Quarterly Results by Year

2017

Financial highlights

Dollers in Millions, Except per share ammounts 2,500

Operating Results 2016 2015 2014
Net Sales $2,521.7 $2,618.9 $3,123.1
Operating income2 243.5 131.7 357.7
Net earnings1,4,5 173.2 40.1 184.0
Diluted earnings per share4,5 7.63 1.71 7.09
Dividents per share 1.50 1.50 1.375
Financial Position
Shareholders' equity $982.8 $965.2 $1,250.4
Invested Capitals3 1774.8 1759.9 2096.3
Operating Profiles
Gross profit as % of net sales 26.0% 23.7% 25.9%
Operating income as a % of net sales 9.7% 5.0% 11.5%
Net earnings as a % of net sales1,3 6.9% 1.5% 5.9%
Return on beginning equity 18.9% 3.3% 12.1%
Returned on invested capitals3 9.5% 4.6% 11.3%
Year End Data
Share outstanding(000) 22,521 22,875 24,229
Approximate number of shareholders 3,500 3,000 2,500
Number of employees 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).