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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Sep. 28, 2024
Sep. 30, 2023
Net sales $ 1,020,175 $ 1,050,295 $ 3,037,740 $ 3,159,072
Total cost of sales 718,482 735,184 2,109,549 2,205,979
Gross profit 301,693 315,111 928,191 953,093
Selling, general, and administrative expenses 175,958 194,277 523,595 580,060
Impairment of goodwill and other intangible assets   140,844   140,844
Realignment charges   4,180   4,180
Operating income (loss) 125,735 (24,190) 404,596 228,009
Other income (expenses):        
Interest expense (14,313) (13,472) (46,380) (41,494)
Interest income 2,080 3,186 5,358 4,579
Gain (loss) on deferred compensation investments 1,160 (344) 3,116 1,791
Gain on divestiture       2,994
Other (2,307) 165 (3,662) (4,593)
Total other income (expenses) (13,380) (10,465) (41,568) (36,723)
Earnings (loss) before income taxes and equity in loss of nonconsolidated subsidiaries 112,355 (34,655) 363,028 191,286
Income tax expense (benefit):        
Current 46,133 29,654 106,738 91,801
Deferred (16,409) (14,193) (15,959) (12,562)
Total income tax expense 29,724 15,461 90,779 79,239
Earnings (loss) before equity in loss of nonconsolidated subsidiaries 82,631 (50,116) 272,249 112,047
Equity in loss of nonconsolidated subsidiaries (21) (199) (60) (1,219)
Net earnings (loss) 82,610 (50,315) 272,189 110,828
Loss (earnings) attributable to redeemable noncontrolling interests 458 1,287 (1,583) 4,060
Net earnings (loss) attributable to Valmont Industries, Inc. $ 83,068 $ (49,028) $ 270,606 $ 114,888
Net earnings (loss) attributable to Valmont Industries, Inc. per share:        
Basic $ 4.13 $ (2.34) $ 13.43 $ 5.45
Diluted $ 4.11 $ (2.34) $ 13.34 $ 5.40
Product sales        
Net sales $ 922,062 $ 949,217 $ 2,725,219 $ 2,853,098
Total cost of sales 659,805 669,472 1,916,751 2,002,675
Service sales        
Net sales 98,113 101,078 312,521 305,974
Total cost of sales $ 58,677 $ 65,712 $ 192,798 $ 203,304