
Loss (earnings) attributable to noncontrolling interests 578 (1,099) 2,773 (1,694)
Net earnings attributable to Valmont Industries, Inc. $ 89,376 $ 76,108 $ 163,916 $ 138,419
Earnings per share:        
Basic $ 4.25 $ 3.57 $ 7.75 $ 6.50
Diluted $ 4.21 $ 3.53 $ 7.67 $ 6.43
Product sales        
Net sales $ 945,873 $ 1,036,289 $ 1,903,881 $ 1,927,159
Total cost of sales 651,413 781,323 1,333,203 1,454,493
Services sales        
Net sales 100,423 99,243 204,896 189,193
Total cost of sales $ 65,486 $ 61,608 $ 137,592 $ 120,072