Profitability Ratios Financial statements for Steele Inc. follow. Steele Inc. Consolidated Statements of Income (in thousands except per share amounts) 2023 2022 2021 Net sales $7,245,088 $6,944,296 $6,149,218 Cost of goods sold Gross margin (5,286,253) $1,958,835 (4,953,556) $1,990,740 (4,355,675) $1,793,543 General and administrative expenses (1,259,896) (1,202,042) (1,080,843) Special and nonrecurring items 2,617 0 0 Operating income $701,556 $788,698 $712,700 Interest expense Other income Gain on sale of investments Income before income taxes (63,685) (62,398) (63,927) 7,308 10,080 11,529 0 $645,179 9,117 $745,497 0 $660,302 Provision for income taxes Net income 254,000 $391,179 290,000 $455,497 257,000 $403,302 Steele Inc.