XML 30 R2.htm IDEA: XBRL DOCUMENT v2.4.0.8
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 27, 2014
Sep. 28, 2013
Sep. 27, 2014
Sep. 28, 2013
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS        
Product sales $ 686,508 $ 693,480 $ 2,134,395 $ 2,228,268
Services sales 79,160 84,552 225,612 248,053
Net sales 765,668 778,032 2,360,007 2,476,321
Product cost of sales 515,217 499,190 1,586,127 1,591,657
Services cost of sales 50,951 53,278 146,921 162,260
Total cost of sales 566,168 552,468 1,733,048 1,753,917
Gross profit 199,500 225,564 626,959 722,404
Selling, general and administrative expenses 111,697 115,663 335,532 350,048
Operating income 87,803 109,901 291,427 372,356
Other income (expenses):        
Interest expense (8,716) (8,149) (25,217) (24,364)
Interest income 1,477 1,560 4,793 4,765
Costs associated with refinancing of debt (38,705)   (38,705)  
Other (2,344) (584) (6,253) 1,095
Total other income (expenses) (48,288) (7,173) (65,382) (18,504)
Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries 39,515 102,728 226,045 353,852
Income tax expense (benefit):        
Current 23,290 40,458 82,345 127,328
Deferred (9,064) 3,454 (4,034) (1,275)
Total income tax expense (benefit) 14,226 43,912 78,311 126,053
Earnings before equity in earnings of nonconsolidated subsidiaries 25,289 58,816 147,734 227,799
Equity in earnings of nonconsolidated subsidiaries (4) 75 (34) 548
Net earnings 25,285 58,891 147,700 228,347
Less: Earnings attributable to noncontrolling interests (1,726) (2,402) (4,185) (4,726)
Net earnings attributable to Valmont Industries, Inc. $ 23,559 $ 56,489 $ 143,515 $ 223,621
Earnings per share:        
Basic (in dollars per share) $ 0.93 $ 2.12 $ 5.48 $ 8.40
Diluted (in dollars per share) $ 0.92 $ 2.10 $ 5.43 $ 8.31
Cash dividends declared per share (in dollars per share) $ 0.375 $ 0.250 $ 1.000 $ 0.725
Weighted average number of shares of common stock outstanding - Basic (000 omitted) (in shares) 25,287 26,665 26,208 26,632
Weighted average number of shares of common stock outstanding - Diluted (000 omitted) (in shares) 25,513 26,919 26,439 26,896