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CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 29, 2024
Jul. 01, 2023
Jun. 29, 2024
Jul. 01, 2023
Net sales $ 1,039,737 $ 1,046,296 $ 2,017,565 $ 2,108,777
Total cost of sales 719,455 716,899 1,391,067 1,470,795
Gross profit 320,282 329,397 626,498 637,982
Selling, general, and administrative expenses 172,974 195,664 347,637 385,783
Operating income 147,308 133,733 278,861 252,199
Other income (expenses):        
Interest expense 15,846 14,917 32,067 28,022
Interest income 1,499 563 3,278 1,393
Gain on deferred compensation investments 525 941 1,956 2,135
Gain on divestitures   2,994   2,994
Other (1,250) (2,382) (1,355) (4,758)
Total other income (expenses) (15,072) (12,801) (28,188) (26,258)
Earnings before income taxes and equity in loss of nonconsolidated subsidiaries 132,236 120,932 250,673 225,941
Income tax expense (benefit):        
Current 40,961 37,791 60,605 62,147
Deferred (9,894) (5,856) 450 1,631
Total income tax expense 31,067 31,935 61,055 63,778
Earnings before equity in loss of nonconsolidated subsidiaries 101,169 88,997 189,618 162,163
Equity in loss of nonconsolidated subsidiaries (19) (199) (39) (1,020)
Net earnings 101,150 88,798 189,579 161,143
Loss (earnings) attributable to redeemable noncontrolling interests (1,434) 578 (2,041) 2,773
Net earnings attributable to Valmont Industries, Inc. $ 99,716 $ 89,376 $ 187,538 $ 163,916
Net earnings attributable to Valmont Industries, Inc. per share:        
Basic $ 4.94 $ 4.25 $ 9.29 $ 7.75
Diluted $ 4.91 $ 4.21 $ 9.24 $ 7.67
Product sales        
Net sales $ 928,479 $ 945,873 $ 1,803,157 $ 1,903,881
Total cost of sales 651,731 651,413 1,256,946 1,333,203
Service sales        
Net sales 111,258 100,423 214,408 204,896
Total cost of sales $ 67,724 $ 65,486 $ 134,121 $ 137,592