Quarterly Results by Year

2017

Financial highlights

Dollars in Millions, Except per share amounts 2,500

2016
Operating Results 2017 2016 2015 2014
Net Sales $2,746.0 $2,521.7 $2,618.9 $3,123.1
Operating income2 266.4 243.5 131.7 357.7
Net earnings1,4,5,6 116.2 173.2 40.1 184.0
Diluted earnings per share4,5,6 5.11 7.63 1.71 7.09
Dividents per share 1.50 1.50 1.50 1.375
Financial Position
Shareholders' equity $1,151.8 $982.8 $965.2 $1,250.4
Invested Capitals3 $1,941.7 $982.8 1759.9 2096.3
Operating Profiles
Gross profit as % of net sales 24.8% 26.0% 23.7% 25.9%
Operating income as a % of net sales 9.7% 9.7% 5.0% 11.5%
Net earnings as a % of net sales1,3 4.2% 6.9% 1.5% 5.9%
Return on beginning equity 12.3% 18.9% 3.3% 12.1%
Returned on invested capitals3 10.3% 9.5% 4.6% 11.3%
Year End Data
Share outstanding(000) 22,694 22,521 22,875 24,229
Approximate number of shareholders 24,801 26,057 27,010 27,010
Number of employees 10,690 10,552 10,697 11,321

1 Net earnings attributable to Valmont Industries, Inc.
2 Fiscal 2016 GAAP operating income included restructuring expense of $12.4 million (pre-tax). On an adjusted basis, operating income was $255.9 million. Fiscal 2015 GAAP operating income included intangible asset impairments of $42.0 million (pre-tax), restructuring expense of $39.9 million (pre-tax), and other non-recurring expenses of $24.0 million pre-tax on an adjusted basis, operating income was $237.5 million.
3 See Item 6, Selected Financial Data, in this Form 10-K for calculation of invested capital and return on invested capital.
4 Fiscal 2016 included deferred income tax benefit of $30.6 million ($1.35 per share) resulting primarily from the re-measurement of the deferred tax asset for the Company's U.K. defined benefit pension plan. In addition, fiscal 2016 included $9.9 million ($0.44 per share) recorded as a valuation allowance against a tax credit asset. Finally, fiscal 2016 included the reversal of a contingent liability that was recognized as part of the Delta purchase accounting of $16.6 million ($0.73 per share) which is not taxable.
5 Fiscal 2015 included intangible asset impairment of $40.1 million after tax ($1.72 per share), restructuring expense of $28.2 million after tax ($1.20 per share), other non-recurring expenses of $16.3 million after tax ($0.69 per share) and deferred tax expense of $7.1 million ($0.31 per share) due to a change in the U.K. tax rate. Fiscal 2014 included costs associated with refinancing of our long-term debt of $24.2 million after tax ($0.93 per share), and mark-to-market loss of $3.8 million after tax on shares of Delta Pty. Ltd. ($0.15 per share).
6 Fiscal 2017 included $42.0 million ($1.85 per share) of tax expense attributed to the Tax Cuts and Jobs Act of 2017 (the “2017 Tax Act”) enacted in December 2017. For more information on the footnotes above and the reasons why we believe the non-GAAP measures are useful, please see Item 6, Item 7 and Item 8.